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Goodwill and Acquired Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Acquired Intangible Assets | Note 6 - Goodwill and Acquired Intangible Assets Goodwill The change in the balance for goodwill was as follows:
(Dollars in thousands) | 2024 |  |  | 2023 |
Balance, beginning of year | $ | 59,946 |  |  | $ | 59,946 |
Adjustments |  | - |  |  |  | - |
Balance, end of year | $ | 59,946 |  |  | $ | 59,946 |
The Company acquired Valley Ridge Financial Corp. in 2006, County in 2019, and Community Shores in 2020, which resulted in the recognition of goodwill of $13.7 million, $38.9 million and $7.3 million, respectively. ChoiceOne engaged a third party valuation firm to assist in performing a quantitative analysis of goodwill as of June 30, 2024 ("the measurement date"). In deriving the fair value of the reporting unit (the Bank), the third-party firm assessed general economic conditions and outlook; industry and market considerations and outlook; the impact of recent events to financial performance; the market price of ChoiceOne’s common stock and other relevant events. In addition, the valuation relied on financial projections through 2029 and growth rates prepared by management. Based on the valuation prepared, it was determined that ChoiceOne's estimated fair value of the reporting unit at the measurement date was greater than its book value and impairment of goodwill was not required. As of the measurement date and December 31, 2024 ChoiceOne's stock price was greater than the book value. No material changes and no triggering events have occurred that indicated impairment from the measurement date through December 31, 2024. Acquired Intangible Assets Information for acquired intangible assets at December 31 is as follows:
| 2024 |  |  | 2023 |
| Gross |  |  |  |  |  | Gross |  |  |  |
| Carrying |  |  | Accumulated |  |  | Carrying |  |  | Accumulated |
(Dollars in thousands) | Amount |  |  | Amortization |  |  | Amount |  |  | Amortization |
Core deposit intangible | $ | 7,120 |  |  | $ | 6,024 |  |  | $ | 7,120 |  |  | $ | 5,266 |
The core deposit intangible from the County and Community Shores mergers is being amortized on a sum-of-the-years digits basis over ten years and eight years, respectively. Amortization expense was $757,000 in 2024, $955,000 in 2023, and $1,153,000 in 2022. The estimated amortization expense for the next five years ending December 31 is as follows (dollars in thousands):
2025 |  | 560 |
2026 |  | 362 |
2027 |  | 164 |
2028 |  | 10 |
Thereafter |  | - |
Total | $ | 1,096 |

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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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