Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 10 – GOODWILL AND INTANGIBLE ASSETS

Goodwill associated with the Company’s purchases of Crest in December 2024, Emlenton in January 2023 and other past acquisitions totaled $167.5 million at December 31, 2024 and $167.4 million at December 31, 2023. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through an impairment test. Management performs goodwill impairment testing on an annual basis as of September 30, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As of September 30, 2024, no events or changes in circumstances indicated that the fair value of the reporting unit was below its carrying value. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Acquired intangible assets were as follows:


	2024					2023
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Other intangible:
Customer relationship intangibles	$	7,975	$	(7,088	)	$	7,210	$	(6,953	)
Non-compete contracts		457		(426	)		457		(413	)
Trade Name		1,131		(468	)		1,126		(440	)
Core deposit intangible		32,115		(12,946	)		32,115		(10,260	)
Total	$	41,678	$	(20,928	)	$	40,908	$	(18,066	)

Aggregate intangible amortization expense was $2.9 million for 2024, $3.4 million for 2023 and $2.0 million for 2022.

Estimated amortization expense for each of the next five years and thereafter:


2025	$	2,899
2026		2,798
2027		2,684
2028		2,674
2029		2,665
Thereafter		7,030
Total	$	20,750