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NOTE 9 - GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying values of goodwill and intangible assets were as follows:

Years ended December 31, (in thousands)		2022			2021			2020
Goodwill (1)
Balance, beginning of period	$	13,815		$	13,815		$	13,815
Additions		—			—			—
Impairment		—			—			—
Balance, end of period	$	13,815		$	13,815		$	13,815
Core deposit intangibles
Cost, beginning of period	$	5,881		$	5,881		$	5,881
Additions		—			—			—
Cost, end of period		5,881			5,881			5,881
Amortization, beginning of period		(5,463	)		(5,207	)		(4,886	)
Amortization		(191	)		(256	)		(321	)
Amortization, end of period		(5,654	)		(5,463	)		(5,207	)
Core deposit intangibles, net	$	227		$	418		$	674

(1)

Not subject to amortization.

The Company preforms its goodwill impairment evaluation as of November 30 each year unless a triggering event occurs that would require an interim impairment evaluation. The Company generally utilizes a qualitative approach during this annual assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If we determine it is more likely that not that goodwill is impaired, then a quantitative assessment is performed to determine fair value of a reporting unit. If the carrying value of the reporting unit with goodwill exceeds its fair value, goodwill is considered impaired and is written down by the excess carrying value of the reporting unit. No goodwill impairment was recognized during the years ended December 31, 2022, 2021 and 2020.

The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years’ digits method. Estimated annual amortization expense of core deposit intangibles is as follows as of December 31, 2022:

December 31,		CDI amortization (in thousands)
	2023		128
	2024		61
	2025		25
	2026		12
	2027		1
	Total	$	227