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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 10 – GOODWILL AND INTANGIBLE ASSETS

Goodwill associated with the Company’s purchases of Emlenton in January 2023, Champion Insurance in July 2022 and other past acquisitions totaled $167.4 million at December 31, 2023 and $94.6 million at December 31, 2022. 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 market approach method. Results of the assessment as of September 30, 2023, indicated no goodwill impairment. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Acquired intangible assets were as follows:


	2023					2022
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Other intangible:
Customer relationship intangibles	$	7,210	$	(6,953	)	$	7,210	$	(6,793	)
Non-compete contracts		457		(413	)		457		(401	)
Trade Name		1,126		(440	)		1,126		(409	)
Core deposit intangible		32,115		(10,260	)		12,866		(7,030	)
Total	$	40,908	$	(18,066	)	$	21,659	$	(14,633	)

Aggregate intangible amortization expense was $3.4 million for 2023, $2.0 million for 2022 and $1.4 million for 2021.

Estimated amortization expense for each of the next five years and thereafter:


2024	$	2,872
2025		2,806
2026		2,710
2027		2,596
2028		2,586
Thereafter		9,272
Total	$	22,842