GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
Mar. 31, 2025
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	6.GOODWILL AND OTHER INTANGIBLE ASSETS At March 31, 2025 and December 31, 2024, the carrying value of the Bank’s goodwill was $59.0 million as of both dates. Goodwill is tested for impairment annually on October 31 or on an interim basis if an event triggering impairment may have occurred. As of March 31, 2025, the Company assessed whether there were additional events or changes in circumstances since its annual goodwill impairment test that would indicate that it was more likely than not that the fair value of the reporting unit was less than the reporting unit’s carrying amounts that would require an interim impairment assessment after October 31, 2024, including evaluating the reporting unit value as compared to the value implied by the merger agreement. Management considered the merger agreement to be a triggering event under ASC 350. Accordingly, an interim qualitative assessment was performed. The qualitative assessment indicated that it was not more likely than not that impairment existed at March 31, 2025. The process of evaluating fair value is highly subjective and requires significant judgment and estimates. The goodwill at the Bank is at risk of future impairment in the event of a sustained decline in the value of its stock as well as values of other financial institutions, declines in revenue for the Company beyond current forecasts, or significant adverse changes in the operating environment for the financial industry. Other intangible assets were $568,000 and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company determined that there was no triggering event that warranted an interim impairment test at March 31, 2025.

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

6.GOODWILL AND OTHER INTANGIBLE ASSETS

At March 31, 2025 and December 31, 2024, the carrying value of the Bank’s goodwill was $59.0 million as of both dates.

Goodwill is tested for impairment annually on October 31 or on an interim basis if an event triggering impairment may have occurred. As of March 31, 2025, the Company assessed whether there were additional events or changes in circumstances since its annual goodwill impairment test that would indicate that it was more likely than not that the fair value of the reporting unit was less than the reporting unit’s carrying amounts that would require an interim impairment assessment after October 31, 2024, including evaluating the reporting unit value as compared to the value implied by the merger agreement.

Management considered the merger agreement to be a triggering event under ASC 350. Accordingly, an interim qualitative assessment was performed. The qualitative assessment indicated that it was not more likely than not that impairment existed at March 31, 2025.

The process of evaluating fair value is highly subjective and requires significant judgment and estimates. The goodwill at the Bank is at risk of future impairment in the event of a sustained decline in the value of its stock as well as values of other financial institutions, declines in revenue for the Company beyond current forecasts, or significant adverse changes in the operating environment for the financial industry.

Other intangible assets were $568,000 and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company determined that there was no triggering event that warranted an interim impairment test at March 31, 2025.