GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

As of December 31, 2021 and 2020, goodwill had a gross carrying value of $17,380,000 and accumulated amortization of $276,000 resulting in a net carrying amount of $17,104,000.

The gross carrying amount of goodwill is tested for impairment annually. Based on the fair value of the reporting unit, estimated using the expected present value of future cash flows, there was no evidence of impairment of the carrying amount at December 31, 2021 or 2020.

Identifiable intangibles are amortized to their estimated residual values over the expected useful lives. Such lives are also periodically reassessed to determine if any amortization period adjustments are required. Since the acquisition, no such adjustments were recorded. The identifiable intangible assets consist of a core deposit intangible and a trade name intangible which are being amortized on an accelerated basis, and also book of business intangible that is being amortized on a straight-line basis over the useful life of such assets. The net carrying amount of the core deposit intangible, the trade name intangible, and the book of business intangible at December 31, 2021 was $62,000, $5,000, and $413,000 respectively, with $1,819,000, $128,000, and $607,000 accumulated amortization as of that date.

As of December 31, 2021, the estimated future amortization expense for the core deposit and trade name intangible was:


(In Thousands)	Core Deposit Intangible		Trade Name Intangible		Book of Business Intangible		Total


2022	$	48	$	4	$	102	$	154
2023	14		1		102		117
2024	—		—		102		102
2025	—		—		102		102
2026	—		—		5		5


	$	62	$	5	$	413	$	480