At the close of business on October 31, 2019, the Company recorded goodwill of $9.5 million associated with the Trinity merger. In addition to the goodwill recorded for the Trinity merger, the Company recorded a core deposit intangible asset of approximately $1.0 million. The core deposit intangible asset is amortized using an accelerated method over ten years from the date of the merger. Amortization expense of $129 thousand and $149 thousand was recorded in 2023 and 2022, respectively.

At the close of business on October 31, 2018, the Company recorded goodwill of $8.2 million associated with the PSB merger. In addition to the goodwill recorded for the PSB merger, the Company recorded a core deposit intangible asset of approximately $4.65 million. The core deposit intangible asset is amortized using an accelerated method over ten years from the date of the merger. Amortization expense of $496 thousand and $588 thousand was recorded in 2023 and 2022, respectively.

At the close of business December 31, 2015, the Company recorded goodwill of $9.41 million associated with the Keystone merger. During 2016, an adjustment of $640 thousand was made to increase the amount of goodwill. The adjustment was made to the value of stock options and warrants assumed in the Keystone merger. The adjustments were made following the Company’s review of additional information that existed at the time of the merger. The adjustment to goodwill increased shareholders’ equity $640 thousand. In addition to the goodwill recorded for Keystone, the Company recorded a core deposit intangible asset of approximately $2.8 million. The core deposit intangible asset is amortized using an accelerated method over eight years from the date of the merger. Amortization expense of $46 thousand and $132 thousand was recorded in 2023 and 2022, respectively.

Changes to the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are provided in the following table.


	2023		2022
Balance at beginning of year	$	27,817	$	27,817
Balance at end of year	$	27,817	$	27,817

A summary of core deposit intangible assets as of December 31, 2023 and 2022 is set forth below.


	2023			2022
Gross carrying amount	$	8,433		$	8,433
Less: accumulated amortization		(6,988	)		(6,317	)
Net carrying amount	$	1,445		$	2,116

Estimated amortization expenses related to the core deposit intangible assets for the next five years are as follows:


	Keystone		PSB		Trinity		Total
2024	$	-	$	404	$	109	$	513
2025		-		311		89		400
2026		-		219		68		287
2027		-		127		48		175
2028		-		34		28		62
Afterward		-		-		8		8
	$	-	$	1,095	$	350	$	1,445