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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2022
Goodwill and Intangible Assets [Abstract] |
Goodwill and Intangible Assets | NOTE (6) – Goodwill and Intangible Assets In connection with the CFBanc Merger completed as of April 1, 2021 (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 March 31, 2022:
|  | Goodwill |  |  | Core Deposit Intangible |
|  | (In thousands) |
Balance at the beginning of the period |  | $ | 25,996 |  |  | $ | 2,936 |
Additions |  |  | - |  |  |  | - |
Change in deferred tax estimate |  |  | (138 | ) |  |  | (109 | )
Impairment |  |  | - |  |  |  | - |
Balance at the end of the period |  | $ | 25,858 |  |  | $ | 2,827 |
The following table outlines the estimated amortization expense for the core deposit intangible during the next five fiscal years:
|  | (In thousands) |
2022 |  | $ | 326 |
2023 |  |  | 390 |
2024 |  |  | 336 |
2025 |  |  | 315 |
2026 |  |  | 304 |
Thereafter |  |  | 1,156 |
|  | $ | 2,827 |

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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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