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Core Deposits and Intangible Assets

3 Months Ended

Mar. 31, 2025

Core Deposits and Intangible Assets

Core Deposits and Intangible Assets

Note 9: Core Deposits and Intangible Assets

The following table shows the changes in the carrying amount of goodwill for March 31, 2025 and December 31, 2024 (in thousands):


		March 31,			December 31,
		2025			2024
Balance beginning of year		$	682		$	682
Additions from acquisition			—			—
Balance, end of period		$	682		$	682

Intangible assets in the consolidated balance sheets at March 31, 2025 and December 31, 2024 were as follows (in thousands):


		Three Months Ended March 31, 2025									Year Ended December 31, 2024
		Gross									Gross
		Intangible			Accumulated			Net Intangible			Intangible			Accumulated			Net Intangible
		Assets			Amortization			Assets			Assets			Amortization			Assets
Core deposit intangibles		$	1,041		$	956		$	85		$	1,041		$	919		$	122

The estimated aggregate future amortization expense for 2025 for intangible assets as of March 31, 2025 is as follows (in thousands):


2025		$	85

At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. At the conclusion of the assessment, the Company determined that as of March 31, 2025 it was more likely than not that the fair value exceeded its carrying values. The Company will continue to monitor the overall economic conditions and any other triggering events or circumstances that may indicate an impairment of goodwill in the future.