Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

The changes in the carrying value of goodwill are as follows:

	Year Ended
	December 31,
	2021		2020
Beginning balance	$	1,410	$	1,410
Acquisition activity		825		—
Ending balance	$	2,235	$	1,410
Accumulated impairment	$	1,116	$	1,116

The Company evaluated goodwill and determined that no write-down was required for the years ended December 31, 2021 or 2020.

The changes in the carrying value of the customer list and core deposit intangibles are as follows:

	Years Ended
	December 31,
	2021		2020
Beginning balance	$	199	$	241
Acquisition activity		330		—
Amortization		(96)		(42)
Ending balance	$	433	$	199
Accumulated amortization and impairment	$	844	$	748

Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized over their estimated useful lives. Purchased customer accounts primarily consist of records and files that contain information about investment holdings. The values assigned to customer lists and core deposit intangibles is based upon the application of the income approach. The intangibles are expected to have useful lives of approximately 13 years. The Company recognized $96 and $42 of amortization expense related to its intangible assets for the years ended December 31, 2021 and 2020, respectively.

At December 31, 2021, based upon a review of the intangibles, the Company determined that the fair value of the amortizable intangible assets exceeded their carrying values.

As of December, 2021, the future amortization expense for amortizable intangible assets for the respective years is as follows:

2022	$	99
2023		88
2024		79
2025		60
2026		29
Thereafter		78
Total	$	433