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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

(7) Goodwill and Intangible Assets

The carrying amount of goodwill has increased $24,801 since December 31, 2021 as a result of the Comunibanc Corp. acquisition, discussed in Note 18.  The balance of goodwill was $101,652 at September 30, 2022 and $76,851 at December 31, 2021.

Acquired intangible assets, other than goodwill, as of September 30, 2022 and December 31, 2021 were as follows:

 

 

 

2022

 

 

2021

 

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core deposit intangibles

 

$

12,953

 

 

$

4,478

 

 

$

8,475

 

 

$

8,527

 

 

$

3,588

 

 

$

4,939

 

Total amortized intangible assets

 

$

12,953

 

 

$

4,478

 

 

$

8,475

 

 

$

8,527

 

 

$

3,588

 

 

$

4,939

 

 

Aggregate core deposit intangible amortization expense was $456, and $223, for the three-months ended September 30, 2022 and 2021, respectively, and $890 and $668 for the nine-months ended September 30, 2022 and 2021, respectively.

Activity for mortgage servicing rights (MSRs) and the related valuation allowance for the three- and nine-month periods ended September 30, 2022 and September 30, 2021 were as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Loan Servicing Rights:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

2,664

 

 

$

2,745

 

 

$

2,642

 

 

$

2,246

 

Additions

 

 

91

 

 

 

164

 

 

 

317

 

 

 

562

 

Additions from acquisition

 

 

419

 

 

 

—

 

 

 

419

 

 

 

—

 

Disposals

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Amortized to expense

 

 

(95

)

 

 

(144

)

 

 

(299

)

 

 

(436

)

Other charges

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Change in valuation allowance

 

 

—

 

 

 

(189

)

 

 

—

 

 

 

204

 

Balance at End of Period

 

$

3,079

 

 

$

2,576

 

 

$

3,079

 

 

$

2,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation allowance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Beginning of Period

 

$

—

 

 

$

(189

)

 

$

—

 

 

$

204

 

Additions expensed

 

 

—

 

 

 

189

 

 

 

—

 

 

 

261

 

Reductions credited to operations

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(465

)

Direct write-offs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance at End of Period

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

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

 

 

 

MSRs

 

 

Core deposit

intangibles

 

 

Total

 

2022

 

$

40

 

 

$

407

 

 

$

447

 

2023

 

 

161

 

 

 

1,579

 

 

 

1,740

 

2024

 

 

160

 

 

 

1,488

 

 

 

1,648

 

2025

 

 

160

 

 

 

1,312

 

 

 

1,472

 

2026

 

 

159

 

 

 

1,193

 

 

 

1,352

 

Thereafter

 

 

2,399

 

 

 

2,496

 

 

 

4,895

 

 

 

$

3,079

 

 

$

8,475

 

 

$

11,554