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GOODWILL, CORE DEPOSIT INTANGIBLE
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL, CORE DEPOSIT INTANGIBLE

Note 7—GOODWILL, CORE DEPOSIT INTANGIBLE

Intangible assets (excluding goodwill) consisted of the following:

 

             
   December 31, 
(Dollars in thousands)  2023   2022   2021 
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   (3,292)   (3,135)   (2,977)
Net  $604   $761   $919 

 

Based on the core deposit and other intangibles as of December 31, 2023, the following table presents the aggregate amortization expense for each of the succeeding years ending December 31:

 

(Dollars in thousands)  Amount 
2024  $158 
2025   157 
2026   158 
2027   131 
2028 and thereafter     
Total  $604 

 

Amortization of the intangibles amounted to $158 thousand, $158 thousand, and $201 thousand for the years ended December 31, 2023, 2022 and 2021, 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, 2023, qualitative factors indicated it was more likely than not that the carrying value of goodwill was less than fair value, there were no indicators of impairment and no quantitative testing was performed.

Note 7—GOODWILL, CORE DEPOSIT INTANGIBLE (Continued)

The Company’s carrying amount of goodwill at December 31, 2023, and 2022 and changes to the goodwill are summarized as follows:

         
   December 31, 
(In thousands)  2023   2022 
Balance—beginning of year  $14,637   $14,637 
Acquired Goodwill   —    — 
Impairment   —    — 
Balance, end of year  $14,637   $14,637