Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. The Company had $1.8 million in goodwill at December 31, 2023, compared with $12.7 million in goodwill at December 31, 2022.

On November 30, 2023 the Company wrote-off $10.9 million of goodwill and $0.8 million of intangible assets in connection with the sale of TEA. See Note 2 to the Company’s Consolidated Financial Statements included under Item 8 of this Annual Report on Form 10-K for more information on the sale of TEA.

Goodwill of $1.8 million at December 31, 2023 relates to the banking activities segment of the Company. There were no additions to goodwill during 2023 or 2022.

Goodwill is evaluated for impairment on an annual basis, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. The Company measures the fair value of its reporting units annually, as of December 31. There was no impairment of goodwill recognized during 2023 or 2022.

There were no additions to intangible assets during 2023 or 2022. The gross carrying amount and accumulated amortization of other intangible assets at December 31, 2023 and December 31, 2022 were as follows:


		2023			2022
		Gross Carrying Amount	Accumulated Amortization		Gross Carrying Amount	Accumulated Amortization
	(in thousands)			(in thousands)
Amortized intangible asset:
Other insurance intangibles	$	-	-	$	3,325	(2,210)
Core deposit intangibles		166	(72)		166	(54)
Total	$	166	(72)	$	3,491	(2,264)

Core deposit intangibles have an estimated weighted average remaining life of 6.3 years. Amortization expense related to intangibles for the years ended December 31, 2023, 2022, and 2021 were $0.4 million, $0.4 million, and $0.5 million, respectively. Amortization expense of $0.3 million recorded during 2023 included amortization of other insurance intangibles through November 30, 2023. There was no impairment of intangible assets recognized during 2023 or 2022.

Estimated amortization expense for core deposit intangibles for each of the five succeeding fiscal years is as follows:


Year Ending December 31	Amount
	(in thousands)
2024	$	17
2025		16
2026		15
2027		15
2028		14
Thereafter		17
	$	94