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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Change in Goodwill

The change in goodwill during the years ended December 31, 2023 and 2022 is as follows:

 

 

 

2023

 

 

2022

 

Beginning of year

 

$

35,842

 

 

$

35,842

 

Acquired Goodwill

 

 

21,126

 

 

 

 

Impairment

 

 

 

 

 

 

End of year

 

$

56,968

 

 

$

35,842

 

Schedule of Acquired Intangible Assets

Acquired intangible assets were as follows at year-end:

 

 

2023

 

 

2022

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

Core deposit intangibles

$

26,910

 

 

$

1,344

 

 

$

1,566

 

 

$

787

 

Trade name intangibles

 

348

 

 

 

181

 

 

 

348

 

 

 

75

 

Total

$

27,258

 

 

$

1,525

 

 

$

1,914

 

 

$

862

 

Schedule of Expected Aggregate Annual Amortization Expense

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

 

(In Thousands)

 

 

2024

$

4,778

 

2025

 

4,291

 

2026

 

3,795

 

2027

 

3,271

 

2028

 

2,791

 

2029 and thereafter

 

6,807

 

 

$

25,733