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Note 9 - Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
9. | GOODWILL AND INTANGIBLE ASSETS
Goodwill Our annual goodwill impairment testing is performed as of October 1 each year, or more frequently as events occur or circumstances change that would more likely than not reduce the fair value of the Company below its carrying amount. The Company conducted a qualitative test as of October 1, 2024 through the evaluation of numerous factors such as economic trends, market and industry considerations, financial performance, and internal events.
(Dollar amount in thousands) |  |  |  |
Balance at December 31, 2022 |  | $ | 31,735 |
Measurement period adjustment |  |  | 4,621 |
Balance at December 31, 2023 |  |  | 36,356 |
Balance at December 31, 2024 |  | $ | 36,356 |
Core Deposit Intangible The carrying amount of the core deposit intangible was $5.6 million and $6.6 million for the years ended December 31, 2024, and 2023, respectively. Core deposit accumulated amortization was $4.2 million and $3.2 million for the years ended December 31, 2024, and 2023. Amortization expense totaled $1.0 million and $1.1 million in 2024 and 2023, respectively. Core deposit intangible assets are amortized to their estimated residual values over their expected useful lives, commonly ten years. The estimated aggregate future amortization expense for core deposit intangible assets as of December 31, 2024, is as follows:
(Dollar amounts in thousands) |  |  |  |  |
Remaining | 2025 |  | $ | 998 |
| 2026 |  |  | 968 |
| 2027 |  |  | 691 |
| 2028 |  |  | 665 |
| 2029 |  |  | 582 |
| Thereafter |  |  | 1,707 |
| Total |  | $ | 5,611 |
Mortgage Servicing Rights We originate and periodically sell residential mortgage loans but continue to service those loans for the buyers. We record a servicing asset if we retain the right to service loans in exchange for servicing fees that exceed the going market servicing rate and are considered more than adequate compensation for servicing. Activity for mortgage servicing rights follows:
(Dollar amounts in thousands) |  | 2024 |  |  | 2023 |
Beginning of year |  | $ | 1,636 |  |  | $ | 2,072 |
Servicing retained from loan sales |  |  | 58 |  |  |  | 60 |
Amortization |  |  | (197 | ) |  |  | (496 | )
End of year |  | $ | 1,497 |  |  | $ | 1,636 |

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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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