Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets are included in the Consolidated Balance Sheets as a separate line item, net of accumulated amortization and consist of the following items:


(dollars in thousands)	Gross Intangible Assets		Additions		Accumulated Amortization		FHA MSR Sales		Net Intangible Assets
December 31, 2023:
Goodwill	$	104,168	$	—	$	—	$	—	$	104,168

Excess servicing (1)	65		—		(28)		—		37
Non-compete agreements	—		1,234		(514)		—		720
Total	$	104,233	$	1,234	$	(542)	$	—	$	104,925
December 31, 2022:
Goodwill	$	104,168	$	—	$	—	$	—	$	104,168

Excess servicing (1)	87		67		(89)		—		65
Non-compete agreements	—		—		—		—		—
Total	$	104,255	$	67	$	(89)	$	—	$	104,233

(1)The Company recognizes a servicing asset for the computed value of servicing fees on the sale of multifamily FHA loans and the sale of the guaranteed portion of SBA loans. Assumptions related to loan terms and amortization are made to arrive at the initial recorded values, which are included in other assets.

The aggregate amortization expense was $542 thousand, $89 thousand and $132 thousand for the years ended December 31, 2023, 2022 and 2021, respectively.

The future estimated annual amortization expense is presented below:


Years Ending December 31:
(dollars in thousands)	Amount
2024	$	725
2025	5
2026	5
2027	5
2028	5
Thereafter	12
Total annual amortization	$	757