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Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

4. Goodwill and Intangible Assets

The changes in the carrying value of goodwill are as follows:


	Year Ended
	December 31,
	2024		2023
Beginning balance	$	2,235	$	2,235
Activity during the period		—		—

Ending balance	$	2,235	$	2,235

The Company performs its annual goodwill impairment test during the fourth quarter. The results of the Company’s impairment tests indicated that the reporting unit’s fair value was greater than its carrying value and therefore no impairment of goodwill existed at either December 31, 2024 or 2023. Even though the Company determined that there was no goodwill impairment, a sustained decline in the value of its stock price as well as values of other financial institutions, declines in revenue for the Company beyond our current forecasts or significant adverse changes in the operating environment for the reporting unit may result in a future impairment charge.

The changes in the carrying value of the customer list and core deposit intangibles are as follows:


	Years Ended
	December 31,
	2024		2023
Beginning balance	$	246	$	334
Amortization		(80)		(88)

Ending balance	$	166	$	246

Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized over their estimated useful lives. Purchased customer accounts primarily consist of records and files that contain information about investment holdings. The values assigned to customer lists and core deposit intangibles is based upon the application of the income approach. At December 31, 2024, based upon a review of the intangibles, the Company determined that the fair value of the amortizable intangible assets exceeded their carrying values.

As of December 31, 2024, the future amortization expense for amortizable intangible assets for the respective years is as follows:


2025	$	60
2026		29
2027		21
2028		16
2029		13
Thereafter		27
Total	$	166