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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Other Intangible Assets

NOTE 5: Goodwill and Other Intangible Assets

The carrying amount of goodwill was $25.19 million at June 30, 2022 and December 31, 2021. There were no changes in the recorded balance of goodwill during the three and six months ended June 30, 2022 or 2021.

The Corporation had $1.83 million and $1.98 million of other intangible assets as of June 30, 2022 and December 31, 2021, respectively. Other intangible assets were recognized in connection with the core deposits acquired from Peoples Bankshares, Incorporated in 2020 and customer relationships acquired by C&F Wealth Management in 2016. The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets:

June 30,

December 31,

2022

2021

Gross

Carrying

Accumulated

Carrying

Accumulated

(Dollars in thousands)

Amount

Amortization

Amount

Amortization

Amortizable intangible assets:

Core deposit intangibles

1,711

(394)

1,711

(325)

Other amortizable intangibles

1,405

(894)

1,405

(814)

Total

3,116

(1,288)

3,116

(1,139)

Amortization expense was $75,000 and $79,000 for the three months ended June 30, 2022 and 2021, respectively, and $149,000 and $157,000 for the six months ended June 30, 2022 and 2021, respectively.