Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 7 – Goodwill and Other Intangible Assets

The table below sets forth the carrying amount of goodwill and other intangible assets, net of accumulated amortization as of the dates indicated:

	December 31, 2025		December 31, 2024
	(in thousands)
Balances not subject to amortization:
Goodwill	$	18,512	$	—
Balances subject to amortization:
Core deposit intangibles		19,303		1,079
Total goodwill and other intangibles (1)	$	37,815	$	1,079

(1) The increase in goodwill and other intangible assets from December 31, 2024 to December 31, 2025 was due to goodwill and other intangible assets recorded during the fourth quarter of 2025 in connection with the Provident acquisition. The Company identified acquired intangible assets related to core deposits (e.g., core deposit intangible) (see Note 2).

The changes in the carrying value of goodwill for the periods indicated were as follows:

	For the Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
	(in thousands)
Balance at beginning of year	$	—	$	—	$	—
Goodwill recorded during the year (1)		18,512		—		—
Goodwill disposed of during the year		—		—		—
Balance at end of year	$	18,512	$	—	$	—

(1) The goodwill recorded during the year relates to the acquisition of Provident. For additional information refer to Note 2, Acquisition.

The following table sets forth the carrying amount of the Company’s other intangible assets, net of accumulated amortization, as of the dates indicated below:

	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in thousands)
Core deposit intangible - Provident	$	18,800	$	428	$	18,372
Core deposit intangible - Century Cannabis		1,488		557		931
Total core deposit intangibles	$	20,288	$	985	$	19,303

	December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	(in thousands)
Core deposit intangible - Century Cannabis		1,488		409		1,079
Total core deposit intangibles	$	1,488	$	409	$	1,079

The Company assesses goodwill for impairment at the reporting segment level on an annual basis, or sooner, if an event occurs or circumstances change which might indicate that the fair value of a reporting unit is below its carrying amount. The Company has one identified reporting segment and assigned goodwill to the banking business reporting segment.

In accordance with the accounting guidance codified in ASC 350-20, the Company performs a test of goodwill for impairment on at least an annual basis.

An assessment is also required to be performed to the extent relevant events and/or circumstances occur which may indicate it is more-likely-than-not that the fair value of a reporting segment is less than its carrying amount.

The Company performed its annual assessment for the banking business as of December 31, 2025. The assessment included a qualitative assessment which indicated that it was more likely than not that the fair value of the reporting unit exceeded the carrying value. Based upon the assessment, it was determined there was no impairment of the Company’s goodwill as of December 31, 2025.

The amortization expense of the Company’s other intangible assets was $576,000, $149,000, and $149,000 during the years ended December 31, 2025, 2024, and 2023, respectively. The increase in amortization expense for the year ended December 31, 2025 from 2024 was attributable to amortization expense recorded in the fourth quarter of 2025 related to other intangible assets acquired in connection with the Company’s acquisition of Provident.

The weighted average original amortization period and weighted average remaining useful life of the Company’s other intangible assets is 10.0 years and 9.6 years, respectively. Management performs an assessment of the remaining useful lives of the Company’s intangible assets on a quarterly basis to determine if such lives remain appropriate.

The estimated amortization expense for the remaining useful life of the Company’s other intangible assets is as follows (in thousands):

Year
2026	$	3,524
2027		3,183
2028		2,841
2029		2,499
2030		2,157
2031 and thereafter		5,099
	$	19,303