GOODWILL

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

GOODWILL

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

	March 31, 2023		December 31, 2022
Balance, beginning of year	$	30,400	$	30,588
Acquisition activity	—		(188)
Balance, end of period	$	30,400	$	30,400

The Company initially 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.

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 March 31, 2023, there has not been any impairment of goodwill identified or recorded. Goodwill totaled $30.4 million as of March 31, 2023 and December 31, 2022.