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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets | NOTE (8) – Goodwill and Intangible Assets In connection with the CFBanc Merger (See Note 2 - Business Combination.), the Company recognized goodwill of $26.0 million and a core deposit intangible of $3.3 million. The following table presents the changes in the carrying amounts of goodwill and core deposit intangibles for the three months ended September 30, 2021:
|  | Goodwill |  |  | Core Deposit Intangible |
|  | (In thousands) |
Balance at the beginning of the period |  | $ | - |  |  | $ | - |
Additions |  |  | 25,996 |  |  |  | 3,329 |
Amortization |  |  | - |  |  |  | (262 | )
Impairment |  |  | - |  |  |  | - |
Balance at the end of the period |  | $ | 25,996 |  |  | $ | 3,067 |
The carrying amount of the core deposit intangible consisted of the following at September 30, 2021:
|  | (In thousands) |
Core deposit intangible acquired |  | $ | 3,329 |
Less: accumulated amortization |  |  | (262 | )
|  | $ | 3,067 |
The following table outlines the estimated amortization expense for the core deposit intangible during the next five fiscal years:
|  | (In thousands) |
2021 |  | $ | 131 |
2022 |  |  | 435 |
2023 |  |  | 390 |
2024 |  |  | 336 |
2025 |  |  | 315 |
Thereafter |  |  | 1,460 |
|  | $ | 3,067 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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