Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangibles (Tables)

v3.22.0.1
Goodwill and Other Intangibles (Tables)
12 Months Ended
Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of Goodwill and Other Intangible Assets The Company's intangible assets were as follows for the periods indicated:

 

 

 

 

December 31, 2021

 

 

December 31, 2020

 

 

 

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

 

 

 

 

(in thousands)

 

Core deposit intangible

 

10 years

 

$

2,213

 

 

$

(1,900

)

 

$

313

 

 

$

2,213

 

 

$

(1,746

)

 

$

467

 

Third-party originators intangible

 

7 years

 

 

483

 

 

 

(432

)

 

 

51

 

 

 

483

 

 

 

(369

)

 

 

114

 

Goodwill

 

N/A

 

 

11,031

 

 

 

 

 

 

11,031

 

 

 

11,031

 

 

 

 

 

 

11,031

 

Total intangible assets

 

 

 

$

13,727

 

 

$

(2,332

)

 

$

11,395

 

 

$

13,727

 

 

$

(2,115

)

 

$

11,612

 

 

Estimated Future Amortization Expense Related to Other Intangible Assets

Intangible assets amortization expense for the years ended December 31, 2021, 2020 and 2019 was $217,000, $261,000 and $309,000, respectively, and estimated future amortization expense related to the core deposit intangible and the third-party originators intangible for each of the next five years is as follows:

 

 

 

Amount

 

 

 

(in thousands)

 

2022

 

$

171

 

2023

 

 

126

 

2024

 

 

68

 

2025

 

 

 

2026

 

 

 

Thereafter

 

 

 

 

 

$

364