XML 29 R16.htm IDEA: XBRL DOCUMENT

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

9.GOODWILL AND INTANGIBLE ASSETS:

The Corporation completed its annual impairment testing of goodwill during the fourth quarter of 2023 and 2022. Management does not believe any amount of goodwill is impaired.

Goodwill was as follows at year-end:


	2023		2022		2021
Beginning of year	$	86,985	$	86,135	$	78,592
Acquired goodwill		—		850		7,543
Impairment		—		—		—
End of year	$	86,985	$	86,985	$	86,135

Goodwill related to the acquisition of Hancock Bancorp, Inc. was increased by $850 thousand in 2022 due to adjustments to deferred tax assets related to the filing of the final Hancock Bancorp, Inc. tax return.

Intangible assets subject to amortization at December 31, 2023 and 2022 are as follows:


	2023				2022
	Gross		Accumulated		Gross		Accumulated
(Dollar amounts in thousands)	Amount		Amortization		Amount		Amortization
Core deposit intangible	$	21,857	$	16,271	$	21,857	$	15,143
	$	21,857	$	16,271	$	21,857	$	15,143

Aggregate amortization expense was $1.1 million, $1.3 million and $1.6 million for 2023, 2022 and 2021, respectively.

Estimated amortization expense for the next five years is as follows:


	In thousands
2024	$	888
2025		786
2026		679
2027		590
2028		1,139