Business Combinations, Goodwill and Intangible Assets

Goodwill

The changes in the carrying amount of goodwill for the periods ended December 31, 2015, 2014, and 2013, were classified as follows:



	2015		2014		2013

Beginning of Year	$	20,536	$	20,536	$	18,865
Acquired Goodwill	—		—		1,671
Impairment	—		—		—
End of Year	$	20,536	$	20,536	$	20,536

Of the $20,536 carrying amount of goodwill, $19,204 is allocated to the core banking segment and $1,332 is allocated to the insurance segment for the periods ended December 31, 2015, 2014 and 2013.

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2015, the Company’s reporting units had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting units exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value.

Acquired Intangible Assets



Acquired intangible assets were as follows as of year end:	2015
	Gross Amount		Accumulated Amortization
Core Banking
Core Deposit Intangible	$	9,004	$	7,748
Unidentified Branch Acquisition Intangible	257		257
Insurance
Customer List	5,199		5,171
Total	$	14,460	$	13,176


Acquired intangible assets were as follows as of year end:	2014
	Gross Amount		Accumulated Amortization
Core Banking
Core Deposit Intangible	$	9,004	$	7,015
Unidentified Branch Acquisition Intangible	257		257
Insurance
Customer List	5,199		5,114
Total	$	14,460	$	12,386

Amortization Expense was $790, $1,254 and $1,416, for 2015, 2014 and 2013.

Estimated amortization expense for each of the next five years is as follows:



2016	$	493
2017	323
2018	235
2019	148
2020	68