NOTE 5: Goodwill and Other Intangible Assets

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The carrying amount of goodwill was $25.19 million at March 31, 2026 and December 31, 2025. There were no changes in the recorded balance of goodwill during the three months ended March 31, 2026 or 2025.

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The Corporation had $884,000 and $909,000 of other intangible assets as of March 31, 2026 and December 31, 2025, respectively. Other intangible assets were recognized in connection with the core deposits acquired from Peoples Bankshares, Incorporated in 2020 and customer relationships acquired by C&F Wealth Management in 2016.

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The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets.

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Amortization expense was $25,000 and $63,000 for the three months ended March 31, 2026 and 2025, respectively.