Note 8 - Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

NOTE

8

. GOODWILL AND

 Intangible Assets

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

December 31:

	2019				2018
(dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets:
Core deposit intangible	$	4,716	$	1,660	$	1,616	$	1,060
Total		4,716		1,660		1,616		1,060
Unamortizable intangible assets:
Goodwill	$	16,477			$	202

Activity related to transactions since

January 1, 2018

includes the following:

( 1 ) In connection with the October 22, 2018 acquisition of Albany, Georgia branch from Planters First Bank, the Company recorded $560,000 in a core deposit intangible and $202,000 in goodwill.

( 2 ) 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.

( 3 ) 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

$600,000

and

$48,000

at 

December 31, 2019

and

2018,

respectively. The estimated future amortization expense for intangible assets remaining as of

December 31, 2019

is as follows:

	Amount
(dollars in thousands)
2020	$	776
2021		665
2022		554
2023		444
2024		333
Thereafter		284
Total	$	3,056