GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

9.GOODWILL AND INTANGIBLE ASSETS:

The Corporation completed its annual impairment testing of goodwill during the fourth quarter of 2022 and 2021. Management does not believe any amount of goodwill is impaired.

Goodwill was as follows at year-end:

	2022		2021		2020
Beginning of year	$	86,135	$	78,592	$	78,592
Acquired goodwill		850		7,543		—
Impairment		—		—		—
End of year	$	86,985	$	86,135	$	78,592

Goodwill related to the acquisition of Hancock Bancorp, Inc. was increased by $850 thousand in 2022 due to adjustments to deferred tax assets related to the filing of the final Hancock Bancorp, Inc. tax return.

Intangible assets subject to amortization at December 31, 2022 and 2021 are as follows:

	2022				2021
	Gross		Accumulated		Gross		Accumulated
(Dollar amounts in thousands)	Amount		Amortization		Amount		Amortization
Core deposit intangible	$	21,857	$	15,143	$	21,857	$	13,833
	$	21,857	$	15,143	$	21,857	$	13,833

Aggregate amortization expense was $1.3 million, $1.6 million and $1.7 million for 2022, 2021 and 2020, respectively.

Estimated amortization expense for the next five years is as follows:

	In thousands
2023	$	1,128
2024		888
2025		786
2026		679
2027		590