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Note 6 - Goodwill and Intangibles

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Goodwill and Intangibles

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Note 6. Goodwill and Intangibles

The following table presents the changes in the carrying amount of goodwill for the years ended December 31, 2024, 2023 and 2022:

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​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
​	​	(dollars in thousands)
​	​	​	​	​	​	​	​	​	​
Balance at the beginning of period	​	$	139,027	​	$	137,607	​	$	74,066
Acquisition of GFED	​		—	​		—	​		63,541
Acquisition of GFED - measurement period adjustment	​	​	—	​	​	1,420	​	​	—
Goodwill impairment - m2 restructuring	​	​	(432)	​	​	—	​	​	—
Balance at the end of period	​	$	138,595	​	$	139,027	​	$	137,607
​	​	​	​	​	​	​	​	​	​

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Goodwill impairment expense totaled $432 thousand during the year ended December 31, 2024. The decision to discontinue offering new loans and leases through m2 was a triggering event that necessitated an interim impairment evaluation of goodwill.

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The measurement period adjustment of $1.4 million during the year ended December 31, 2023 related to the changes to acquired deferred income taxes of GFED.

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The following table presents goodwill by reportable segment:

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2024		​	December 31, 2023		​	December 31, 2022
​	​	(dollars in thousands)
Commercial banking:	​	​	​	​	​	​	​	​	​
QCBT	​	$	2,791	​	$	3,223	​	$	3,223
CRBT	​		14,980	​		14,980	​		14,980
CSB	​	​	9,888	​	​	9,888	​	​	9,888
GB	​		110,936	​		110,936	​		109,516
​	​	$	138,595	​	$	139,027	​	$	137,607
​	​	​	​	​	​	​	​	​	​

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At November 30, 2024 and 2023, the Company’s management performed an annual internal assessment of goodwill at the reporting unit level and determined no impairment existed at either date.

The following table presents the changes in core deposit intangibles (included in Intangibles on the consolidated balance sheets) during the years ended December 31, 2024, 2023 and 2022:

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​	​	​	​	​	​	​	​	​	​
​		2024		​	2023		​	2022
​	​	(dollars in thousands)
​	​	​	​	​	​	​	​	​	​
Balance at the beginning of the period	​	$	13,821	​	$	16,759	​	$	9,349
Acquisition of GFED	​		—	​		—	​		10,264
Amortization expense	​		(2,760)	​		(2,938)	​		(2,854)
Balance at the end of the period	​	$	11,061	​	$	13,821	​	$	16,759
​	​			​			​
Gross carrying amount	​	$	29,519	​	$	29,519	​	$	29,519
Accumulated amortization	​		(18,458)	​		(15,698)	​		(12,760)
Net book value	​	$	11,061	​	$	13,821	​	$	16,759
​	​	​	​	​	​	​	​	​	​

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Note 6. Goodwill and Intangibles (continued)

The following table presents the core deposit intangibles by reportable segment:

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​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
​	​	December 31, 2024		​	December 31, 2023		​	December 31, 2022
​	​	(dollars in thousands)
Commercial Banking:	​	​	​	​	​	​	​	​	​
CRBT	​	$	628	​	$	883	​	$	1,225
CSB	​	​	865	​	​	1,430	​	​	2,027
GB	​	​	9,568	​	​	11,508	​	​	13,507
​	​	$	11,061	​	$	13,821	​	$	16,759
​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​

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The following table presents the estimated amortization of the core deposit intangibles:

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​	​	​	​
​		Amount
Years ending December 31,	​	(dollars in thousands)
2025	​	$	2,644
2026	​		2,360
2027	​		1,874
2028	​		1,316
2029	​		944
Thereafter	​		1,923
​	​	$	11,061
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- 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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