Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

	December 31 2022		December 31 2021
Balance, January 1	$	154,572	$	151,238
Goodwill acquired	—		3,334
Measurement period adjustment	639		—
Balances, December 31	$	155,211	$	154,572

Goodwill is assessed for impairment annually, or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment.

No impairment loss was recorded in 2022 or 2021. The Company tested goodwill for impairment during 2022 and 2021. In both valuations, the fair value exceeded the Company’s carrying value, therefore, it was concluded goodwill is not impaired. For additional details related to impairment testing, see the “Goodwill and Intangible Assets” section of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included as Item 7 of this Annual Report on Form 10–K.

As a result of acquisitions, the Company has recorded certain amortizable intangible assets related to core deposit intangibles. These core deposit intangibles are being amortized over seven years to ten years using an accelerated method. Amortizable intangible assets are summarized as follows:

	December 31, 2022				December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizable intangible assets
Core deposit intangible	$	42,220	$	(24,981)	$	40,590	$	(17,635)

Amortization expense for intangible assets totaled $3.6 million, $3.9 million, and $3.8 million for the years ended December 31, 2022, 2021 and 2020. Estimated amortization for the years ending December 31 is as follows:

Year	Amount
2023	$	3,612
2024	3,403
2025	3,044
2026	2,566
2027	2,119
Thereafter	2,495
	$	17,239