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GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

7.GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS

​

A progression of the balance for goodwill follows:

​

​	​	​	​	​	​	​	​	​	​
Years Ended December 31,  (in thousands)		2024			2023			2022
​	​	​	​	​	​	​	​	​	​
Beginning of period	​	$	40,516	​	$	16,300	​	$	16,300
Acquired goodwill	​		—	​		24,216	​		—
Impairment	​		—	​		—	​		—
End of period	​	$	40,516	​	$	40,516	​	$	16,300

​

The goodwill balance relates entirely to the Company’s Traditional Banking segment and Core Banking operations.

​

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. As of December 31, 2024 and 2023, the Company’s Core Banking reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting unit exceeded its fair value.

​

The Company recorded a $3 million CDI asset in association with its March 15, 2023 CBank acquisition. The gross carrying amount and accumulated amortization of CDI asset follow:

​

​	​	​	​	​	​	​	​	​	​
(dollars in thousands)		Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
​	​	​	​	​	​	​	​	​	​
December 31, 2024	​	​	​	​	​	​	​	​	​
CDI	​	$	2,844	​	$	(887)	​	$	1,957
​	​	​	​	​	​	​	​	​	​
December 31, 2023	​	​	​	​	​	​	​	​	​
CDI	​	$	2,844	​	$	(405)	​	$	2,439

​

Changes in the net carrying amount of CDI asset follow:

​

​	​	​	​	​	​	​
Years Ended December 31,  (in thousands)		2024			2023
​	​	​	​	​	​	​
Beginning of period	​	$	2,439	​	$	—
Added from acquisition	​		—	​		2,844
Amortized to expense	​		(482)	​		(405)
End of period	​	$	1,957	​	$	2,439

​

For the years ending December 31, 2024, 2023, and 2022, aggregate CDI amortization expense follows:

​

​	​	​	​	​	​	​	​	​	​
Years Ended December 31, (in thousands)		2024			2023			2022
​	​	​	​	​	​	​	​	​	​
Core deposit amortization expense	​	$	482	​	$	405	​	$	—

​

Future CDI amortization expense is estimated as follows:

​

​	​	​	​
Years (dollars in thousands)		CDI
​	​	​	​
2025	​	$	422
2026	​		371
2027	​	​	320
2028	​	​	269
2029	​	​	217
2030	​	​	166
2031	​	​	115
2032	​	​	77
Total future amortization expense	​	$	1,957

​

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- References

No definition available.

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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

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