NOTE 7 – GOODWILL AND OTHER INTANGIBLES

The Company had goodwill of $27.3 million at March 31, 2020 and December 31, 2019. The mergers with Community Bank, with total goodwill amounting to $22.3 million, and Enterprise, with total goodwill amounting to $2.2 million. Goodwill at March 31, 2020 and December 31, 2019, included $2.3 million related to insurance segment and $486 thousand related to banking segment. The Company reviews its goodwill and intangible assets annually, or more frequently if conditions warrant, for impairment. The Company prepared a Step 1 goodwill impairment analysis at March 31, 2020, due to ongoing economic uncertainty. In testing goodwill for impairment, the Company compared the estimated fair value of its reporting unit to its carrying amount, including goodwill. The estimated fair value of each reporting unit exceeded its book value, therefore, no write-down of goodwill was required at March 31, 2020.

The Company recorded a core deposit intangible of $1.3 million for the Community acquisition and $1.0 million for the Enterprise acquisition. For the three months ended March 31, 2020, and 2019, the Company amortized $91 thousand and $102 thousand in core deposit intangible. The estimated future amortization expense for each of the succeeding five years ended December 31 is as follows (dollars in thousands):


For the Year Ended	Amortization Expense

2020	$	273
2021		320
2022		277
2023		234
2024		191