7. Goodwill and Core Deposit Intangible Asset

At June 30, 2026, goodwill was $6,712,000 which was added through the Corporation’s Acquisition of Cecil. As permitted under GAAP, the Corporation has up to twelve months following the date of the Acquisition to finalize the fair values of the acquired assets and assumed liabilities related to the Acquisition of Cecil. During this measurement period, the Corporation may record subsequent adjustments for provisional amounts initially established. These subsequent adjustments, if any, may increase or decrease recorded goodwill.

Goodwill is not amortized but is reviewed for potential impairment on at least an annual basis, with testing between annual tests if an event occurs or circumstances change that could potentially reduce the fair value of a reporting unit. The Corporation acquired a core deposit intangible asset of $2,746,000 in the Acquisition of Cecil. The core deposit intangible asset is being amortized based on the sum-of-the-year digits method over an expected life of 10 years. The following table presents changes in the core deposit intangible during the three and six months ended June 30, 2026 and 2025 (in thousands).

The following table presents future estimated aggregated amortization expense at June 30, 2026: