Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The following is an analysis of the core deposit intangible activity for the years ended December 31:

	2020				2019
(dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets:
Core deposit intangible	$	4,716	$	2,445	$	4,716	$	1,660
Total	4,716		2,445		4,716		1,660
Unamortizable intangible assets:
Goodwill	$	15,992			$	16,477

Activity related to transactions since January 1, 2019 includes the following:

(1)In connection with the LBC Bancshares, Inc. acquisition on May 1, 2019, the Company recorded $3.1 million in a core deposit intangible and $15.7 million in goodwill. The company recorded a subsequent adjustment within the one year period allowed after the acquisition of $485,000 in 2020.

(2)In connection with the May 1, 2019 acquisition of PFB Mortgage from Planters First Bank, the Company recorded $541,000 in goodwill.

Amortization expense related to the core deposit intangible was $785,000 and $600,000 at December 31, 2020 and 2019, respectively. The estimated future amortization expense for intangible assets remaining as of December 31, 2020 is as follows:

(dollars in thousands)	Amount
2021	$	665
2022	554
2023	444
2024	333
2025	275
Total	$	2,271