GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

The following presents changes in the carrying amount of goodwill as of the dates noted (dollars in thousands):

	December 31, 2022		December 31, 2021
Beginning balance	$	30,588	$	24,191
Acquisition activity	(188)		6,397
Ending balance	$	30,400	$	30,588

During the year ended December 31, 2021, the Company recorded $6.4 million of goodwill as a result of the Teton Acquisition on December 31, 2021. In the first quarter of 2022, goodwill was adjusted by ($0.2) million as a result of the measurement period adjustments. See Note 2 – Acquisitions for more information.

Goodwill is tested annually for impairment on October 31 or earlier upon the occurrence of certain events.

The goodwill impairment analysis includes the determination of the carrying value of the reporting unit, including the existing goodwill, and estimating the fair value of the reporting unit. If the fair value is less than its carrying amount, goodwill impairment is recognized equal to the difference between the fair value and its carrying amount, not to exceed its carrying amount. As of December 31, 2022, there has not been any impairment of goodwill identified or recorded. Goodwill totaled $30.4 million and $30.6 million as of December 31, 2022 and 2021, respectively.

The following presents the Company’s intangible assets and related accumulated amortization as of the dates noted (dollars in thousands):

	2022		2021
Other intangibles	$	5,926	$	5,857
Less: accumulated amortization on other intangibles	(4,222)		(4,543)
Other intangible assets, net	$	1,704	$	1,314

Amortization expense on definite-lived customer relationship and non-compete intangible assets was $0.3 million and an immaterial amount for the years ended December 31, 2022 and 2021, respectively. The following presents the expected amortization expense on definite-lived intangible assets existing as of December 31, 2022 (dollars in thousands):

Year	Expense
2023	$	250
2024	226
2025	206
2026	193
2027	183
Thereafter	646
Total	$	1,704