Goodwill and Core Deposit Intangible

6 Months Ended

Jun. 30, 2024

Goodwill and Core Deposit Intangible [Abstract]

Goodwill and Core Deposit Intangible

NOTE 5 – Goodwill and Core Deposit Intangible

The Company recognized goodwill of $25.9 million and a core deposit intangible of $1.9 million as of June 30, 2024. The following tables present the changes in the carrying amounts of goodwill and core deposit intangibles for the six months ended June 30, 2024 and 2023:

	June 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		–		(168	)
Balance at the end of the period	$	25,858	$	1,943

	June 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		–		(195	)
Balance at the end of the period	$	25,858	$	2,306

The carrying amount of the core deposit intangible consisted of the following (in thousands):

		June 30, 2024			December 31, 2023
Core deposit intangible acquired	$	3,329		$	3,329
Less: Accumulated amortization		(1,386	)		(1,218	)
	$	1,943		$	2,111

The following table outlines the estimated amortization expense for the core deposit intangible during the next five fiscal years (in thousands):

Remainder of 2024	$	168
2025		315
2026		304
2027		291
2028		279
Thereafter		586
	$	1,943