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Note 6 - Intangibles and Acquisition-related Accounting | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6 – Intangibles and Acquisition-Related Accounting
(Dollars in thousands) |  | 2024 |  |  | 2023 |
Goodwill balance January 1, |  | $ | 22,395 |  |  | $ | 22,395 |
Goodwill balance June 30, |  | $ | 22,395 |  |  | $ | 22,395 |
Goodwill is tested annually for impairment. Goodwill arising from business combinations represents the value attributable to unidentifiable intangible assets in the business acquired. The Bancorp’s goodwill relates to the value inherent in the banking industry and that value is dependent upon the ability of the Bancorp to provide quality, cost effective banking services in a competitive marketplace. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. There has not been any impairment of goodwill identified or recorded. In addition to goodwill, a core deposit intangible was established from previous acquisitions. The Bancorp had core deposit intangible balances of $2.6 million and $3.3 million as of June 30, 2024, and December 31, 2023, respectively. The table below summarizes the intangibles amortization:
The amortization recorded for the quarter ended June 30, is as follows: |  |  |  |
(dollars in thousands) |  | Total |
2023 |  | $ | 388 |
2024 |  | $ | 356 |
The amortization recorded for the six months ended June 30, is as follows: |
(dollars in thousands) |  | Total |
2023 |  | $ | 779 |
2024 |  | $ | 717 |
Amortization to be recorded in future periods, is as follows: |
(dollars in thousands) |  | Total |
Remainder of 2024 |  | $ | 695 |
2025 |  |  | 688 |
2026 |  |  | 360 |
2027 |  |  | 294 |
2028 |  |  | 228 |
Thereafter |  |  | 290 |
Total |  | $ | 2,555 |

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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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