XML 28 R15.htm IDEA: XBRL DOCUMENT

Note 5 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

Note 5 – Goodwill and Other Intangible Assets

At year end, goodwill and other intangible assets are summarized as follows:

(Dollars in thousands)		2024				2023
Goodwill balance January 1,		$	22,395			$	22,395
Goodwill balance December 31,		$	22,395			$	22,395

Goodwill arising from business combinations represents the value attributable to unidentifiable intangible assets in the business acquired. The Company’s goodwill relates to the value inherent in the banking industry and that value is dependent upon the ability of the Company to provide quality, cost effective banking services in a competitive marketplace. Goodwill is tested periodically for impairment. 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 Company had core deposit intangible balances of $1.9 million and $3.3 million as of December 31, 2024, and 2023, respectively. The table below summarizes the annual amortization:

The amortization recorded for the nine months ended December 31, is as follows:

(Dollars in thousands)		Total
2023		$	1,522
2024		$	1,411

Amortization to be recorded in future periods, is as follows:

(Dollars in thousands)		Total
2025			688
2026			360
2027			294
2028			228
2029			162
Thereafter			128
Total		$	1,860