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Note 7 - Intangible Assets
12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]

Note 7. Intangible Assets

 

The following sets forth the carrying amounts and accumulated amortization of all intangible assets as of December 31, 2024 and 2023 (in thousands):

 

  

2024

  

2023

 
  

Gross

  

Accumulated

  

Gross

  

Accumulated

 
  

Amount

  

Amortization

  

Amount

  

Amortization

 
                 

Core deposit intangible asset

 $6,411  $5,319  $6,411  $4,982 

Customer list

  -   -   535   535 

Total

 $6,411  $5,319  $6,946  $5,517 

 

The weighted average life of the intangible assets is approximately 2 years as of December 31, 2024 and 2023.

 

The amortization expense for the intangible assets totaled $337 thousand and $502 thousand for the years ended December 31, 2024 and 2023, respectively. Estimated remaining amortization expense on intangible assets is as follows for the years ending December 31 (in thousands):

 

2025

  301 

2026

  268 

2027

  240 

2028

  190 

2029

  93 
     

Total

 $1,092 

 

The following sets forth the activity related to intangible assets for the years ended December 31, 2024 and 2023 (in thousands):

 

  

2024

  

2023

 
         

Beginning intangibles, net

 $1,429  $1,931 

Amortization

  (337)  (502)
         

Ending intangible asset, net

 $1,092  $1,429