GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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.