Goodwill and Core Deposit Intangible (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Core Deposit Intangible [Abstract]

Changes in Carrying Amounts of Goodwill and Core Deposit Intangibles

The following table presents the changes in the carrying amounts of goodwill and core deposit intangibles for the year ended December 31, 2023 and 2022:

	December 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		–		(390	)
Balance at the end of the period	$	25,858	$	2,111

	December 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	)		–
Amortization		–			(435	)
Balance at the end of the period	$	25,858		$	2,501

Components of Carrying Value and Accumulated Amortization of Core Deposit Intangible

The carrying value and accumulated amortization related to the Company’s core deposit intangible consisted of the following at December 31, 2023 and 2022:

	December 31, 2023			December 31, 2022
	(In thousands)
Core deposit intangible acquired	$	3,329		$	3,329
Less: accumulated amortization		(1,218	)		(828	)
	$	2,111		$	2,501

Estimated Amortization Expense for Core Deposit Intangible

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

	(In thousands)
2024	$	336
2025		315
2026		304
2027		291
2028		279
Thereafter		586
	$	2,111