Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets:

Goodwill associated with the Company’s purchase of Monitor Bank (“Monitor”) in August 2017 and other past acquisitions totaled $38.2 million at September 30, 2019 and December 31, 2018.  Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through a two-step impairment test. Management performs goodwill impairment testing on an annual basis as of September 30.  The fair value of the reporting unit is determined based on a discounted cash flow model.  

Acquired Intangible Assets

Acquired intangible assets were as follows:

	September 30, 2019					December 31, 2018
(In Thousands of Dollars)	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer relationship intangibles	$	7,210	$	(5,823	)	$	7,210	$	(5,481	)
Non-compete contracts		430		(383	)		430		(380	)
Trade name		520		(265	)		520		(229	)
Core deposit intangible		6,254		(3,172	)		6,254		(2,573	)
Total	$	14,414	$	(9,643	)	$	14,414	$	(8,663	)

Aggregate amortization expense was $326 thousand and $980 thousand for the three and nine month periods ended September 30, 2019.  Amortization expense was $354 thousand and $1.1 million for the three and nine months ended September 30, 2018.

Estimated amortization expense for each of the next five periods and thereafter:

2019 (3 months)	$	327
2020		1,202
2021		1,142
2022		1,025
2023		514
Thereafter		561
Total	$	4,771