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GOODWILL, CORE DEPOSIT INTANGIBLE

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL, CORE DEPOSIT INTANGIBLE

Note 7—GOODWILL, CORE DEPOSIT INTANGIBLE

Intangible assets (excluding goodwill) consisted of the following:

Schedule of Intangible Assets excluding Goodwill 

		December 31,
(Dollars in thousands)		2022				2021				2020
Core deposit premiums, gross carrying amount		$	3,358			$	3,358			$	3,358
Other intangibles			538				538				538
Gross carrying amount			3,896				3,896				3,896
Accumulated amortization			(3,135	)			(2,977	)			(2,776	)
Net		$	761			$	919			$	1,120

Based on the core deposit and other intangibles as of December 31, 2022, the following table presents the aggregate amortization expense for each of the succeeding years ending December 31:

Schedule of Aggregate Amortization Expenses 

(Dollars in thousands)		Amount
2023		$	157
2024			158
2025			157
2026			158
2027 and thereafter			131
Total		$	761

Amortization of the intangibles amounted to $158 thousand, $201 thousand and $363 thousand for the years ended December 31, 2022, 2021 and 2020, respectively. Goodwill represents the excess of the purchase price over the sum of the estimated fair values of the tangible and identifiable intangible assets acquired less the estimated fair value of the liabilities assumed. Goodwill has an indefinite useful life and is evaluated for impairment annually or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. Qualitative factors are assessed to first determine if it is more likely than not (more than 50%) that the carrying value of goodwill is less than fair value. During the year ended December 31, 2022, qualitative factors indicated it was more likely than not that the carrying value of goodwill was less than fair value, thus

there were no indicators of impairment and no quantitative testing was performed. The Company’s carrying amount of goodwill at December 31, 2022, and 2021 and changes to the goodwill are summarized as follows:

Schedule of Goodwill

		December 31,
(In thousands)		2022				2021
Balance—beginning of year		$	14,637			$	14,637
Acquired Goodwill			—				—
Impairment			—				—
Balance, end of year		$	14,637			$	14,637

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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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