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GOODWILL AND OTHER INTANGIBLE ASSETS, NET
12 Months Ended
Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS, NET  
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:

(In Thousands)

 

December 31, 

 

2023

2022

Gross amount

$

6,639

$

6,639

Accumulated amortization

 

(4,170)

(3,762)

Net

$

2,469

$

2,877

Amortization expense related to core deposit intangibles is included in other noninterest expense in the consolidated statements of income, as follows:

(In Thousands)

Year Ended December 31,

2023

2022

2021

Amortization expense

$

408

$

439

$

535

The amount of amortization expense to be recognized in each of the ensuing five years is as follows:

(In Thousands)

    

2024

$

390

2025

 

424

2026

 

396

2027

 

361

2028

 

304