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Goodwill and Core Deposit Intangible (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Core Deposit Intangible [Abstract] |
Changes in Carrying Amounts of Goodwill and Core Deposit Intangibles | The following table presents the changes in the carrying amounts of goodwill and core deposit intangibles for the year ended December 31, 2023 and 2022:
|  | December 31, 2023 |
|  | Goodwill |  |  | Core Deposit Intangible |
|  | (In thousands) |
Balance at the beginning of the period |  | $ | 25,858 |  |  | $ | 2,501 |
Additions |  |  | – |  |  |  | – |
Change in deferred tax estimate |  |  | – |  |  |  | – |
Amortization |  |  | – |  |  |  | (390 | )
Balance at the end of the period |  | $ | 25,858 |  |  | $ | 2,111 |
|  | December 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 | ) |  |  | – |
Amortization |  |  | – |  |  |  | (435 | )
Balance at the end of the period |  | $ | 25,858 |  |  | $ | 2,501 |
Components of Carrying Value and Accumulated Amortization of Core Deposit Intangible | The carrying value and accumulated amortization related to the Company’s core deposit intangible consisted of the following at December 31, 2023 and 2022:
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | (In thousands) |
Core deposit intangible acquired |  | $ | 3,329 |  |  | $ | 3,329 |
Less: accumulated amortization |  |  | (1,218 | ) |  |  | (828 | )
|  | $ | 2,111 |  |  | $ | 2,501 |
Estimated Amortization Expense for Core Deposit Intangible | The following table outlines the estimated amortization expense related to the core deposit intangible during the next five fiscal years:
|  | (In thousands) |
2024 |  | $ | 336 |
2025 |  |  | 315 |
2026 |  |  | 304 |
2027 |  |  | 291 |
2028 |  |  | 279 |
Thereafter |  |  | 586 |
|  | $ | 2,111 |

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- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2 + Details
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