Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 6 – GOODWILL AND INTANGIBLE ASSETS

Goodwill totaled $534.3 million and $533.4 million as of December 31, 2021 and 2020, respectively. The increase of $0.9 million was the result of certain acquisitions in 2021. There were no goodwill impairment charges in 2021 based on the annual assessment.

The estimated fair values of the Corporation’s reporting units are subject to uncertainty, including future changes in fair values of banks in general and future operating results of reporting units, which could differ significantly from the assumptions used in the current valuation of reporting units.

The follow table summarizes intangible assets, which are included in Goodwill and intangible assets on the consolidated balance sheets:

	2021		2020
	(in millions)
Intangible assets
Amortizing intangible assets	$	5.4	$	4.3
Accumulated amortization	(1.6)		(1.0)
Net intangibles	$	3.8	$	3.3

Amortization expense was $589 thousand and $529 thousand for the years ending December 31, 2021 and 2020, respectively.