Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangibles

v3.20.2
Goodwill and Other Intangibles
9 Months Ended
Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles

Note 6 — Goodwill and other intangibles

The third-party originators intangible of $483,000 and goodwill of $11.0 million were recorded as a result of the acquisition of a leasing portfolio in 2016. The core deposit intangible of $2.2 million was recognized for the core deposits acquired in a 2014 acquisition. The Company’s intangible assets were as follows for the periods indicated:

 

 

 

 

 

September 30, 2020

 

 

December 31, 2019

 

 

 

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

 

 

 

(in thousands)

 

Core deposit intangible

 

10 years

 

$

2,213

 

 

$

(1,701

)

 

$

512

 

 

$

2,213

 

 

$

(1,567

)

 

$

646

 

Third-party originators intangible

 

7 years

 

 

483

 

 

 

(349

)

 

 

135

 

 

 

483

 

 

 

(287

)

 

 

196

 

Goodwill

 

N/A

 

 

11,031

 

 

 

 

 

 

11,031

 

 

 

11,031

 

 

 

 

 

 

11,031

 

Total intangible assets

 

 

 

$

13,727

 

 

$

(2,050

)

 

$

11,677

 

 

$

13,727

 

 

$

(1,854

)

 

$

11,873

 

 

Intangible assets amortization expense for the three-month periods ended September 30, 2020 and 2019 was $65,000 and $77,000, respectively, and for the nine-month periods ended September 30, 2020 and 2019 was $196,000 and $232,000, respectively. During the first quarter of 2020, the Company performed an impairment analysis on its goodwill and other intangible assets and determined there was no impairment.