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Note 5 - Core Deposit and Customer List Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] |
(5) | Core Deposit and Customer List Intangible Assets
Bancorp recorded initial 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) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 10,601 |  |  | $ | 13,442 |  |  | $ | 11,944 |  |  | $ | 14,958 |
Amortization |  |  | (672 | ) |  |  | (749 | ) |  |  | (2,015 | ) |  |  | (2,265 | )
Balance at end of period |  | $ | 9,929 |  |  | $ | 12,693 |  |  | $ | 9,929 |  |  | $ | 12,693 |
As a result of the CB acquisition, Bancorp also recorded initial intangible assets totaling $12 million associated with the customer list of the acquired WM&T business. Similar to CDI assets, this intangible asset also amortizes over its estimated useful life. Changes in the net carrying amount of the CLI follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 7,600 |  |  | $ | 9,196 |  |  | $ | 8,360 |  |  | $ | 10,032 |
Amortization |  |  | (380 | ) |  |  | (418 | ) |  |  | (1,140 | ) |  |  | (1,254 | )
Balance at end of period |  | $ | 7,220 |  |  | $ | 8,778 |  |  | $ | 7,220 |  |  | $ | 8,778 |
Future CDI and CLI amortization expense is estimated as follows:
(in thousands) |  | CDI |  |  | CLI |
Remainder of 2024 |  | $ | 672 |  |  | $ | 380 |
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 |  | $ | 9,929 |  |  | $ | 7,220 |

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