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

(8) Goodwill and Intangible Assets

 

The changes in goodwill is as follows:

  

   2023   2022   2021 
(Dollars in thousands)  Years ended December 31, 
   2023   2022   2021 
Balance at January 1  $32,199   $17,532   $17,532 
Acquired goodwill   -    14,667    - 
Acquisition period adjustments   178    -    - 
Balance at December 31  $32,377   $32,199   $17,532 

 

The Company performed its annual impairment test as of December 31, 2023. 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:

 

   2023   2022 
(Dollars in thousands)  As of December 31, 
   2023   2022 
Gross carrying amount  $4,170   $5,880 
Accumulated amortization   (929)   (1,874)
Net carrying amount  $3,241   $4,006 

 

Amortization expense for the years ended December 31, 2023 and 2022 was $765,000 and $248,000. The following sets forth estimated amortization expense for core deposit intangible assets for the years ending December 31:

 

(Dollars in thousands)  Amortization 
   expense 
2024   663 
2025   588 
2026   512 
2027   436 
2028   360 
Thereafter   682 
Total  $3,241