The Bancorp established a goodwill balance totaling million with the acquisitions of AJSB, First Personal, First Federal, and Liberty Savings. Goodwill of million, million, million, and thousand were established with the acquisition of AJSB, First Personal, First Federal, and Liberty Savings, respectively. Goodwill is tested annually for impairment. Goodwill arising from business combinations represents the value attributable to unidentifiable intangible assets in the business acquired. The Bancorp’s goodwill relates to the value inherent in the banking industry and that value is dependent upon the ability of the Bancorp to provide quality, cost effective banking services in a competitive marketplace. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. There has been any impairment of goodwill identified or recorded. Goodwill totaled million as of and

 

In addition to goodwill, a core deposit intangible of thousand for the acquisition of First Federal was established and is being amortized over an initial period of years on a straight line basis. A core deposit intangible of thousand for the acquisition of Liberty Savings was established and is being amortized over an initial period of years on a straight line basis. A core deposit intangible of million for the acquisition of First Personal was established and is being amortized over an initial period of years on a straight line basis. A core deposit intangible of million for the acquisition of AJSB was established and is being amortized over an initial period of years on a straight line basis. The table below summarizes the annual amortization:

 

Amortization recorded for the three months ended March 31, 2020 is as follows:
(dollars in thousands)		First Federal				Liberty Savings				First Personal				AJSB				Total
Current period		$	3			$	14			$	119			$	112			$	248

 

Amortization to be recorded in future periods, is as follows:
(dollars in thousands)		First Federal				Liberty Savings				First Personal				AJSB				Total
Remainder 2020			9				44				356				337				746
2021			12				58				475				449				994
2022			1				58				475				449				983
2023			-				38				475				449				962
2024			-				-				470				449				919
2025			-				-				-				261				261
2026			-				-				-								-
Total		$	22			$	198			$	2,251			$	2,394			$	4,865

 

For the AJSB acquisition, as part of the fair value of certificates of deposit, a fair value premium was established of thousand that is being amortized over months on a straight line basis. Approximately thousand of amortization was taken as income during the months ended The fair market premium on the certificates of deposit has fully amortized as of