Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 8 – Goodwill and Other Intangible Assets

The carrying amount of goodwill was $7.8 million at December 31, 2023 and December 31, 2022. There were no changes in the recorded balance of goodwill during the twelve months ended December 31, 2023.

The Company had $5.1 million and $6.6 million of other intangible assets as of December 31, 2023 and December 31, 2022, respectively, which were recognized in connection with 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)	December 31, 2023					December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit intangible	$	9,660	$	(4,567	)	$	9,660	$	(3,074	)

The Company recognized $1.5 million and $1.7 million during the years ending December 31, 2023 and 2022, respectively, in amortization expense from these identified intangible assets with a finite life. Estimated future amortization expense by year as of December 31, 2023 is as follows:

	Core
	Deposit
(Dollars in thousands)	Intangible
2024		1,301
2025		1,110
2026		918
2027		726
2028		535
Thereafter		503
Total	$	5,093