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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Note 6. Goodwill and Intangible Assets In accordance with FASB ASC 350, Goodwill and Other, regarding testing goodwill for impairment provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company performs its annual goodwill impairment test as of December 31 of each year. Considering the recent economic conditions, the Company performed a Step 1 goodwill impairment test (which compares the fair value of a reporting unit with its carrying amount, including goodwill) at June 30, 2023, the results indicated that there was no impairment. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes. The Company’s other intangible assets consist of core deposit, customer relationships and tradename. They are initially recognized based on a valuation performed as of the consummation date. The core deposit intangible is amortized over the average remaining life of the acquired customer deposits, the customer relationships are amortized over a weighted average of 10.4 years and the tradename is amortized over five years. ​ The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, |  | December 31,
​ | ​ | 2023 | ​ | 2022
Goodwill: |  | ​ |  |  | ​ |
Balance, beginning of period | ​ | $ | 96,145 | ​ | $ | 91,565
Acquisition of Sunbelt | ​ | ​ | — | ​ | ​ | 4,580
Balance, end of the period | ​ | $ | 96,145 | ​ | $ | 96,145
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Core Deposit |  | Customer Relationships |  | Tradename | ​ | ​ |
Amortized other intangible assets: | ​ | Intangibles | ​ | Intangibles | ​ | Intangibles | ​ | Total | ​
June 30, 2023: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance January 1, 2023, gross | ​ | $ | 17,470 | ​ | $ | 5,670 | ​ | $ | 63 | ​ | $ | 23,203 | ​
Less: accumulated amortization | ​ | ​ | (8,897) | ​ | ​ | (1,949) | ​ | ​ | (63) | ​ | ​ | (10,909) | ​
Balance, June 30, 2023, other intangible assets, net | ​ | $ | 8,573 | ​ | $ | 3,721 | ​ | $ | - | ​ | $ | 12,294 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beginning balance January 1, 2022, gross | ​ | $ | 17,470 | ​ | $ | 3,722 | ​ | $ | 63 | ​ | $ | 21,255 | ​
Acquisition of Sunbelt | ​ | ​ | - | ​ | ​ | 1,948 | ​ | ​ | - | ​ | ​ | 1,948 | ​
Balance, December 31, 2022, other intangible assets, gross | ​ | ​ | 17,470 | ​ | ​ | 5,670 | ​ | ​ | 63 | ​ | ​ | 23,203 | ​
Less: accumulated amortization | ​ | ​ | (8,021) | ​ | ​ | (1,519) | ​ | ​ | (36) | ​ | ​ | (9,576) | ​
Balance, December 31, 2022, other intangible assets, net | ​ | $ | 9,449 | ​ | $ | 4,151 | ​ | $ | 27 | ​ | $ | 13,627 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ The aggregate amortization expense for other intangible assets for the three and six months ended June 30, 2023, was $675 thousand and $1.3 million, respectively, and for the three and six months ended June 30, 2022, was $633 thousand and $1.3 million, respectively. As of June 30, 2023, the estimated aggregate amortization expense for future periods for intangibles is as follows (in thousands): ​
​ | ​ | ​ | ​
Remainder of 2023 |  | $ | 1,290
2024 | ​ |  | 2,425
2025 | ​ |  | 2,256
2026 | ​ |  | 2,086
2027 | ​ | ​ | 1,904
Thereafter | ​ |  | 2,333
Total | ​ | $ | 12,294
​

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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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