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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
The Company reported goodwill of $271.8 million and $156.3 million at December 31, 2022 and December 31, 2021, respectively. The Company recorded $115.6 million in goodwill from the 1st Constitution merger in January 2022 as further described in Note 2 of the Notes to the Consolidated Financial Statements in this Annual Report on Form 10-K. The Company reviews its goodwill and intangible assets annually, on November 30, or more frequently if conditions warrant, for impairment. In testing goodwill for impairment, the Company compares the estimated fair value of its reporting unit to its carrying amount, including goodwill. The Company has determined that it has one reporting unit. During the year ended December 31, 2022, there were no triggering events that would more likely than not reduce the fair value of our one reporting unit below its carrying amount. There was no impairment of goodwill recognized during the years ended December 31, 2022 and 2021.
Core deposit intangible was $9.1 million on December 31, 2022 compared to $2.4 million on December 31, 2021. In 2022, 2021 and 2020, amortization of core deposit intangible totaled $2.4 million, $868,000 and $1.0 million, respectively. The estimated future amortization expense for each of the succeeding five years ended December 31 is as follows:
(in thousands)
2023$2,029 
20241,737 
20251,465 
20261,193 
2027955