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Goodwill and Intangible Assets
 3 Months Ended
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