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Goodwill and Intangible Assets | 3 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 8. Goodwill and Intangible Assets Goodwill and core deposit intangibles resulted from the Company's acquisition of Regal Bancorp, which was accounted for under FASB ASC 805, Business Combinations. In accordance with FASB ASC 805, the Company recorded $20.4 million of goodwill and $9.1 million of core deposit intangibles. The intangible assets are related to core deposits and are being amortized over 10 years, using an accelerated method. The changes in the carrying amount of goodwill and core deposit intangibles for the three months ended September 30, 2024 and 2023 are summarized as follows:
|  | Three Months Ended September 30, |
|  | 2024 |  |  | 2023 |
|  | (Dollars in thousands) |
Balance at beginning of period |  | $ | 28,141 |  |  | $ | — |
Acquisition of Regal Bancorp |  |  | — |  |  |  | 29,541 |
Amortization expense |  |  | (386 | ) |  |  | (54 | )
Balance at end of period |  | $ | 27,755 |  |  | $ | 29,487 |
As of September 30, 2024, the amortization of the core deposit intangibles in future fiscal years is as follows:
|  | Amount |
|  | (In thousands) |
2025 |  | $ | 1,047 |
2026 |  |  | 1,167 |
2027 |  |  | 951 |
2028 |  |  | 774 |
2029 |  |  | 657 |
Thereafter |  |  | 2,742 |
Total |  | $ | 7,338 |

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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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