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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS At December 31, 2023 and 2022, goodwill was $18.7 million. No impairment charges were recorded in December 31, 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, 2023 using generally accepted valuation methods. As a result of that impairment test, no goodwill impairment was identified. No changes occurred that would impact the results of that analysis through December 31, 2023. The following table presents changes in and components of other intangible assets for the years ended December 31, 2023 and 2022. No impairment charge was recorded on other intangible assets during the years ended December 31, 2023 and 2022. During 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 twelve months ended.
| 2023 |  | 2022
Balance, beginning of year | $ | 3,078 |  |  | $ | 4,183 |
Acquired customer list | 289 |  |  | — |
Amortization expense | (953) |  |  | (1,105) |
Balance, end of year | $ | 2,414 |  |  | $ | 3,078 |
The following table presents the components of other identifiable intangible assets at December 31, 2023 and 2022.
| 2023 |  | 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Amortized intangible assets: |  |  |  |  |  |  |
Core deposit intangibles | $ | 8,390 |  |  | $ | 6,247 |  |  | $ | 8,390 |  |  | $ | 5,312 |
Other client relationship intangibles | 289 |  |  | 18 |  |  | 25 |  |  | 25 |
Total | $ | 8,679 |  |  | $ | 6,265 |  |  | $ | 8,415 |  |  | $ | 5,337 |
The following table presents future estimated aggregate amortization expense at December 31, 2023.
2024 |  | $ | 836 |
2025 |  | 656 |
2026 |  | 476 |
2027 |  | 297 |
2028 |  | 120 |
Thereafter |  | 29 |
|  | $ | 2,414 |
The Company incurred amortization expense of $953 thousand, $1.1 million and $1.3 million in the years ending December 31, 2023, 2022 and 2021, respectively.

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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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