Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

A summary of goodwill and intangible assets at December 31, 2022 and 2021, is as follows:


(In Thousands)	2022	2021
Intangible assets:
Goodwill	$15,017	$15,017
Core deposit intangible	17	42
Trade name intangible	950	950

Total	$15,984	$16,009

The Company performed goodwill impairment testing at December 31, 2022 and December 31, 2021 in accordance with the policy described in Note 1 to the Company's Consolidated Financial Statements included in Part II. Item 8 of this report.

At December 31, 2022, the Company performed its annual impairment test using a qualitative assessment. Significant positive inputs to the qualitative assessment included the Company’s increasing net income as compared to historical trends; the Company's increasing market share for deposits in our markets; results of regulatory examinations; peer comparisons of the Company's net interest margin; trends in the Company’s cash flows; improvements in the Alaskan economy in 2022; increases in the Company's market share of mortgage originations; and increases in the Company's stock price. Significant negative inputs to the qualitative assessment included the muted pace of growth in the Alaskan economy and a decline in home mortgage originations. We believe that the positive inputs to the qualitative assessment noted above outweigh the negative inputs, and we therefore concluded that it is more likely than not that no impairment existed at that time.

The Company recorded amortization expense of its intangible assets of $25,000, $37,000, and $48,000 for the years ended December 31, 2022, 2021, and 2020, respectively. Accumulated amortization for intangible assets was $6.0 million at both December 31, 2022 and 2021.

The future amortization expense required on these assets is as follows:


(In Thousands)
2023			$14
2024			3
2025			—
2026			—
2027			—
Thereafter			—
Total			$17