The Company is required to do periodic testing of goodwill impairment at certain times and if certain events occur or circumstances change which are considered to be triggering events that would more likely than not reduce the fair value of its goodwill below the carrying value of the reporting unit. The Company performed a quantitative impairment test as of December 31, 2024, using discounted cash flows under the income approach, due primarily to the decrease in mortgage origination volume as a result of the continued elevated interest rate environment as a triggering event, and based on the results of the test, the Company concluded the goodwill of $5,786,000 was impaired. This goodwill was established in January 2014 as part of the Bank's acquisition of NOLA. The national mortgage industry has been under stress since mortgage interest rates increased dramatically since 2022 after being at record low interest rates in 2020 and 2021 during the COVID pandemic.

The changes in the Company’s intangible assets for the years ended December 31, 2024 and 2023 were as follows:


	Goodwill			Total
December 31, 2022	$	5,786		$	5,786
Impairment		—			—
December 31, 2023		5,786			5,786
Impairment		(5,786	)		(5,786	)
December 31, 2024	$	—		$	—