Note 11 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 11.  GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and certain other intangible assets with indefinite useful lives are not amortized into net income over an estimated life, but rather are tested at least annually for impairment.  Intangible assets determined to have definite useful lives are amortized over their estimated useful lives and also are subject to impairment testing. Our goodwill totaled $56 million and $55.3 million at  December 31, 2023 and 2022, respectively.

In accordance with ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, during third quarter 2023, we performed the qualitative assessment of goodwill and determined that the fair value was more likely than not greater than its carrying value. In performing the qualitative assessment, we considered certain events and circumstances such as macroeconomic conditions, industry and market considerations, overall financial performance and cost factors when evaluating whether it is more likely than not that the fair value is less than the carrying value. No indicators of impairment were noted as of September 30, 2023.

At December 31, 2023 and December 31, 2022, we had $18.40 million and $6.80 million in unamortized identified intangible assets comprised of core deposit intangibles.

	Other Intangible Assets
Dollars in thousands	December 31, 2023		December 31, 2022
Identified intangible assets
Gross carrying amount	$	30,755	$	15,828
Less: accumulated amortization		12,359		9,025
Net carrying amount	$	18,396	$	6,803

Amortization relative to our identified intangible assets is as follows:

	Core Deposit
Dollars in thousands	Intangible
Actual:
2021	$	1,563
2022		1,440
2023		3,335
Expected:
2024		3,669
2025		3,258
2026		2,846
2027		2,433
2028		2,021
Thereafter		4,099