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Goodwill and Core Deposit Intangible | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Core Deposit Intangible | Note 9 – Goodwill and Core Deposit Intangible In accordance with ASC 805, the Company recorded $5.5 million of goodwill along with a core deposit intangible asset of $2.8 million for the Cornerstone Bank acquisition in 2024, and recorded $8.9 million of goodwill along with a core deposit intangible asset of $4.2 million for the five branches acquired in 2019. The Noah Bank acquisition that occurred in 2023 did not generate any goodwill, but the Bank recorded $98 thousand in a core deposit intangible asset. The core deposit intangible assets are being amortized over 10 years, using the sum of the year’s digits. Except as set forth below, GAAP requires that goodwill be tested for impairment annually based on closing date or more frequently if impairment indicators arise. The Company uses May 31 st as its annual evaluation date. The reporting unit was determined to be our community banking operations, which is our only operating segment. ASC Topic 350-20 guidance requires an annual review of the fair value of a Reporting Unit that has goodwill in order to determine if it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a Reporting Unit is less than its carrying amount, including goodwill. A qualitative factor test can be performed to determine whether it is necessary to perform a quantitative goodwill impairment test. If this qualitative test determines it is not more likely than not (less than 50% probability) that the fair value of the Reporting Unit is less than the Carrying Value, then the Company does not have to perform a quantitative test and goodwill can be considered not impaired. After performing the qualitative factor test, the result was the Company determined that a quantitative test would be performed at May 31, 2025, primarily due to the Company’s common stock trading at 80.0% of book value. This was a possible indication that a goodwill impairment may exist. The result of this quantitative test indicates that fair value is greater than book value and that no Reporting Unit goodwill impairment exists. The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows:
|  |  |  |  | Core Deposit |
|  | Goodwill |  |  | Intangible |
|  | (In thousands) |
Balance at December 31, 2024 |  | $ | 14,381 |  |  | $ | 3,632 |
Amortization expense |  |  | — |  |  |  | (447 | )
Balance at June 30, 2025 |  | $ | 14,381 |  |  | $ | 3,185 |
As of June 30, 2025, the remaining current fiscal year and future fiscal periods amortization for the core deposit intangible is (in thousands):
|  | Amount |
|  | (In thousands) |
2025 |  |  | 400 |
2026 |  |  | 717 |
2027 |  |  | 587 |
2028 |  |  | 457 |
2029 |  |  | 327 |
Thereafter |  |  | 697 |
Total |  | $ | 3,185 |

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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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