Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 10 – GOODWILL AND INTANGIBLE ASSETS

Goodwill associated with the Company’s purchases of Champion Insurance in July 2022, Cortland in November 2021 and other past acquisitions totaled $94.6 million at December 31, 2022 and $94.2 million at December 31, 2021. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through a two-step impairment test. Management performs goodwill impairment testing on an annual basis as of September 30. The fair value of the reporting units is determined using a combination of a discounted cash flow method and a guideline public company method. Results of the assessment indicated no goodwill impairment as of December 31, 2022. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Acquired intangible assets were as follows:

	2022					2021
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Other intangible:
Customer relationship intangibles	$	7,210	$	(6,793	)	$	7,210	$	(6,641	)
Non-compete contracts		457		(401	)		430		(392	)
Trade Name		1,126		(409	)		520		(356	)
Core deposit intangible		12,866		(7,030	)		12,866		(5,271	)
Total	$	21,659	$	(14,633	)	$	21,026	$	(12,660	)

Aggregate intangible amortization expense was $2.0 million for 2022, $1.4 million for 2021 and $1.3 million for 2020.

Estimated amortization expense for each of the next five years and thereafter:

2023	$	1,255
2024		952
2025		886
2026		789
2027		676
Thereafter		2,468
Total	$	7,026