Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2020

Goodwill and Other Intangibles

Goodwill and Other Intangibles

(3) Goodwill and Other Intangibles

The Corporation’s goodwill and intangible assets are detailed below:

	Balance			Balance	Amortization
	December 31,		Amortization	December 31,	Period
(dollars in thousands)	2019		Expense	2020	(in years)
Goodwill - Wealth	$	899	—	899	Indefinite
Total Goodwill		899	—	899
Intangible assets - trade name		266	—	266	Indefinite
Intangible assets - customer relationships		3,523	(204)	3,319	20
Intangible assets - non competition agreements		85	(69)	16	4
Total Intangible Assets		3,874	(273)	3,601
Total	$	4,773	(273)	4,500

Accumulated amortization of intangible assets was $1 million and $750 thousand as of December 31, 2020 and 2019, respectively.  

In accordance with ASC Topic 350, the Corporation performed a qualitative assessment of goodwill and identifiable intangible assets as of December 31, 2020 and determined it was more likely than not that the fair value of the Corporation, including the wealth reporting unit where the goodwill and identifiable intangible assets are held, was more than its carrying amount.

At December 31, 2020, the schedule of future intangible asset amortization is as follows (in thousands):

2021		221
2022		204
2023		204
2024		204
2025		204
Thereafter		2,298
	$	3,335