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Goodwill and Intangibles

12 Months Ended

Dec. 31, 2023

Note 6: Goodwill and Intangibles

The balance of goodwill was $23.2 million for the twelve months ended December 31, 2023 and December 31, 2022.

	2023		2022
($ in thousands)	Carrying Amount		Carrying Amount

Beginning balance	$	23,239	$	23,191
Measurement period adjustments		-		48
Ending balance	$	23,239	$	23,239

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. Goodwill is tested on the last day of the last quarter of each calendar year. The Company performed a quantitative analysis of goodwill as of September 30, 2023, and determined that no impairment was required. At December 31, 2023, the Company determined that no events had occurred to change the assessment from the quantitative analysis and it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment.

Carrying basis and accumulated amortization of intangible assets were as follows at December 31:

	2023					2022
	Gross Carrying		Accumulated			Gross Carrying		Accumulated
($ in thousands)	Amount		Amortization			Amount		Amortization
Core deposits intangible	$	660	$	(236	)	$	660	$	(170	)
Customer relationship intangible		200		(200	)		200		(176	)
Banking intangibles	$	860	$	(436	)	$	860	$	(346	)

Amortization expense for intangibles for the years ended December 31, 2023 and 2022 was $0.09 million and $0.07 million, respectively. Estimated amortization expense for each of the following five years is immaterial.