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GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

NOTE 9 – GOODWILL AND INTANGIBLE ASSETS

Goodwill is determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and the liabilities assumed as of the acquisition date. Goodwill and other intangible assets are assessed for impairment annually or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible represents the estimated future benefit of deposits related to an acquisition and is booked separately from the related deposits and amortized over an estimated useful life of seven to ten years.

Goodwill

The Company’s policy is to assess goodwill for impairment at the reporting unit level on an annual basis or between annual assessments if a triggering event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.  Impairment exists when a reporting unit’s fair value is less than its carrying amount, including goodwill.

Changes in the Company's goodwill during the nine months ended September 30, 2023 and year ended December 31, 2022 were as follows:

​

​	​	​	​	​	​	​
​		At and for the			At and for the
​	​	nine months ended		​	year ended
​	​	September 30, 2023		​	December 31, 2022
Balance at beginning of period	​	$	38,838	​	$	38,838
Acquired goodwill	​		—	​		—
Impairment	​		—	​		—
Balance at end of period	​	$	38,838	​	$	38,838

​

Core Deposit Intangible

Changes in the Company’s core deposit intangible during the nine months ended September 30, 2023 and year ended December 31, 2022 were as follows:

​

​	​	​	​	​	​	​
​		At and for the			At and for the
​	​	nine months ended		​	year ended
​	​	September 30, 2023		​	December 31, 2022
Balance at beginning of period	​	$	5,201	​	$	6,489
Additions	​		—	​		756
Less amortization	​		(980)	​		(2,044)
Balance at end of period	​	$	4,221	​	$	5,201

​

Estimated annual amortization expense at September 30, 2023 was as follows:

​

​	​	​	​
For remainder of 2023	​	$	306
2024	​	​	1,222
2025	​		948
2026	​		455
2027	​	​	455
Thereafter	​		835
Total	​	$	4,221

​

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- References

No definition available.

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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

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