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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets: Goodwill associated with the Company’s acquisition of Cortland and other acquisitions totaled $94.6 million at September 30, 2022 and $94.2 million at December 31, 2021. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through an impairment test. Management performs goodwill impairment testing on an annual basis as of September 30. The fair value of the reporting units is determined using a combination of a discounted cash flow method and a guideline public company method. The current year impairment testing is in progress. Results of the assessment as of September 30, 2021, indicated no goodwill impairment. The Company will continue to monitor its goodwill for possible impairment. Acquired Intangible Assets Acquired intangible assets were as follows:
| September 30, 2022 |  |  | December 31, 2021 |
(In Thousands of Dollars) | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationship intangibles | $ | 7,210 |  |  | $ | (6,755 | ) |  | $ | 7,210 |  |  | $ | (6,641 | )
Non-compete contracts |  | 457 |  |  |  | (398 | ) |  |  | 430 |  |  |  | (392 | )
Trade name |  | 1,126 |  |  |  | (391 | ) |  |  | 520 |  |  |  | (356 | )
Core deposit intangible |  | 12,866 |  |  |  | (6,387 | ) |  |  | 12,866 |  |  |  | (5,271 | )
Total | $ | 21,659 |  |  | $ | (13,931 | ) |  | $ | 21,026 |  |  | $ | (12,660 | )
Aggregate amortization expense was $432 thousand and $1.3 million for the three and nine month periods ended September 30, 2022. Amortization expense was $316 thousand and $948 thousand for the three and nine month periods ended September 30, 2021. Estimated amortization expense for each of the next five periods and thereafter:
2022 (3 months) | $ | 424 |
2023 |  | 1,247 |
2024 |  | 943 |
2025 |  | 878 |
2026 |  | 781 |
Thereafter |  | 3,455 |
Total | $ | 7,728 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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