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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

(8) Goodwill and Intangible Assets

 

The change in goodwill during 2022 is as follows:

 

Balance at January 1, 2022  $17,532 
Acquired goodwill   14,667 
Balance at December 31, 2022  $32,199 

 

The Company performed its annual impairment test as of December 31, 2022. Based on the results of the qualitative analysis, the Company concluded it was more likely than not that its goodwill was not impaired.

 

A summary of the other intangible assets that continue to be subject to amortization is as follows:

 

(Dollars in thousands)  As of December 31, 2022 
   Gross carrying amount   Accumulated amortization   Net carrying amount 
Core deposit intangible assets  $5,880   $(1,874)  $4,006 

 

(Dollars in thousands)  As of December 31, 2021     
   Gross carrying amount   Accumulated amortization   Net carrying amount 
Core deposit intangible assets  $2,018   $(1,934)  $84 

 

Amortization expense for the years ending December 31, 2022 and 2021 was $248,000 and $121,000. The following sets forth estimated amortization expense for core deposit intangible assets for the years ending December 31:

 

      
(Dollars in thousands)  Amortization 
   expense 
2023  $765 
2024   663 
2025   588 
2026   512 
2027   436 
Thereafter   1,042 
Total  $4,006