Goodwill and Core Deposit Intangible

9 Months Ended

Sep. 30, 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 $2.2 million as of September 30, 2023. The following table presents the changes in the carrying amounts of goodwill and core deposit intangibles for the nine months ended September 30, 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		–		(293	)
Balance at the end of the period	$	25,858	$	2,208

The carrying amount of the core deposit intangible consisted of the following at September 30, 2023 (in thousands):

Core deposit intangible acquired	$	3,329
Less: accumulated amortization		(1,121	)
	$	2,208

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

2023	$	98
2024		336
2025		315
2026		304
2027		291
Thereafter		864
	$	2,208