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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 6. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill is tested for impairment annually, or more often if circumstances warrant. If, as a result of impairment testing, it is determined that the fair value of goodwill is lower than its carrying amount, goodwill must be written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the consolidated financial statements. Goodwill totaled $7.4 million as of both March 31, 2024 and December 31, 2023. Goodwill impairment was neither indicated nor recorded during the three months ended March 31, 2024 or the year ended December 31, 2023. Core deposit premiums are amortized over a seven-year period and are periodically evaluated, at least annually, as to the recoverability of their carrying value. No write-downs of core deposit premiums were recorded by the Company during the three months ended March 31, 2024 or the year ended December 31, 2023. The Company’s goodwill and other intangible assets (carrying basis and accumulated amortization) as of March 31, 2024 and December 31, 2023 were as follows:
|  | March 31, 2024 |  |  | December 31, 2023 |
|  | (Dollars in Thousands) |
Goodwill |  | $ | 7,435 |  |  | $ | 7,435 |
Core deposit intangible: |  |  |  |  |  |
Gross carrying amount |  |  | 2,048 |  |  |  | 2,048 |
Accumulated amortization |  |  | (1,914 | ) |  |  | (1,877 | )
Core deposit intangible, net |  |  | 134 |  |  |  | 171 |
Total |  | $ | 7,569 |  |  | $ | 7,606 |
The Company’s estimated remaining amortization expense on intangible assets as of March 31, 2024 was as follows:
|  | Amortization Expense |
|  | (Dollars in Thousands) |
2024 |  | $ | 85 |
2025 |  |  | 49 |
Total |  | $ | 134 |
The net carrying amount of the Company’s core deposit premiums is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from use and eventual disposition. That assessment is based on the carrying amount of the intangible assets subject to amortization at the date on which it is tested for recoverability. Intangible assets subject to amortization are tested by the Company for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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