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GOODWILL AND INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS

The changes in goodwill included in the core banking segment during the three month periods ended March 31, 2020 and 2019 were as follows (in thousands):
 
 
2020
 
2019
Beginning of year
 
$
21,824

 
$
21,824

Acquired goodwill
 

 

Ending balance March 31,
 
$
21,824

 
$
21,824



Acquired intangible assets were as follows at March 31, 2020 and December 31, 2019 (in thousands):
 
 
At March 31, 2020
 
At December 31, 2019
 
 
Balance Acquired
 
Accumulated Amortization
 
Balance Acquired
 
Accumulated Amortization
Core deposit intangibles
 
$
5,975

 
$
5,875

 
$
5,975

 
$
5,832

Other customer relationship intangibles
 
5,633

 
5,123

 
5,633

 
5,034

Total
 
$
11,608

 
$
10,998

 
$
11,608

 
$
10,866



Aggregate amortization expense was $0.1 million and $0.2 million for the three month periods ended March 31, 2020 and 2019, respectively.

The remaining estimated aggregate amortization expense at March 31, 2020 is listed below (in thousands):
Year
 
Estimated Expense
2020
 
$
352

2021
 
258

2022
 


2023
 

2024
 

Total
 
$
610



The amount of goodwill reflected in the Corporation's Unaudited Consolidated Financial Statements is required to be tested by management for impairment on at least an annual basis.  The test for impairment of goodwill on the identified reporting unit is considered a critical accounting estimate because it requires judgment on the part of management and the use of estimates related to the growth assumptions and market multiples used in the valuation model.  The goodwill impairment testing is performed annually as of December 31 and no impairment charges were incurred.

Changes in the macroeconomic environment resulting from the COVID-19 pandemic created a triggering event in the three month period ended March 31, 2020 and the Corporation performed an interim impairment test. The impairment test performed for the quarter ended March 31, 2020 determined no additional impairment was required.