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 impairment test of goodwill as of October 1st of each year. See Note 1, Summary of Significant Accounting Policies, for the Company’s accounting policy for goodwill and other intangible assets.

The Company completed annual impairment assessments for its reporting units during the fourth quarter of 2024, utilizing a quantitative assessment. Based on the results of the 2024 annual impairment tests, management concluded that there was no goodwill impairment. There were no goodwill impairment charges recorded in 2024, 2023 or 2022.

Declines in the market value of the Company’s publicly traded stock price or declines in the Company’s ability to generate future cash flows may increase the potential that goodwill recorded on the Company’s consolidated statement of financial condition be designated as impaired and that the Company may incur a goodwill write-down in the future.

The carrying amount of goodwill totaled $58.1 million and $67.1 million as of December 31, 2024 and December 31, 2023, respectively. On April 1, 2024, the Company announced and closed on the sale of the assets of its wholly owned subsidiary, SDN. The sale resulted in a $9.0 million reduction in the carrying amount of goodwill.

The change in the balance for goodwill during the years ended December 31 was as follows (in thousands):


	Banking		All Other(1)			Total
Balance, December 31, 2022	$	48,536	$	18,535		$	67,071
No activity during the period	-			-			-
Balance, December 31, 2023		48,536		18,535			67,071
Sale of assets	-			(8,950	)		(8,950	)
Balance, December 31, 2024	$	48,536	$	9,585		$	58,121

(1)

All Other includes the SDN, prior to the sale of the assets of the subsidiary on April 1, 2024, and Courier Capital.

The Company has other intangible assets that are amortized, consisting of core deposit intangibles and other intangibles (primarily related to customer relationships). Changes in the gross carrying amount, accumulated amortization and net book value for the years ended December 31 were as follows (in thousands):


	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	$	7,243		$	14,545
Accumulated amortization		(4,606	)		(9,112	)
Net book value	$	2,637		$	5,433

Other intangibles amortization expense was $552 thousand, $910 thousand and $983 thousand for the years ended December 31, 2024, 2023 and 2022. Core deposit intangibles were fully amortized as of December 31, 2022. The weighted average remaining amortization period for other intangibles was 12.2 years. Estimated amortization expense of other intangible assets for each of the next five years is as follows (in thousands):


	Amount
2025	$	415
2026		379
2027		343
2028		308
2029		272
Thereafter		920
Total	$	2,637