Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

8. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The change in goodwill during the years ended December 31, 2024 and 2023 is as follows:


	2024		2023
Beginning of year	$	56,968	$	35,842
Acquired Goodwill		—		21,126
Measurement period adjustment		1,838		—
Impairment		—		—
End of year	$	58,806	$	56,968

Impairment exists when a reporting unit's carrying value of goodwill exceeds its fair value. At December 31, 2024, the Company's reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment of goodwill.

Acquired Intangible Assets

Acquired intangible assets were as follows at year-end:


	2024				2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Core deposit intangibles	$	26,910	$	6,061	$	26,910	$	1,344
Trade name intangibles		348		242		348		181
Total	$	27,258	$	6,303	$	27,258	$	1,525

Aggregate amortization expense for the years ended December 31, 2024 and 2023 was $4.8 million and $663 thousand, respectively.

Expected aggregate annual amortization expense for the next five years assuming no new acquisitions or impairments is as follows:


(In Thousands)
2025	$	4,291
2026		3,795
2027		3,271
2028		2,791
2029		2,312
2030 and thereafter		4,495
	$	20,955