Goodwill and Intangible Assets |
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Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets The changes in the carrying value of goodwill are as follows:
The Company evaluates goodwill annually in the fourth quarter of the fiscal year and has determined that no write-down was required for the year ended December 31, 2022. The changes in the carrying value of the customer list and core deposit intangibles are as follows:
Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized over their estimated useful lives. Purchased customer accounts primarily consist of records and files that contain information about investment holdings. The values assigned to customer lists and core deposit intangibles are based upon the application of the income approach. The intangibles are expected to have useful lives of approximately 13 years. The Company recognized $22 and $24 of amortization expense related to its intangible assets for the three months ended September 30, 2023 and 2022, respectively. The Company recognized $67 and $75 of amortization expense related to its intangible assets for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the future amortization expense for amortizable intangible assets for the years ended December 31, was as follows:
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