GOODWILL AND CORE DEPOSIT INTANGIBLES

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 7 – GOODWILL AND CORE DEPOSIT INTANGIBLES

The assets and liabilities acquired in business combinations are recorded at their estimated fair values at the acquisition date. The excess of the purchase price over the estimated fair value of the net assets for tax free acquisitions is recorded as goodwill, none of which is deductible for tax purposes. The excess of the purchase price over the estimated fair value of the net assets for taxable acquisitions is recorded as goodwill and is deductible for tax purposes.

As of December 31, 2024, and December 31, 2023, management conducted a qualitative evaluation of current economic conditions, Company performance, stock price and other pertinent factors, finally concluding that no goodwill impairment is warranted at this time.

The carrying basis of goodwill and core deposit intangibles as of and for the years ended December 31, 2024 and 2023, were as follows.


	Goodwill		Core Deposit
Balance as of January 1, 2023	$	53,101	$	10,596
Sold in acquisition		—		—
Amortization		—		(3,374	)
Balance as of December 31, 2023		53,101		7,222
Acquired in acquisition		—		12,036
Amortization		—		(4,289	)
Balance as of December 31, 2024	$	53,101	$	14,969

Estimated core deposit intangibles amortization expense for each of the following five years and thereafter is listed in the following table.


Expensed in one year or less	$	3,794
Expensed after one year through two years		2,942
Expensed after two years through three years		2,244
Expensed after three years through four years		1,638
Expensed after four years through five years		1,259
Thereafter		3,092
Total	$	14,969