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Note 13 - Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

13. Goodwill and Other Intangible Assets

Goodwill. Total goodwill was $375.7 million as of September 30, 2024, and remains unchanged compared with December 31, 2023. The Company completed its annual goodwill impairment testing and concluded that goodwill was not impaired as of December 31, 2023. Additionally, the Company reviewed the macroeconomic conditions on its business performance and market capitalization as a result of the banking industry market disruptions during the first nine months of 2024 and concluded that goodwill was not impaired as of  September 30, 2024.

Core Deposit Intangibles. 

The following table presents the gross carrying amount and accumulated amortization of core deposits intangible assets as of September 30, 2024, and December 31, 2023:

		September 30, 2024				December 31, 2023
		(In thousands)
Gross balance		$	10,562			$	10,562
Accumulated amortization			(6,042	)			(5,291	)
Impairment			(1,324	)			(1,227	)
Net carrying balance		$	3,196			$	4,044

There were no impairment write-downs included in amortization of core deposit intangibles for the three months ended September 30, 2024, and  September 30, 2023. There was $97 thousand and $309 thousand in impairment write-downs included in amortization of core deposit intangibles through the first nine months of 2024 and 2023, respectively.

The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. The amortization expense related to the core deposit intangible assets was $250 thousand and $250 thousand for the three months ended September 30, 2024, and 2023, respectively. The amortization expense related to the core deposit intangible assets was $848 thousand and $1.1 million for the nine months ended September 30, 2024, and 2023, respectively.

The following table presents the estimated aggregate amortization expense of core deposit intangibles for each of the five succeeding years:

		Amount
		(In thousands)
2024		$	250
2025			946
2026			870
2027			870
2028			260
Total		$	3,196

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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