Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Note 12 – Goodwill and Other Intangible Assets

The table below summarizes the changes in carrying amounts of goodwill and other intangibles, including core deposit intangibles, for the periods presented:


			Intangibles
(Dollars in thousands)	Goodwill		Gross		Accumulated Amortization		Net
Balance at January 1, 2023	$	3,988	$	3,820	$	(2,189)	$	1,631
Reduction of goodwill and intangibles resulting from sale of Chartwell	(1,150)		(3,220)		2,133		(1,087)
Amortization expense	—		—		(192)		(192)
Balance at December 31, 2023	$	2,838	$	600	$	(248)	$	352

Balance at January 1, 2022	$	3,988	$	3,820	$	(1,504)	$	2,316
Amortization expense	—		—		(685)		(685)
Balance at December 31, 20221	$	3,988	$	3,820	$	(2,189)	$	1,631

Balance at January 1, 2021	$	2,350	$	3,941	$	(1,541)	$	2,400
Goodwill and intangibles resulting from Trabian acquisition	1,638		600		—		600
Reduction of intangibles from sale of branches to Summit	—		(721)		721		—
Amortization expense	—		—		(684)		(684)
Balance at December 31, 2021	$	3,988	$	3,820	$	(1,504)	$	2,316

1 Includes $1.2 million of goodwill and $1.1 million of intangibles included under assets from discontinued operations on the balance sheet as of December 31, 2022.

Goodwill represents the excess of the purchase price over the fair value of acquired net assets under the acquisition method of accounting. The intangibles resulting from the Trabian acquisition are related to their customer relationships and trade name. These items are amortized over four years and 10 years, respectively.

The table below presents estimated amortization expense for our other intangible assets (dollars in thousands):


2024	$	90
2025	53
2026	40
2027	40
2028	40
Thereafter	89
	$	352

Our assessment of qualitative factors determined that it is not more likely than not that the fair value of each reporting unit is less than its carrying amount and therefore, goodwill is not impaired as of December 31, 2023 and 2022. We have not identified any triggering events since the impairment evaluation that would indicate potential impairment.

Intangibles, including core deposit intangibles are evaluated for impairment if events and circumstances indicate a potential for impairment. Such an evaluation of other intangible assets is based on undiscounted cash flow projections. No impairment charges were recorded for other intangible assets in any of the periods presented.