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

The carrying amount of goodwill was $25.19 million at December 31, 2023 and 2022. There were no changes in the recorded balance of goodwill during the years ended December 31, 2023, 2022 or 2021.

The Corporation had $1.41 million and $1.68 million of other intangible assets as of December 31, 2023 and 2022, respectively.  Other intangible assets were recognized in connection with the core deposits acquired from Peoples Bankshares, Incorporated (Peoples) in 2020 and customer relationships acquired by C&F Wealth Management in 2016.  The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets:

		December 31,				December 31,
		2023				2022
		Gross				Gross
		Carrying	Accumulated			Carrying	Accumulated
(Dollars in thousands)		Amount	Amortization			Amount	Amortization
Amortizable intangible assets:
Core deposit intangibles	$	1,711	$	(588)	$	1,711	$	(464)
Other amortizable intangibles		1,405		(1,121)		1,405		(973)
Total	$	3,116	$	(1,709)	$	3,116	$	(1,437)

Amortization expense was $272,000, $298,000 and $314,000 for the years ended December 31, 2023, 2022 and 2021, respectively.

Estimated future amortization expense by year as of December 31, 2023 is as follows:

(Dollars in thousands)
2024	$	260
2025		237
2026		101
2027		101
2028		101
Thereafter		606
Total	$	1,407