GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

8. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

At December 31, 2024 and 2023, the carrying amount of the Company’s goodwill was $155.8 million, respectively.

The Company performs its annual goodwill impairment test in the fourth quarter of every year, or more frequently if events or changes in circumstance indicate the asset might be impaired. It was determined during the annual impairment testing that no impairment was needed for the years ended December 31, 2024, 2023 and 2022.

The following table presents the change in Goodwill for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
(In thousands)		2024		2023		2022
Beginning of year	$	155,797	$	155,797	$	155,797
Impairment		-		-		-
End of year	$	155,797	$	155,797	$	155,797

Other Intangible Assets

The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable, all of which are core deposit intangibles:

(In thousands)	December 31, 2024		December 31, 2023
Gross carrying value	$	10,204	$	10,204
Accumulated amortization		(6,308)		(5,145)
Net carrying amount	$	3,896	$	5,059

Amortization expense recognized on intangible assets was $1.2 million, $1.4 million and $1.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Estimated amortization expense for 2025 through 2029 and thereafter is as follows:

(In thousands)
2025	$	958
2026		795
2027		664
2028		560
2029		475
Thereafter		444
Total	$	3,896