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GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

7.GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

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A progression of the balance for goodwill follows:

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​	​	​	​	​	​	​	​	​	​
Years Ended December 31,  (in thousands)		2023			2022			2021
​	​	​	​	​	​	​	​	​	​
Beginning of period	​	$	16,300	​	$	16,300	​	$	16,300
Acquired goodwill	​		24,216	​		—	​		—
Impairment	​		—	​		—	​		—
End of period	​	$	40,516	​	$	16,300	​	$	16,300

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The goodwill balance relates entirely to the Company’s Traditional Banking segment and Core Banking operations.

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Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. As of December 31, 2023 and 2022, the Company’s Core Banking reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting unit exceeded its fair value.

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The Company recorded a $3 million CDI asset in association with its March 15, 2023 CBank acquisition. For the years ending December 31, 2023, 2022, and 2021, aggregate CDI amortization expense follows:

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​	​	​	​	​	​	​	​	​	​
Years Ended December 31, (in thousands)		2023			2022			2021
​	​	​	​	​	​	​	​	​	​
Core deposit amortization expense	​	$	405	​	$	—	​	$	189

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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