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GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 12 Months Ended
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Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS, NET |
GOODWILL AND OTHER INTANGIBLE ASSETS | 9. GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill represents the excess of the cost of acquisitions over the fair value of the net assets acquired. There were no changes in the carrying amount of goodwill in 2023 and 2022. The balance in goodwill was $52,505,000 at December 31, 2023 and 2022. The Corporation did not complete any acquisitions in 2023 or 2022. In testing goodwill for impairment at December 31, 2023, the Corporation by-passed performing a qualitative assessment and performed a quantitative assessment based on comparison of the Corporation’s market capitalization to its stockholders’ equity, resulting in the determination that the fair value of its reporting unit, its community banking operation, exceeded it’s carrying amount. Accordingly, there was no goodwill impairment at December 31, 2023. There were no goodwill impairment charges recorded in the years ended December 31, 2023, 2022 and 2021. ​ Information related to the core deposit intangibles is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | ​ | December 31,
​ |  | 2023 | ​ | ​ | 2022
Gross amount | ​ | $ | 6,639 | ​ | $ | 6,639
Accumulated amortization | ​ |  | (4,170) | ​ | ​ | (3,762)
Net | ​ | $ | 2,469 | ​ | $ | 2,877
​ Amortization expense related to core deposit intangibles is included in other noninterest expense in the consolidated statements of income, as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) | ​ | Year Ended December 31,
​ | ​ | 2023 | ​ | 2022 | ​ | ​ | 2021
Amortization expense | ​ | $ | 408 | ​ | $ | 439 | ​ | $ | 535
​ The amount of amortization expense to be recognized in each of the ensuing five years is as follows: ​
​ | ​ | ​ | ​
(In Thousands) |  | ​
2024 | ​ | $ | 390
2025 | ​ |  | 424
2026 | ​ |  | 396
2027 | ​ |  | 361
2028 | ​ |  | 304
​

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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