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Goodwill and Other Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2019
Goodwill and Other Intangibles [Abstract]  
Schedule of Components of Goodwill and Other Acquired Intangible Assets

The following table provides information on the significant components of goodwill and other acquired intangible assets at December 31, 2019 and 2018. On December 31, 2018 the Company sold its insurance subsidiary, Avon Dixon, LLC and discontinued operations of its premium finance company, Mubell, LLC, which have been removed from the table. In addition, on May 19, 2017, the Bank acquired three branches located in Arbutus, Owings Mills and Elkridge, Maryland from NWBI. The purchase of these branches resulted in core deposit intangibles of $4.0 million and goodwill of $15.0 million.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Gross

 

Accumulated

 

 

 

 

Net

 

Average

 

 

Carrying

 

Impairment

 

Accumulated

 

Carrying

 

Remaining Life

(Dollars in thousands)

   

Amount

   

Charges

   

Amortization

   

Amount

 

(in years)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

19,728

 

$

(1,543)

 

$

(667)

 

$

17,518

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortizable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core deposit intangible

 

$

3,954

 

$

 —

 

$

(1,702)

 

$

2,252

 

 

5.7

Total other intangible assets

 

$

3,954

 

$

 —

 

$

(1,702)

 

$

2,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Gross

 

 

Accumulated

 

 

 

 

Net

 

Average

 

 

Carrying

 

Impairment

 

 

Accumulated

 

Carrying

 

Remaining Life

(Dollars in thousands)

   

Amount

   

Charges

   

 

Amortization

   

Amount

 

(in years)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

19,728

 

$

(1,543)

 

$

(667)

 

$

17,518

 

 

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortizable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core deposit intangible

 

$

3,954

 

$

 —

 

$

(1,097)

 

$

2,857

 

 

7.2

Total other intangible assets

 

$

3,954

 

$

 —

 

$

(1,097)

 

$

2,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Future Amortization Expense for Amortizable Other Intangible Assets

The following table provides information on current period and estimated future amortization expense for amortizable other intangible assets.

 

 

 

 

(Dollars in thousands)

 

Amortization
Expense

2020

 

$

533

2021

 

 

461

2022

 

 

389

2023

 

 

317

2024

 

 

246

Thereafter

 

 

306

Total amortizing intangible assets

 

$

2,252