Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

NOTE 5 Goodwill and Other Intangible Assets

The following table summarizes the carrying amount of goodwill, by segment, as of September 30, 2023 and December 31, 2022:

	September 30,		December 31,
(dollars in thousands)	2023		2022
Banking	$	35,260	$	35,260
Retirement and benefit services		11,523		11,827
Total goodwill	$	46,783	$	47,087

Goodwill is evaluated for impairment on an annual basis, at a minimum, and more frequently when the economic environment warrants. The Company determined that there was no goodwill impairment as of September 30, 2023.

The gross carrying amount and accumulated amortization for each type of identifiable intangible asset, as of September 30, 2023 and December 31, 2022, were as follows:

	September 30, 2023						December 31, 2022
(dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Total		Gross Carrying Amount		Accumulated Amortization		Total
Identifiable customer intangibles	$	41,423	$	(28,951)	$	12,472	$	41,423	$	(25,927)	$	15,496
Core deposit intangible assets		7,592		(1,582)		6,010		7,592		(633)		6,959
Total intangible assets	$	49,015	$	(30,533)	$	18,482	$	49,015	$	(26,560)	$	22,455

Amortization of intangible assets was $1.3 million for both the three months ended September 30, 2023 and 2022. Amortization of intangible assets was $4.0 million and $3.4 million for the nine months ended September 30, 2023 and 2022, respectively.