GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

9. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

At December 31, 2023 and 2022, the carrying amount of the Company’s goodwill was $155.8 million.

The Company performs its annual goodwill impairment test in the fourth quarter of every year, or more frequently if events or changes in circumstance indicate the asset might be impaired. It was determined during the annual impairment testing that no impairment was needed for the years ended December 31, 2023, 2022 and 2021.

The following table presents the change in Goodwill for the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
(In thousands)		2023		2022		2021
Beginning of year	$	155,797	$	155,797	$	55,638
Acquired goodwill (1)		-		-		100,159
End of year	$	155,797	$	155,797	$	155,797

(1) See Note 2. Merger for additional information regarding the acquired goodwill

Other Intangible Assets

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable, all of which are core deposit intangibles:

	Year Ended December 31,
(In thousands)	2023		2022
Gross carrying value	$	10,204	$	10,204
Accumulated amortization		(5,145)		(3,720)
Net carrying amount	$	5,059	$	6,484

Amortization expense recognized on intangible assets was $1.4 million and $1.9 million for the years ended December 31, 2023 and 2022, respectively.

Estimated amortization expense for 2024 through 2028 and thereafter is as follows:

(In thousands)
2024	$	1,164
2025		958
2026		795
2027		664
2028		560
Thereafter		918
Total	$	5,059