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GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2024

GOODWILL AND OTHER INTANGIBLES

GOODWILL AND OTHER INTANGIBLES

NOTE 5.           GOODWILL AND OTHER INTANGIBLES

The activity impacting goodwill in 2024 and 2023 is as follows:

​

​	​	​	​	​	​	​
(in thousands)		2024			2023
Balance at beginning of year	​	$	119,477	​	$	119,477
Acquisition	​		—	​		—
Balance at end of year	​	$	119,477	​	$	119,477

​

In the third quarter of 2024, management completed its annual goodwill impairment testing using balance sheet and market data as of June 30, 2024. The analysis was performed at the consolidated Bank-level of the Company, which is considered the smallest reporting unit carrying goodwill. Based on an analysis performed, the Company’s estimated fair value to a market participant as of September 30, 2024, exceeded its carrying amount resulting in no impairment charge for the period. Management evaluated current conditions and concluded there have been no significant changes in the economic environment or future projections and therefore, believes that there has been no further decline in the Company’s fair value as of September 30, 2024. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes. No goodwill impairment was recognized for the years ended December 31, 2024, 2023 and 2022.  

The components of other intangible assets in 2024 and 2023 are as follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	2024
​	​	Gross		​	Accumulated		​	Net Intangible
(in thousands)		Intangible Assets			Amortization			Assets
Core deposit intangible (non-maturity deposits)	​	$	9,483	​	$	(6,423)	​	$	3,060
Customer list and other intangibles	​		2,118	​		(1,240)	​		878
Total	​	$	11,601	​	$	(7,663)	​	$	3,938

​

​	​	​	​	​	​	​	​	​	​
​	​	2023
​	​	Gross		​	Accumulated		​	Net Intangible
(in thousands)		Intangible Assets			Amortization			Assets
Core deposit intangible (non-maturity deposits)	​	$	9,483	​	$	(5,686)	​	$	3,797
Customer list and other intangibles	​		2,118	​		(1,046)	​		1,072
Total	​	$	11,601	​	$	(6,732)	​	$	4,869

​

Other intangible assets are amortized on a straight-line basis over their estimated lives, which range from five years to 11 years. Amortization expenses related to intangibles totaled $932 thousand in 2024, $932 thousand in 2023 and $932 thousand in 2022.

The estimated aggregate future amortization expense for other intangible assets remaining at year end 2024 is as follows:

​

​	​	​	​
​	​	Other Intangible
(in thousands)		Assets
2025	​	$	932
2026	​		932
2027	​		932
2028	​		959
2029	​		183
and thereafter	​		—
Total	​	$	3,938

​

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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