Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets

Goodwill and Intangible Assets

5.    Goodwill and Intangible Assets

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

	Three months ended		Year Ended
	March 31,		December 31,
	2022		2021
Beginning balance	$	2,235	$	1,410
Acquisition activity		—		825
Ending balance	$	2,235	$	2,235
Accumulated impairment	$	1,116	$	1,116

The Company evaluated goodwill and determined that no write-down was required for the first three months of 2022 or the year ended December 31, 2021.

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

	Three Months Ended		Year Ended
	March 31,		December 31,
	2022		2021
Beginning balance	$	433	$	199
Acquisition activity		—		330
Amortization		(27)		(96)
Ending balance	$	406	$	433
Accumulated amortization and impairment	$	871	$	844

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 $27 and $13 of amortization expense related to its intangible assets for the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, the future amortization expense for amortizable intangible assets for the respective years is as follows:

2022	$	72
2023		88
2024		79
2025		60
2026		29
Thereafter		78
Total	$	406