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.


	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