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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

4. Goodwill and Other Intangible Assets

 

The Company tests goodwill for impairment annually or more frequently if circumstances warrant. The Company’s annual impairment test as of December 31, 2023 concluded that its goodwill was not impaired. Based on that test and current conditions, as of September 30, 2024, the Company concluded it was more likely than not that its goodwill was not impaired.

 

Core deposit intangible assets are amortized over the estimated useful life of ten years on an accelerated basis. A summary of the other intangible assets that continue to be subject to amortization as of the dates indicated is presented in the following table:

 

(Dollars in thousands)  As of September 30, 2024 
   Gross carrying amount   Accumulated amortization   Net carrying amount 
Core deposit intangible assets  $4,170   $(1,441)  $2,729 

 

(Dollars in thousands)  As of December 31, 2023 
   Gross carrying amount   Accumulated amortization   Net carrying amount 
Core deposit intangible assets  $4,170   $(929)  $3,241 

 

 

The following table sets forth estimated amortization expense for core deposit and intangible assets for the remainder of 2024 and in successive years ending December 31:

 

(Dollars in thousands)  Amortization 
   expense 
Remainder of 2024  $151 
2025   588 
2026   512 
2027   436 
2028   360 
2029   284 
Thereafter   398 
Total  $2,729