Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

NOTE (8) – Goodwill and Intangible Assets

 In connection with the CFBanc Merger (See Note 2 - Business Combination.), the Company recognized goodwill of $26.0 million and a core deposit intangible of $3.3 million. The following table presents the changes in the carrying amounts of goodwill and core deposit intangibles for the three months ended September 30, 2021:

	Goodwill		Core Deposit Intangible
	(In thousands)
Balance at the beginning of the period	$	-	$	-
Additions		25,996		3,329
Amortization		-		(262	)
Impairment		-		-
Balance at the end of the period	$	25,996	$	3,067

 The carrying amount of the core deposit intangible consisted of the following at September 30, 2021:

	(In thousands)
Core deposit intangible acquired	$	3,329
Less: accumulated amortization		(262	)
	$	3,067

  The following table outlines the estimated amortization expense for the core deposit intangible during the next five fiscal years:

	(In thousands)
2021	$	131
2022		435
2023		390
2024		336
2025		315
Thereafter		1,460
	$	3,067