5. GOODWILL AND INTANGIBLE ASSETS

The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from acquisitions. Refer to Note 1 “Summary of Significant Accounting Polices” in this Form 10-K for more information on the Company’s goodwill and intangible asset policies.

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The Company analyzed its intangible assets on a quarterly basis throughout 2023, and concluded no impairment existed as of the balance sheet date. Information concerning intangible assets with a finite life is presented in the following table as of December 31, (dollars in thousands):

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Effective June 30, 2022, the Company and the Bank, completed the sale of DHFB, which was formerly a subsidiary of the Bank, to Cary Street Partners Financial LLC, resulting in a reduction in both the Company’s goodwill of $10.3 million and intangible assets of $5.7 million.

The Company moved from one reportable operating segment, the Bank, to two reportable operating segments, Wholesale Banking and Consumer Banking, in the third quarter of 2022, which resulted in goodwill being allocated between the two reportable operating segments based on their relative fair values. The Company determined that there was no impairment to the Bank’s goodwill prior to and after reallocating goodwill.

The following table presents the Company’s goodwill and intangible assets by operating segment as of December 31, (dollars in thousands):

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Effective January 1, 2023, the Company made an organizational change to move certain lines of business in the wealth

management division that primarily serve Wholesale Banking customers from the Consumer Banking segment to the

Wholesale Banking segment. As a result, the Company re-allocated $9.6 million and $1.6 million of goodwill and intangible assets, respectively, from the Consumer Banking segment to the Wholesale Banking segment. The Company determined that there was no impairment to the Bank’s goodwill prior to or after re-allocating goodwill. The Company restated its goodwill and intangible assets segment information for the year ended December 31, 2022 based on this organizational change.

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Amortization expense of intangibles for the years ended December 31, 2023, 2022, and 2021 totaled $8.8 million, $10.8 million, and $13.9 million, respectively.

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As of December 31, 2023, the estimated remaining amortization expense of intangibles is as follows for the years ended (dollars in thousands):

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