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GOODWILL AND OTHER INTANGIBLE ASSETS | 9. GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill represents the excess of the cost of acquisitions over the fair value of the net assets acquired. There were no changes in the carrying amount of goodwill in 2023 and 2022. The balance in goodwill was $52,505,000 at December 31, 2023 and 2022. The Corporation did not complete any acquisitions in 2023 or 2022. In testing goodwill for impairment at December 31, 2023, the Corporation by-passed performing a qualitative assessment and performed a quantitative assessment based on comparison of the Corporation’s market capitalization to its stockholders’ equity, resulting in the determination that the fair value of its reporting unit, its community banking operation, exceeded it’s carrying amount. Accordingly, there was no goodwill impairment at December 31, 2023. There were no goodwill impairment charges recorded in the years ended December 31, 2023, 2022 and 2021. Information related to the core deposit intangibles is as follows:
Amortization expense related to core deposit intangibles is included in other noninterest expense in the consolidated statements of income, as follows:
The amount of amortization expense to be recognized in each of the ensuing five years is as follows:
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