Goodwill and Core Deposit Intangible Assets

12 Months Ended

Dec. 31, 2019

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

Goodwill

At December 31, 2019 and 2018, the carrying value of goodwill was $94.7 million. There were no changes in the carrying value of goodwill for the year ended December 31, 2019 or 2018.

The Company performs its annual goodwill impairment assessment as of November 30^th, and at interim periods if indicators of potential impairment exist. The Company completed its annual goodwill impairment test as of November 30, 2019, 2018 and 2017 and determined goodwill was not impaired. Accumulated impairment losses were $3.6 million as of December 31, 2019, 2018 and 2017.

Core Deposit Intangible Assets

The gross carrying amount and accumulated amortization of core deposit intangible assets were as follows at the periods indicated:



	December 31,
	2019							2018
(In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Core deposit intangible	$	6,451	$	(2,926	)	$	3,525	$	6,451	$	(2,221	)	$	4,230

For the year ended December 31, 2019, 2018 and 2017, the Company recorded amortization expense of $705,000, $725,000 and $1.8 million, respectively.

The following table reflects the amortization expense for core deposit intangible assets over the period of estimated economic benefit:



(In thousands)	Core Deposit Intangible
2020	$	682
2021	655
2022	625
2023	592
2024	556
Thereafter	415
Total	$	3,525