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Goodwill and Core Deposit Intangible
12 Months Ended
Dec. 31, 2022
Goodwill and Core Deposit Intangible [Abstract]  
Goodwill and Core Deposit Intangible
Gross Carrying
Amount
Accumulated
Amortization
Net Carrying
Amount
(Dollars in thousands)
December 31, 2022
Goodwill
$
12,836
$
$
12,836
Core deposit intangible
17,479
1,234
16,245
Total goodwill and intangible assets
$
30,315
$
1,234
$
29,081
December 31, 2021
 
 
 
Core deposit intangible
$
1,014
$
884
$
130
Total goodwill and intangible assets
$
1,014
$
884
$
130
The estimated aggregate future amortization expense over the next five years
 
for the core deposit intangible is as follows at
December 31, 2022:
(Dollars in thousands)
2023
$
3,089
2024
2,762
2025
2,436
2026
2,109
2027
1,783
Note 7:
 
Goodwill and Core Deposit Intangible
In connection with our acquisition of Central, the Company recorded
 
goodwill of $
12.8
 
million. Goodwill is measured as the excess
of the fair value of consideration paid over the fair value of net assets acquired.
No
 
goodwill impairment was recorded during the years
ended December 31, 2022 or December 31, 2021.
The Company recorded a core deposit intangible (“CDI”) of $
16.5
 
million as part of the Central acquisition. The Company is
amortizing the CDI over its estimated useful life of approximately
10
 
years using the sum of the years’ digits accelerated method. The
Company recognized core deposit intangible amortization expense
 
of $
0.4
 
million for the year ended December 31, 2022 which is included
in other non-interest expense in the consolidated statement of operations.
The gross carrying amount of goodwill and the gross carrying amount
 
and accumulated amortization of the core deposit intangible
 
at December 31, 2022 and 2021 were: