Note 5 - Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2025

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

5. Goodwill and Other Intangibles

The Merger resulted in the recording of goodwill and a core deposit intangible (“CDI”). The following table presents the changes in both assets for the nine-month periods ended September 30, 2025 and 2024:

(dollars in thousands)	Goodwill		CDI			Total
Balance at December 31, 2024	$	6,978	$	48		$	7,026
Amortization		-		(6	)	$	(6	)
Balance at September 30, 2025	$	6,978	$	42		$	7,020
Balance at December 31, 2023	$	6,978	$	56		$	7,034
Amortization		-		(6	)		(6	)
Balance at September 30, 2024	$	6,978	$	50		$	7,028

The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8.3 thousand per year through year nine and $6.2 thousand in year 10. Because the Merger was a tax-free reorganization, neither the goodwill nor the CDI is deductible for income tax purposes. A goodwill impairment analysis is performed annually.