OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2022

OTHER INTANGIBLE ASSETS

OTHER INTANGIBLE ASSETS

12.OTHER INTANGIBLE ASSETS

As a result of the Merger, the Company recorded $10.2 million of core deposit intangible assets and a $780 thousand non-compete agreement intangible asset on the Merger Date.

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable and arose from the Merger.

	June 30, 2022						December 31, 2021
		Core Deposit		Non-complete				Core Deposit		Non-complete
(In thousands)		Intangibles		Agreement		Total		Intangibles		Agreement		Total
Gross carrying value	$	10,204	$	780	$	10,984	$	10,204	$	780	$	10,984
Accumulated amortization		(2,858)		(780)		(3,638)		(1,962)		(660)		(2,622)
Net carrying amount	$	7,346	$	-	$	7,346	$	8,242	$	120	$	8,362

Amortization expense recognized on intangible assets was $430 thousand and $1.0 million for the three and six months ended June 30, 2022. Amortization expense recognized on intangible assets was $835 thousand and $1.2 million for the three and six months ended June 30, 2021.  

Estimated amortization expense for the remainder of 2022 through 2026 and thereafter is as follows:

(In thousands)		Total
2022	$	862
2023		1,425
2024		1,163
2025		958
2026		795
Thereafter		2,143
Total	$	7,346