Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets:

In accordance with FASB ASC 350, Goodwill and Other, regarding testing goodwill for impairment provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company performs its annual goodwill impairment test as of December 31 of each year. For 2019, the results of the qualitative assessment provided no indication of potential impairment. Goodwill will continue to be monitored for triggering events that may indicate impairment prior to the next scheduled annual impairment test. As of December 31, 2019 and 2018, the Company had $65.6 million and $66.1 million, respectively of goodwill.

The Company's intangible assets, consist of core deposit intangibles, and is initially recognized based on a valuation performed as of the consummation date. The core deposit intangible is amortized over the average remaining life of the acquired customer deposits. The intangible assets were evaluated for impairment as of December 31, 2019, and based on that evaluation it was determined that there was no impairment.

The following table presents information about our core deposit premium intangible asset at December 31 (in thousands):


	2019						2018
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortized intangible asset:
Core deposit intangible	$	14,549	$	2,970	$	14,549	$	1,602

The following table presents information about aggregate amortization expense for 2019 and 2018 and for the succeeding fiscal years as follows (in thousands):


	2019		2018
Aggregate amortization expense of core deposit premium intangible	$	1,368	$	976

Note 8. Goodwill and Intangible Assets, Continued

Goodwill and Intangible Assets (continued):

Estimated aggregate amortization expense of the core deposit premium intangible for the year ending December 31 (in thousands):


2020	$	1,351
2021	1,334
2022	1,317
2023	1,302
2024	1,301
Thereafter	4,974
Total	$	11,579