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Goodwill and Core Deposit Intangible (Tables) | 9 Months Ended
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Sep. 30, 2024
Goodwill and Core Deposit Intangible [Abstract] |
Changes in Carrying Amounts of Goodwill and Core Deposit Intangibles | The following tables present the changes in the carrying amounts of goodwill and core deposit intangibles for the nine months ended September 30, 2024 and 2023:
|  | September 30, 2024 |
|  | Goodwill |  |  | Core Deposit Intangible |
|  | (In thousands) |
Balance at the beginning of the period |  | $ | 25,858 |  |  | $ | 2,111 |
Additions |  |  | – |  |  |  | – |
Change in deferred tax estimate |  |  | – |  |  |  | – |
Amortization |  |  | – |  |  |  | (252 | )
Balance at the end of the period |  | $ | 25,858 |  |  | $ | 1,859 |
|  | September 30, 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 |  |  | – |  |  |  | (293 | )
Balance at the end of the period |  | $ | 25,858 |  |  | $ | 2,208 |
Components of Carrying Value and Accumulated Amortization of Core Deposit Intangible | The carrying amount of the core deposit intangible consisted of the following (in thousands):
|  |  | September 30, 2024 |  |  |  | December 31, 2023 |
Core deposit intangible acquired |  | $ | 3,329 |  |  | $ | 3,329 |
Less: Accumulated amortization |  |  | (1,470 | ) |  |  | (1,218 | )
|  | $ | 1,859 |  |  | $ | 2,111 |
Estimated Amortization Expense for Core Deposit Intangible | The following table outlines the estimated amortization expense for the core deposit intangible during the next five fiscal years (in thousands):
Remainder of 2024 |  | $ | 84 |
2025 |  |  | 315 |
2026 |  |  | 304 |
2027 |  |  | 291 |
2028 |  |  | 279 |
Thereafter |  |  | 586 |
|  | $ | 1,859 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
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