Goodwill and Core Deposit Intangible

12 Months Ended

Dec. 31, 2024

Goodwill and Core Deposit Intangible [Abstract]

Note 7 – Goodwill and Core Deposit Intangible

The following table presents the changes in the carrying amounts of goodwill and core deposit intangibles for the years ended December 31, 2024 and 2023:

	December 31, 2024
	Goodwill		Core Deposit Intangible
	(In thousands)
Balance at the beginning of the period	$	25,858	$	2,111
Amortization		–		(336	)
Balance at the end of the period	$	25,858	$	1,775

	December 31, 2023
	Goodwill			Core Deposit Intangible
	(In thousands)
Balance at the beginning of the period		$	25,858	$	2,501
Amortization			–		(390	)
Balance at the end of the period		$	25,858	$	2,111

No impairment charges were recorded during 2024 or 2023 for goodwill. Management’s assessment of goodwill is performed in accordance with ASC 350-20 – Intangibles-Goodwill and Other, which allows the Company to perform a qualitative assessment of goodwill to determine if it is more likely than not the fair value of the Company’s equity is below its carrying value. The Company performed its qualitative and quantitative assessment as of September 30, 2024 due to concerns regarding declines in the Company’s stock price. No impairment charges were necessary as a result of the qualitative and quantitative assessments.

The carrying value and accumulated amortization related to the Company’s core deposit intangible consisted of the following at December 31, 2024 and 2023:

	December 31, 2024			December 31, 2023
	(In thousands)

Core deposit intangible acquired	$	3,329		$	3,329
Less: accumulated amortization		(1,554	)		(1,218	)
	$	1,775		$	2,111

The following table outlines the estimated amortization expense related to the core deposit intangible during the next five fiscal years:

	(In thousands)

2025	$	315
2026		304
2027		291
2028		279
2029		267
Thereafter		319
	$	1,775