Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

NOTE (6) – Goodwill and Intangible Assets

 In connection with the CFBanc Merger completed as of April 1, 2021 (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 March 31, 2022:

	Goodwill			Core Deposit Intangible
	(In thousands)
Balance at the beginning of the period	$	25,996		$	2,936
Additions		-			-
Change in deferred tax estimate		(138	)		(109	)
Impairment		-			-
Balance at the end of the period	$	25,858		$	2,827

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

	(In thousands)
2022	$	326
2023		390
2024		336
2025		315
2026		304
Thereafter		1,156
	$	2,827