GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill totaled $30.4 million as of December 31, 2024 and 2023. As of December 31, 2024, there has not been any impairment of goodwill identified or recorded.

Goodwill is tested annually for impairment on October 31 or earlier upon the occurrence of certain events. A significant amount of judgement is involved in determining if an indicator of goodwill impairment occurred. Such indicators may include, among others; a significant decline in expected future cash flows; a sustained significant decline in the Company's stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse assessment or action by a regulator; and unanticipated competition. The goodwill impairment analysis includes the determination of the carrying value of the reporting unit, including the existing goodwill, and estimating the fair value of the reporting unit. If the fair value is less than its carrying amount, goodwill impairment is recognized equal to the difference between the fair value and its carrying amount, not to exceed its carrying amount.

The following presents the Company’s intangible assets and related accumulated amortization as of the dates noted:


	December 31,
(dollars in thousands)	2024		2023
Other intangibles	$	5,270	$	5,926
Less: accumulated amortization on other intangibles	(4,043)		(4,472)
Other intangible assets, net	$	1,227	$	1,454

Amortization expense on definite-lived customer relationship and non-compete intangible assets was $0.2 million and $0.3 million for the years ended December 31, 2024 and 2023, respectively. The following presents the expected amortization expense on definite-lived intangible assets existing as of December 31, 2024 (dollars in thousands):


Year Ending December 31,	Expense
2025	$	206
2026	193
2027	183
2028	175
2029	166
Thereafter	304
Total	$	1,227