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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 8: Goodwill and Other Intangible Assets

Goodwill was $12.0 million at December 31, 2024 compared to $2.6 million at December 31, 2023. In 2024, the Company recorded goodwill of $9.4 million acquired in the FMCB transaction. Goodwill is not amortized but is subject to, at a minimum, an annual test for impairment. Other intangible assets consist of core deposit relationships and favorable lease terms.

The following table presents a summary of other intangible assets at December 31, 2024 and 2023:

​	​	​	​	​	​	​
​	​	December 31,
(dollars in thousands)		2024			2023
Core Deposit Intangible	​	$	8,833	​	$	1,093
Favorable Lease	​		445	​		445
Subtotal	​		9,278	​		1,538
Accumulated Amortization	​		(1,428)	​		(1,350)
Totals	​	$	7,850	​	$	188

​

Amortization expense of other intangible assets was $78,000 for the year ended December 31, 2024, $100,000 for the year ended December 31, 2023, and $191,000 for the year ended December 31, 2022. In 2024, the Company recorded a $7.7 million core deposit intangible asset acquired in the FMCB transaction. The core deposit intangible asset is amortized over its estimated useful life of ten years.

The following table presents the estimated future amortization of the core deposit intangible and favorable lease asset for the next five years and thereafter. The projections of amortization expense are based on existing asset balances as of December 31, 2024.

​	​	​	​	​	​	​
​	​	Core Deposit		​	Favorable
(dollars in thousands)	​	Intangible			Lease
2025	​	$	886	​	$	34
2026	​		871	​		34
2027	​		852	​		34
2028	​		830	​		34
2029	​		803	​		18
Thereafter	​		3,454	​		—
Totals	​	$	7,696	​	$	154

​

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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://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

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