Goodwill and Core Deposit Intangible

3 Months Ended

Mar. 31, 2023

Goodwill and Core Deposit Intangible [Abstract]

Goodwill and Core Deposit Intangible

NOTE 5 – Goodwill and Core Deposit Intangible

The Company recognized goodwill of $25.9 million and a core deposit intangible of $2.4 million. An assessment of goodwill impairment was performed as of December 31, 2022, in which no impairment was determined. The following table presents the changes in the carrying amounts of goodwill and core deposit intangibles for the three months ended March 31, 2023:

	Goodwill		Core Deposit Intangible
	(In thousands)
Balance at the beginning of the period	$	25,858	$	2,501
Additions		–		–
Change in deferred tax estimate		–		–
Amortization		–		(98	)
Balance at the end of the period	$	25,858	$	2,403

The carrying amount of the core deposit intangible consisted of the following at March 31, 2023 (in thousands):

Core deposit intangible acquired	$	3,329
Less: accumulated amortization		(926	)
	$	2,403

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

2023	$	292
2024		336
2025		315
2026		304
2027		291
Thereafter		865
	$	2,403