Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6. Goodwill and Other Intangible Assets

The carrying amount of goodwill was $8.1 million at June 30, 2022 and December 31, 2021.

The Company had $7.6 million, $8.5 million and $8.6 million of other intangible assets as of June 30, 2022, December 31, 2021 and June 30, 2021, respectively. Other intangible assets were recognized in connection with (i) the book of business, including interest in the client relationships of an officer, acquired by VNB Wealth in 2016, now referred to as Sturman Wealth Advisors, and (ii) the core deposits acquired from Fauquier in 2021. The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets (dollars in thousands):


	June 30, 2022					December 31, 2021
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit intangible	$	9,660	$	(2,255	)	$	9,660	$	(1,389	)
Customer relationships intangible		773		(533	)		773		(499	)
Total	$	10,433	$	(2,788	)	$	10,433	$	(1,888	)

Amortization expense was $444 thousand and $445 thousand for the three months ended June 30, 2022 and 2021, respectively and $900 thousand and $462 thousand for the six months ended June 30, 2022 and 2021, respectively.

Estimated future amortization expense as of June 30, 2022 is as follows (dollars in thousands):


	Core		Customer
	Deposit		Relationships
	Intangible		Intangible
For the six months ending December 31, 2022	$	819	$	33
For the year ending December 31, 2023		1,493		67
For the year ending December 31, 2024		1,301		67
For the year ending December 31, 2025		1,110		67
For the year ending December 31, 2026		918		6
Thereafter		1,764		-
Total	$	7,405	$	240