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Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Acquired Intangible Assets

Acquired intangible assets were as follows as of year-end.

 

 

 

2024

 

 

2023

 

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

Core deposit intangible assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core deposit intangibles

 

 

12,668

 

 

 

7,662

 

 

 

5,006

 

 

 

12,668

 

 

 

6,178

 

 

 

6,490

 

Total core deposit intangible assets

 

$

12,668

 

 

$

7,662

 

 

$

5,006

 

 

$

12,668

 

 

$

6,178

 

 

$

6,490

 

 

(1)
Excludes fully amortized core deposit intangible assets
Schedule of Mortgage Servicing Rights (MSRs) and Related Valuation Allowance

Activity for mortgage servicing rights (MSRs) and the related valuation allowance follows:

 

 

 

2024

 

 

2023

 

2022

 

Mortgage Servicing Rights:

 

 

 

 

 

 

 

 

Beginning of year

 

$

3,018

 

 

$

2,689

 

$

2,642

 

Additions

 

 

202

 

 

 

659

 

 

397

 

Disposals

 

 

 

 

 

 

 

 

Amortized to expense

 

 

343

 

 

 

330

 

 

350

 

Other Charges

 

 

 

 

 

 

 

 

Change in valuation allowance

 

 

 

 

 

 

 

 

End of year

 

$

2,877

 

 

$

3,018

 

$

2,689

 

 

 

 

 

 

 

 

 

 

Valuation allowance:

 

 

 

 

 

 

 

 

Beginning of year

 

$

 

 

$

 

$

 

Additions expensed

 

 

 

 

 

 

 

 

Reductions credited to operations

 

 

 

 

 

 

 

 

Direct write-offs

 

 

 

 

 

 

 

 

End of year

 

$

 

 

$

 

$

 

Schedule of Estimated Amortization Expense

As of December 31, 2022, the estimated future amortization expense for the core deposit intangible is as follows:

 

 

 

Core deposit intangibles

 

2023

 

$

739

 

2024

 

 

684

 

2025

 

 

604

 

2026

 

 

523

 

2027

 

 

443

 

Thereafter

 

 

1,006

 

 

 

$

3,999

 

Estimated amortization expense for each of the next five years and thereafter is as follows:

 

 

 

MSRs

 

 

Core deposit
intangibles

 

 

Total

 

2025

 

$

165

 

 

$

1,316

 

 

$

1,481

 

2026

 

 

163

 

 

 

1,193

 

 

 

1,356

 

2027

 

 

159

 

 

 

1,071

 

 

 

1,230

 

2028

 

 

153

 

 

 

782

 

 

 

935

 

2029

 

 

151

 

 

 

282

 

 

 

433

 

Thereafter

 

 

2,086

 

 

 

362

 

 

 

2,448

 

 

 

$

2,877

 

 

$

5,006

 

 

$

7,883