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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 8 - GOODWILL AND INTANGIBLE ASSETS The balance of goodwill was $125,520 at December 31, 2024 and $125,520 at December 31, 2023. Management performs an evaluation of goodwill for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Management performed an evaluation of the Company’s goodwill during the fourth quarter of 2024. Based on this test, management concluded that the Company’s goodwill was not impaired at December 31, 2024. Acquired intangible assets were as follows as of year-end.
|  | 2024 |  |  | 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Core deposit intangible assets(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core deposit intangibles |  |  | 12,668 |  |  |  | 7,662 |  |  |  | 5,006 |  |  |  | 12,668 |  |  |  | 6,178 |  |  |  | 6,490 |
Total core deposit intangible assets |  | $ | 12,668 |  |  | $ | 7,662 |  |  | $ | 5,006 |  |  | $ | 12,668 |  |  | $ | 6,178 |  |  | $ | 6,490 |
(1) Excludes fully amortized core deposit intangible assets Aggregate core deposit intangible amortization expense was $1,484, $1,579 and $1,296 for 2024, 2023 and 2022, respectively. Activity for mortgage servicing rights (MSRs) and the related valuation allowance follows:
|  | 2024 |  |  | 2023 |  | 2022 |
Mortgage Servicing Rights: |  |  |  |  |  |  |  |
Beginning of year |  | $ | 3,018 |  |  | $ | 2,689 |  | $ | 2,642 |
Additions |  |  | 202 |  |  |  | 659 |  |  | 397 |
Disposals |  |  | — |  |  |  | — |  |  | — |
Amortized to expense |  |  | 343 |  |  |  | 330 |  |  | 350 |
Other Charges |  |  | — |  |  |  | — |  |  | — |
Change in valuation allowance |  |  | — |  |  |  | — |  |  | — |
End of year |  | $ | 2,877 |  |  | $ | 3,018 |  | $ | 2,689 |
Valuation allowance: |  |  |  |  |  |  |  |
Beginning of year |  | $ | — |  |  | $ | — |  | $ | — |
Additions expensed |  |  | — |  |  |  | — |  |  | — |
Reductions credited to operations |  |  | — |  |  |  | — |  |  | — |
Direct write-offs |  |  | — |  |  |  | — |  |  | — |
End of year |  | $ | — |  |  | $ | — |  | $ | — |
The unpaid principal balance of mortgage loans serviced for third parties was $419,407 at December 31, 2024, compared to $442,635 at December 31, 2023 and $456,149 at December 31, 2022. Aggregate mortgage servicing rights (MSRs) amortization was $343, $330 and $350 for 2024, 2023 and 2022, respectively. Mortgage loan contractual servicing fees were $1,085, $1,137 and $1,063 for 2024, 2023 and 2022, respectively. Mortgage loan contractual servicing fees are included in Other income on the Consolidated Statements of Operations. The fair value of servicing rights was $3,854, $3,018, and $2,689 at year-end 2024, 2023 and 2022, respectively. Fair value at year-end 2024 was determined using a discount rate range of 5.3% to 10.4% with the average discount rate of 6.96%, weighted average prepayment speed of 10.83%, depending on the stratification of the specific right, and a weighted average default rate of 0.0%. Fair value at year-end 2023 was determined using a discount rate of 12.0%, prepayment speeds ranging from 4.6% to 11.0%, depending on the stratification of the specific right, and a default rate of 0.0%. Estimated amortization expense for each of the next five years and thereafter is as follows:
|  | MSRs |  |  | Core deposit intangibles |  |  | Total |
2025 |  | $ | 165 |  |  | $ | 1,316 |  |  | $ | 1,481 |
2026 |  |  | 163 |  |  |  | 1,193 |  |  |  | 1,356 |
2027 |  |  | 159 |  |  |  | 1,071 |  |  |  | 1,230 |
2028 |  |  | 153 |  |  |  | 782 |  |  |  | 935 |
2029 |  |  | 151 |  |  |  | 282 |  |  |  | 433 |
Thereafter |  |  | 2,086 |  |  |  | 362 |  |  |  | 2,448 |
|  | $ | 2,877 |  |  | $ | 5,006 |  |  | $ | 7,883 |

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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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