The change in the balance for goodwill was as follows:


(Dollars in thousands)	2024		2023
Balance, beginning of year	$	59,946	$	59,946
Adjustments		-		-
Balance, end of year	$	59,946	$	59,946

The Company acquired Valley Ridge Financial Corp. in 2006, County in 2019, and Community Shores in 2020, which resulted in the recognition of goodwill of $13.7 million, $38.9 million and $7.3 million, respectively.

ChoiceOne engaged a third party valuation firm to assist in performing a quantitative analysis of goodwill as of June 30, 2024 ("the measurement date"). In deriving the fair value of the reporting unit (the Bank), the third-party firm assessed general economic conditions and outlook; industry and market considerations and outlook; the impact of recent events to financial performance; the market price of ChoiceOne’s common stock and other relevant events. In addition, the valuation relied on financial projections through 2029 and growth rates prepared by management. Based on the valuation prepared, it was determined that ChoiceOne's estimated fair value of the reporting unit at the measurement date was greater than its book value and impairment of goodwill was not required. As of the measurement date and December 31, 2024 ChoiceOne's stock price was greater than the book value. No material changes and no triggering events have occurred that indicated impairment from the measurement date through December 31, 2024.

Information for acquired intangible assets at December 31 is as follows:


	2024				2023
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
(Dollars in thousands)	Amount		Amortization		Amount		Amortization
Core deposit intangible	$	7,120	$	6,024	$	7,120	$	5,266

The core deposit intangible from the County and Community Shores mergers is being amortized on a sum-of-the-years digits basis over ten years and eight years, respectively. Amortization expense was $757,000 in 2024, $955,000 in 2023, and $1,153,000 in 2022. The estimated amortization expense for the next five years ending December 31 is as follows (dollars in thousands):


2025		560
2026		362
2027		164
2028		10
Thereafter		-
Total	$	1,096