Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

The Company tests goodwill for impairment annually or more frequently if circumstances warrant. The Company’s annual impairment test as of December 31, 2023 concluded that its goodwill was not impaired. Based on that test and current conditions, as of March 31, 2024, the Company concluded it was more likely than not that its goodwill was not impaired.

Core deposit intangible assets are amortized over the estimated useful life of ten years on an accelerated basis. A summary of the other intangible assets that continue to be subject to amortization was as follows:

(Dollars in thousands)	As of March 31, 2024
		Gross carrying amount		Accumulated amortization			Net carrying amount
Core deposit intangible assets	$	4,170	$	(1,099	)	$	3,071
(Dollars in thousands)		As of December 31, 2023
		Gross carrying amount		Accumulated amortization			Net carrying amount
Core deposit intangible assets	$	4,170	$	(929	)	$	3,241

The following sets forth estimated amortization expense for core deposit and intangible assets for the remainder of 2024 and in successive years ending December 31:

(Dollars in thousands)	Amortization
	expense
Remainder of 2024	$	493
2025		588
2026		512
2027		436
2028		360
2029		284
Thereafter		398
Total	$	3,071