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GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 12 Months Ended
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Dec. 31, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS, NET |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 9. GOODWILL AND CORE DEPOSIT INTANGIBLES, 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 2024 and 2023. The balance in goodwill was $52,505,000 at December 31, 2024 and 2023. The Corporation did not complete any acquisitions in 2024 or 2023. In testing goodwill for impairment at December 31, 2024, the Corporation performed a qualitative 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 its carrying amount. Accordingly, there was no goodwill impairment at December 31, 2024. There were no goodwill impairment charges recorded in the years ended December 31, 2024, 2023 and 2022. Information related to the core deposit intangibles is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In Thousands) |  | ​ | December 31,
​ |  | 2024 | ​ | ​ | 2023
Gross amount | ​ | $ | 6,639 | ​ | $ | 6,639
Accumulated amortization | ​ |  | (4,559) | ​ | ​ | (4,170)
Net | ​ | $ | 2,080 | ​ | $ | 2,469
​ 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,
​ | ​ | 2024 | ​ | 2023 | ​ | ​ | 2022
Amortization expense | ​ | $ | 389 | ​ | $ | 408 | ​ | $ | 439
​ The amount of amortization expense to be recognized in each of the ensuing five years is as follows: ​
​ | ​ | ​ | ​
(In Thousands) |  | ​
2025 | ​ | $ | 424
2026 | ​ |  | 396
2027 | ​ |  | 361
2028 | ​ |  | 304
2029 | ​ |  | 250
​

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