Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

NOTE 8 Goodwill and Other Intangible Assets

As of December 31, 2023 and 2022, goodwill totaled $46.8 million and $47.1 million, respectively.

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

	December 31,		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

In the third quarter of 2023, the Company sold an ESOP trustee line of business. The reduction in goodwill in 2023 of $304 thousand was attributed to the sale of this line of business.

The gross carrying amount and accumulated amortization for each type of identifiable intangible asset are as follows:

	December 31, 2023						December 31, 2022
(dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Total		Gross Carrying Amount		Accumulated Amortization		Total
Identifiable customer intangibles	$	41,423	$	(29,959)	$	11,464	$	41,423	$	(25,927)	$	15,496
Core deposit intangible assets		7,592		(1,898)		5,694		7,592		(633)		6,959
Total intangible assets	$	49,015	$	(31,857)	$	17,158	$	49,015	$	(26,560)	$	22,455

Aggregate amortization expense for the years ended December 31, 2023, 2022, and 2021 was $5.3 million, $4.8 million, and $4.4 million, respectively.

Estimated aggregate amortization expense for future years is as follows:

(dollars in thousands)	Amount
2024	$	5,043
2025		3,904
2026		2,275
2027		2,275
2028		1,642
Thereafter		2,019
Total	$	17,158