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GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS At September 30, 2023 and December 31, 2022, goodwill was $18.7 million. No impairment charges were recorded in the three and nine months ended September 30, 2023 and 2022.
Goodwill is not amortized but is reviewed for potential impairment on at least an annual basis, with testing between annual tests if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit. The Company conducted its last annual goodwill impairment test as of November 30, 2022 using generally accepted valuation methods. As a result of that impairment test, no goodwill impairment was identified. During the nine months ended September 30, 2023, the market and banking sector was impacted by the rising interest rates and current economic conditions, which caused the Company's stock price and market capitalization to decline. The Company performed a qualitative assessment, which indicated that it was more likely than not that the fair value exceeded its carrying value, resulting in no impairment charge for the nine months ended September 30, 2023. Management will continue to evaluate the economic conditions for any potential applicable changes. The following table presents changes in and components of other intangible assets for the three and nine months ended September 30, 2023 and 2022. During the three months ended September 30, 2023, the Company acquired an investment advisory firm and related accounts with assets under management of approximately $67.2 million. In connection with this acquisition, the Company recorded an intangible asset totaling $289 thousand associated with the customer list. No impairment charges were recorded on other intangible assets during the three and nine months ended September 30, 2023 and September 30, 2022.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Beginning of period | $ | 2,589 |  |  | $ | 3,610 |  |  | $ | 3,078 |  |  | $ | 4,183 |
Acquired customer list | 289 |  |  | — |  |  | 289 |  |  | — |
Amortization expense | (228) |  |  | (272) |  |  | (717) |  |  | (845) |
Balance, end of period | $ | 2,650 |  |  | $ | 3,338 |  |  | $ | 2,650 |  |  | $ | 3,338 |
The following table presents the components of other identifiable intangible assets at September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
| Gross Amount |  | Accumulated Amortization |  | Gross Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |
Core deposit intangibles | $ | 8,390 |  |  | $ | 6,029 |  |  | $ | 8,390 |  |  | $ | 5,312 |
Other customer relationship intangibles | 289 |  |  | — |  |  | 25 |  |  | 25 |
Total | $ | 8,679 |  |  | $ | 6,029 |  |  | $ | 8,415 |  |  | $ | 5,337 |
The following table presents future estimated aggregate amortization expense for other identifiable intangible assets at September 30, 2023:
2023 | $ | 291 |
2024 | 827 |
2025 | 648 |
2026 | 468 |
2027 | 289 |
Thereafter | 127 |
| $ | 2,650 |

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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 + Details
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