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INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

20. 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 2023 or 2022. 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, 2023 and 2022 was $13.6 million.

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, 2023 and 2022, 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, 2023 and 2022, accumulated amortization on the core deposit intangible totaled $76,000 and $49,000, respectively.


	YEAR ENDED DECEMBER 31,
	2023		2022

	(IN THOUSANDS)
CORE DEPOSIT INTANGIBLE
Balance at beginning of year	$	128	$	158
Amortization		(27)		(30)
Balance at end of year	$	101	$	128

As of December 31, 2023, the estimated future amortization expense for the core deposit intangible associated with the Riverview branch acquisition is as follows (in thousands):


2024	$	24
2025		21
2026		17
2027		14
2028		11
After five years		14
	$	101