XML 36 R17.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Goodwill And Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill And Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The Company completed its annual assessment of the carrying value of goodwill during 2024 and concluded that its carrying value was not impaired. The Company's reporting unit had positive equity and a qualitative assessment was completed, indicating that it was not more likely than not that goodwill was impaired. The following table presents a roll forward of the Company's goodwill activity (in thousands):
| 2024 | 2023
Beginning balance | $ | 149,902 |  | $ | 108,941 |
Goodwill acquired in conjunction with the acquisition of Citizens Commerce (preliminary) | (140) |  | 40,961 |
Ending balance | $ | 149,762 |  | $ | 149,902 |
See Note Three for additional information on the acquisition of Citizens Commerce. The Company believes that the customer relationships with the deposits acquired have an intangible value. In connection with acquisitions, the Company recorded a core deposit intangible, which represented the value that the acquiree had with their deposit customers. The fair value was estimated based on a discounted cash flow methodology that considered the type of deposit, estimated deposit retention, the cost of the deposit base and an alternate cost of funds. The following tables present the details of the Company's core deposit intangibles (in thousands):
| 2024 | 2023
Gross carrying amount | $ | 29,462 |  | $ | 29,462 |
Accumulated amortization | (19,180) |  | (16,796) |
| $ | 10,282 |  | $ | 12,666 |
Beginning balance | $ | 12,666 |  | $ | 6,793 |
Core deposit intangible acquired in conjunction with the acquisition of Citizens Commerce | — |  | 8,272 |
Amortization expense | (2,384) |  | (2,399) |
Ending balance | $ | 10,282 |  | $ | 12,666 |
The core deposit intangibles are being amortized over 10 years. The estimated amortization expense for core deposit intangible assets for each of the next five years is as follows (in thousands):
2025 | $ | 2,172 |
2026 | 1,953 |
2027 | 1,855 |
2028 | 1,713 |
2029 | 674 |
Thereafter | 1,915 |
| $ | 10,282 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration