Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

9.GOODWILL AND INTANGIBLE ASSETS

Goodwill

The change in goodwill during the years ended December 31, 2022 and 2021 is as follows:

	2022		2021
Beginning of year	$	35,842	$	2,333
Acquired Goodwill		—		33,509
Impairment		—		—
End of year	$	35,842	$	35,842

Impairment exists when a reporting unit's carrying value of goodwill exceeds its fair value. At December 31, 2022, the Company's reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment of goodwill.

Acquired Intangible Assets

Acquired intangible assets were as follows at year-end:

	2022				2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit intangibles	$	1,566	$	787	$	1,566	$	589
Trade name intangibles		348		75		348		15
Total	$	1,914	$	862	$	1,914	$	604

Aggregate amortization expense for the years ended December 31, 2022 and 2021 was $258 and $125, respectively.

Expected aggregate annual amortization expense for the next five years assuming no new acquisitions or impairments is as follows:

(In Thousands)
2023	$	233
2024		208
2025		181
2026		162
2027		129
2028 and thereafter		139
	$	1,052