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Note 5 - Core Deposit and Customer List Intangible Assets | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] |
(5) | Core Deposit and Customer List Intangible Assets
Bancorp recorded CDI assets of $13 million, $4 million, $2 million and $3 million in association with the acquisitions of CB in 2022, KB in 2021, KSB in 2019 and TBOC in 2013, respectively. Changes in the net carrying amount of CDIs follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 13,442 |  |  | $ | 16,870 |  |  | $ | 14,958 |  |  | $ | 5,596 |
Core deposit intangible acquired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,724 |
Amortization |  |  | (749 | ) |  |  | (956 | ) |  |  | (2,265 | ) |  |  | (2,406 | )
Balance at end of period |  | $ | 12,693 |  |  | $ | 15,914 |  |  | $ | 12,693 |  |  | $ | 15,914 |
As a result of the CB acquisition, Bancorp also recorded intangible assets totaling $14 million associated with the customer lists of the acquired WM&T and LFA businesses. Of this total, $12 million was recorded for WM&T and $2 million was recorded for LFA. Similar to CDI assets, these intangibles also amortize over their estimated useful lives. As previously noted, Bancorp’s interest in LFA was sold effective December 31, 2022. As a result, the remaining CLI associated with LFA was written off at the date of sale and ultimately reflected as a component of the $870,000 pre-tax loss on the disposition of LFA that was recorded on Bancorp’s consolidated income statements for the fourth quarter and year ended December 31, 2022. Changes in the net carrying amount of CLIs follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Balance at beginning of period |  | $ | 9,196 |  |  | $ | 13,487 |  |  | $ | 10,032 |  |  | $ | - |
Customer list intangibles acquired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,360 |
Disposition of LFA |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Amortization |  |  | (418 | ) |  |  | (654 | ) |  |  | (1,254 | ) |  |  | (1,527 | )
Balance at end of period |  | $ | 8,778 |  |  | $ | 12,833 |  |  | $ | 8,778 |  |  | $ | 12,833 |
Future CDI and CLI amortization expense is estimated as follows:
(in thousands) |  | CDI |  |  | CLI |
Remainder of 2023 |  | $ | 750 |  |  | $ | 418 |
2024 |  |  | 2,686 |  |  |  | 1,520 |
2025 |  |  | 2,375 |  |  |  | 1,368 |
2026 |  |  | 2,063 |  |  |  | 1,216 |
2027 |  |  | 1,752 |  |  |  | 1,064 |
2028 |  |  | 1,339 |  |  |  | 912 |
2029 |  |  | 888 |  |  |  | 760 |
2030 |  |  | 576 |  |  |  | 608 |
2031 |  |  | 264 |  |  |  | 456 |
2032 |  |  | - |  |  |  | 304 |
2033 |  |  | - |  |  |  | 152 |
Total future expense |  | $ | 12,693 |  |  | $ | 8,778 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
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