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INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

21. INTANGIBLE ASSETS

The Company’s Consolidated Balance Sheets show both tangible assets (such as loans, buildings, and investments) and intangible assets (such as goodwill and core deposit intangible). Goodwill has an indefinite life and is not amortized. Instead such intangible is evaluated for impairment at the reporting unit level at least annually, or more frequently if indicators of impairment are present. Any resulting impairment would be reflected as a non-interest expense. Based on this analysis, no impairment was recorded in 2022 or 2021. Of the Company’s goodwill of $13.6 million, $11.2 million is allocated to the community banking segment and $2.4 million relates to the WCCA acquisition which is included in the wealth management segment. The balance of the Company’s goodwill at December 31, 2022 and 2021 was $13.6 million. During 2021, the Company recorded $1.7 million of goodwill as a result of the Riverview Bank branch acquisition.


	YEAR ENDED DECEMBER 31,
	2022		2021

	(IN THOUSANDS)
GOODWILL
Balance at beginning of year	$	13,611	$	11,944
Goodwill acquired		—		1,667
Balance at end of year	$	13,611	$	13,611

Other identifiable intangible assets, such as core deposit intangible, are assigned useful lives, which are amortized on an accelerated basis over their useful lives. Such lives are also periodically reassessed to determine if any amortization period adjustments are required. During the years ended December 31, 2022 and 2021, no such adjustments were recorded. During 2021, the Company recorded a core deposit intangible of $177,000 as a result of the Riverview Bank branch acquisition. As of December 31, 2022 and 2021, accumulated amortization on the core deposit intangible totaled $49,000 and $19,000, respectively.


	YEAR ENDED DECEMBER 31,
	2022		2021

	(IN THOUSANDS)
CORE DEPOSIT INTANGIBLE
Balance at beginning of year	$	158	$	—
Core deposit intangible acquired		—		177
Amortization		(30)		(19)
Balance at end of year	$	128	$	158

As of December 31, 2022, the estimated future amortization expense for the core deposit intangible associated with the Riverview branch acquisition is as follows (in thousands):


2023	$	27
2024		24
2025		21
2026		17
2027		14
After five years		25
	$	128