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Goodwill and Intangibles

12 Months Ended

Dec. 31, 2024

Goodwill and Intangibles [Abstract]

Goodwill and Intangibles

Note 6: Goodwill and Intangibles

The balance of goodwill was $23.2 million for the twelve months ended December 31, 2024, and December 31, 2023.

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. Goodwill is tested on the last day of the last quarter of each calendar year. At December 31, 2024, the Company determined that no events had occurred to change the assessment from the quantitative analysis, and it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment.

Carrying basis and accumulated amortization of intangible assets were as follows at December 31:

		2024								2023
($ in thousands)		Gross Carrying				Accumulated				Gross Carrying				Accumulated
		Amount				Amortization				Amount				Amortization
Core deposits intangible		$	660			$	(303	)		$	660			$	(236	)
Customer relationship intangible			-				-				200				(200	)
Banking intangibles		$	660			$	(303	)		$	860			$	(436	)

Amortization expense for intangibles for the years ended December 31, 2024 and 2023 was $0.07 million and $0.09 million, respectively. Estimated amortization expense for each of the following five years is immaterial.