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Note 8 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 8. Goodwill and Other Intangible Assets

Goodwill

The Company has one reporting unit for goodwill impairment testing purposes, Community Banking. The Company performed its annual assessment of goodwill as of October 31, 2023, and concluded that the carrying value of goodwill was not impaired. No events have occurred after the analysis to indicate potential impairment.

As of December 31, 2023, the Company's goodwill totaled $143.95 million.  The Surrey acquisition resulted in the Company recognizing $14.38 million in goodwill in the transaction.  The balance was $129.57 million for both 2022 and 2021.

(Amounts in thousands)
Balance January 1, 2021		$	129,565
Acquisitions			—
Balance December 31, 2021		$	129,565
Balance January 1, 2022		$	129,565
Acquisitions			—
Balance December 31, 2022		$	129,565
Balance January 1, 2023		$	129,565
Acquisitions			14,381
Balance December 31, 2023		$	143,946

Other Intangible Assets

As of December 31, 2023, the remaining lives of core deposit intangibles ranged from 1.50 years to 9 years with a weighted average remaining life of 8.42 years.  The Surrey acquisition resulted in the Company recognizing $12.70 million in core deposit intangibles. The following table presents the components of other intangible assets as of the dates indicated:

		December 31,
		2023				2022				2021
(Amounts in thousands)
Core deposit intangibles		$	12,674			$	12,674			$	12,674
Acquisitions			12,700				—				—
Accumulated amortization			(10,229	)			(8,498	)			(7,052	)
Total other intangible assets, net		$	15,145			$	4,176			$	5,622

Amortization expense for other intangible assets was $1.73 million in 2023, and $1.45 million in both 2022, and 2021.

The following schedule presents the estimated amortization expense for intangible assets, by year, as of December 31, 2023:

(Amounts in thousands)
2024		$	2,126
2025			1,917
2026			1,719
2027			1,719
2028			1,719
2029 and thereafter			5,945
Total estimated amortization expense		$	15,145

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- References

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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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