Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets

Goodwill and Intangible Assets

4.    Goodwill and Intangible Assets

The Company evaluates goodwill annually in the fourth quarter of the fiscal year or more often if events occur or circumstances change that indicate an impairment may exist. Management has determined that no write-down was required for the first three months of 2024 or 2023.

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

	Three Months Ended March 31,
	2024		2023
Beginning balance	$	246	$	334
Amortization		(21)		(24)
Ending balance	$	225	$	310
Accumulated amortization and impairment	$	1,052	$	967

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 are based upon the application of the income approach. The intangibles are expected to have useful lives of approximately 13 years. The Company recognized $21 and $24 of amortization expense related to its intangible assets for the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, the future amortization expense for amortizable intangible assets for the years ended December 31, was as follows:

2024	$	58
2025		60
2026		29
2027		21
2028		16
Thereafter		41
Total	$	225