v3.25.3

Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The change in goodwill during the periods ended September 30, 2025 and December 31, 2024 is as follows:
(in thousands) |  | September 30, 2025 |  | December 31, 2024
Balance at beginning of period |  | $ | 21,126 |  |  | $ | — |
Acquired goodwill |  | — |  |  | 21,126 |
Measurement period adjustment |  | 4,843 |  |  | — |
Balance at end of period |  | $ | 25,969 |  |  | $ | 21,126 |
During the nine months ended September 30, 2025, the Company revised the estimate of adjusted servicing assets, acquired PCD loans and other liabilities resulting in a $4.8 million increase in goodwill at September 30, 2025, as compared to December 31, 2024. Goodwill is preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values becomes available. At September 30, 2025, the Company’s reporting units include attributable goodwill from the IFH acquisition. The Company has elected to perform a qualitative assessment annually as of October 1 to determine if it is more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. Acquired amortizing intangible assets were as follows for the period presented:
|  | September 30, 2025 |  | December 31, 2024
|  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer list intangible |  | $ | 12,200 |  |  | $ | (703) |  |  | $ | 11,497 |  |  | $ | 12,200 |  |  | $ | (188) |  |  | $ | 12,012 |
Trade name intangible |  | 2,100 |  |  | (140) |  |  | 1,960 |  |  | 2,100 |  |  | (40) |  |  | 2,060 |
Core deposits intangible |  | 1,779 |  |  | (203) |  |  | 1,576 |  |  | 1,779 |  |  | (34) |  |  | 1,745 |
Total amortized intangible assets |  | $ | 16,079 |  |  | $ | (1,046) |  |  | $ | 15,033 |  |  | $ | 16,079 |  |  | $ | (262) |  |  | $ | 15,817 |
Goodwill represents the intangible value of IFH’s business and reputation within the markets it previously served and is not expected to be deductible for income tax purposes. The customer list intangible and trade name intangible will be amortized over its expected useful life of 17 years and 15 years, respectively, using the straight-line method. The core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method. Amortization expense was $262 thousand for the three months ended September 30, 2025 and $784 thousand for the nine months ended September 30, 2025. There was no amortization expense during the three and nine months ended September 30, 2024. At September 30, 2025, scheduled amortization of the intangible assets for each of the next five years is as follows:
(in thousands) |  |
2025 |  | $ | 262 |
2026 |  | 1,043 |
2027 |  | 1,038 |
2028 |  | 1,033 |
2029 |  | 1,026 |
Thereafter |  | 10,631 |
Total |  | $ | 15,033 |

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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 + Details
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