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Note 7 - Goodwill

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

(7) Goodwill

As of December 31, 2023 and 2022, goodwill totaled $194 million, of which $172 million was attributed to the commercial banking segment and $22 million was attributed to WM&T. Goodwill of $67 million was added through the CB acquisition, $8.5 million of which was subsequently written off as a result of Bancorp selling its interest in LFA effective December 31, 2022.

The composition of goodwill is presented by respective acquisition and acquisition year below:

December 31, (in thousands)		2023				2022
Commonwealth Bancshares (2022)		$	58,244			$	58,244
Kentucky Bancshares (2021)			123,317				123,317
King Southern Bancorp (2019)			11,831				11,831
Austin State Bank (1996)			682				682
Total		$	194,074			$	194,074

Note: The acquisition of The Bank Oldham County in 2013 resulted in a bargain purchase gain.

GAAP requires that goodwill and intangible assets with indefinite useful lives not be amortized, but instead be tested for impairment at least annually. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. Bancorp’s annual goodwill impairment test is conducted as of September 30 of each year or more often as situations dictate.

At September 30, 2023, Bancorp elected to perform a qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting units exceeded their carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting units exceeded their fair value.

Changes in the carrying value of goodwill follows:

Years ended December 31, (in thousands)		2023				2022				2021
Balance at beginning of period		$	194,074			$	135,830			$	12,513
Added from acquisition			—				66,694				124,016
Provisional period adjustment			—				—				(699	)
Disposition of LFA			—				(8,450	)			—
Impairment			—				—				—
Balance at end of period		$	194,074			$	194,074			$	135,830

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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