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Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

(6.) GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill totaled $67.1 million as of both March 31, 2024 and December 31, 2023. Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performs its annual goodwill impairment test as of October 1. The Company did not identify an indication of goodwill impairment for any of its reporting units during the quarter ended March 31, 2024.

(6.) GOODWILL AND OTHER INTANGIBLE ASSETS (Continued)

Other Intangible Assets

The Company has other intangible assets that are amortized, consisting of core deposit intangibles and other intangibles (primarily related to customer relationships). Gross carrying amount, accumulated amortization and net book value, were as follows (in thousands):

 

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Core deposit intangibles:

 

 

 

 

 

 

Gross carrying amount

 

$

2,042

 

 

$

2,042

 

Accumulated amortization

 

 

(2,042

)

 

 

(2,042

)

Net book value

 

$

 

 

$

 

 

 

 

 

 

 

 

Other intangibles:

 

 

 

 

 

 

Gross carrying amount

 

$

14,545

 

 

$

14,545

 

Accumulated amortization

 

 

(9,329

)

 

 

(9,112

)

Net book value

 

$

5,216

 

 

$

5,433

 

 

Amortization expense for total other intangible assets was $217 thousand and $234 thousand for the three months ended March 31, 2024 and 2023. As of March 31, 2024, the estimated amortization expense of other intangible assets for the remainder of 2024 and each of the next five years is as follows (in thousands):

 

2024 (remainder of year)

$

622

 

2025

 

766

 

2026

 

694

 

2027

 

623

 

2028

 

551

 

2029

 

479

 

Thereafter

 

1,481

 

Total

$

5,216