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Note 6 - Intangibles and Acquisition-related Accounting

6 Months Ended

Jun. 30, 2024

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