Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 6 – Goodwill and Other Intangible Assets

The following table provides the gross carrying value and accumulated amortization of intangible assets as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024							December 31, 2023
	Gross carrying value		Accumulated amortization			Net carrying value		Gross carrying value		Accumulated amortization			Net carrying value
Amortized intangible assets (1):
MSRs	$	2,486	$	(1,582	)	$	904	$	2,457	$	(1,502	)	$	955
Core deposit intangibles		4,713		(2,167	)		2,546		4,713		(2,018	)		2,695
Total amortized intangible assets	$	7,199	$	(3,749	)	$	3,450	$	7,170	$	(3,520	)	$	3,650
Unamortized intangible assets:
Goodwill	$	85,758						$	85,758

(1) Excludes fully amortized intangible assets

The following table provides the current year and estimated future amortization expense for amortized intangible assets for the next five years (in thousands). The Company based its projections of amortization expense shown below on existing asset balances at March 31, 2024. Future amortization expense may vary from these projections:

	MSRs		Core deposit intangibles		Total
Three months ended March 31, 2024 (actual)	$	80	$	149	$	229
Three months ended March 31, 2023 (actual)		73		31		104
Estimate for year ending December 31,
Remaining 2024		208		416		624
2025		233		478		711
2026		181		395		576
2027		124		339		463
2028		77		284		361
Thereafter		81		634		715
Total	$	904	$	2,546	$	3,450