Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

On July 31, 2025, the Bank's registered investment adviser subsidiary completed the purchase of wealth management client advisory contracts from Lighthouse in an asset acquisition. Asset acquisitions of a single identifiable intangible asset are accounted for under a cost accumulation model. An intangible asset totaling $2.2 million was recognized on the acquisition date based on the value of cash consideration paid to acquire the asset, as well as the direct costs that were associated with the asset acquisition, such as those paid to third party legal counsel, brokers and consultants. The intangible asset is amortized over its estimated life using a method that approximates the amount of economic benefit that will be realized by the Corporation. The Corporation did not recognize a liability for the contingent consideration payments as the amounts to be paid are uncertain until a future measurement date. The contingent consideration payments will be capitalized as part of the intangible asset acquired when the payments are probable and reasonably estimable (i.e. when they are paid). Once capitalized, the contingent consideration will be amortized over the remaining life of the intangible asset.

The following table presents information regarding the Corporation’s intangible assets:

(Dollars in thousands)
	Sep 30, 2025	Dec 31, 2024
Gross carrying amount	$22,983	$20,803
Accumulated amortization	18,525	17,918
Net amount	$4,458	$2,885
Weighted average remaining life (in years)	9.7	5.2

The gross carrying amount of intangible assets includes wealth management client advisory contracts resulting from the 2005 acquisition of Weston and the 2015 acquisition of Halsey, which were accounted for as business combinations. In addition, the balance at September 30, 2025 includes wealth management client advisory contracts resulting from the Lighthouse asset acquisition.

In the third quarter of 2025, the Weston wealth management client advisory contracts were fully amortized. Both the Halsey and Lighthouse wealth management client advisory contracts are being amortized on a straight-line basis over a 15-year life.

The following table presents a summary of intangible assets amortization expense:

(Dollars in thousands)	Three Months		Nine Months
Periods ended September 30,	2025	2024	2025	2024
Amortization expense	$200	$206	$607	$622

The following table presents estimated remaining amortization expense for intangible assets at September 30, 2025:

(Dollars in thousands)
October 1, 2025 to December 31, 2025	$155
2026	622
2027	622
2028	622
2029	622
2030	423
2031 and thereafter	1,392