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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7. Goodwill and Intangible Assets

Goodwill and Intangible Assets:

In accordance with FASB ASC 350, Goodwill and Other, regarding testing goodwill for impairment provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company performs its annual goodwill impairment test as of December 31, of each year, and for 2024 the results of the qualitive assessment provided no indication of potential impairment. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes.

The Company’s other intangible assets consist of core deposit intangibles, insurance agency customer relationships and insurance agency tradename. They are initially recognized based on a valuation performed as of the consummation date. The core deposit intangible is amortized over the average remaining life of the acquired customer deposits, the insurance agency customer relationships are amortized over 14 years and the tradename is amortized over five years.

The carrying amount of goodwill at December 31, 2024, and 2023, was $96.1 million.

Other intangible assets as of the dates indicated is summarized below (in thousands):


	Core Deposit		Customer Relationships		Tradename
Amortized other intangible assets:	Intangibles		Intangibles		Intangibles		Total
December 31, 2024:
Beginning balance January 1, 2024, gross	$	17,470	$	5,670	$	63	$	23,203
Less: accumulated amortization		(11,435)		(3,127)		(63)		(14,625)
Balance, December 31, 2024, other intangible assets, net	$	6,035	$	2,543	$	-	$	8,578

December 31, 2023:
Beginning balance January 1, 2023, gross	$	17,470	$	5,670	$	63	$	23,203
Less: accumulated amortization		(9,758)		(2,379)		(63)		(12,200)
Balance, December 31, 2023, other intangible assets, net	$	7,712	$	3,291	$	-	$	11,003

The aggregate amortization expense for other intangibles assets for the year ended December 31, 2024, was $2.4 million, and for the years ended December 31, 2023, and 2022, was $2.6 million.

The estimated aggregate amortization expense for future periods for other intangible assets is as follows (in thousands):


2025	$	2,256
2026		2,086
2027		1,904
2028		1,139
2029		669
Thereafter		524
Total	$	8,578