v3.25.1
Goodwill
 3 Months Ended
Mar. 31, 2025
Goodwill [Abstract]  
GOODWILL

NOTE 6 – GOODWILL

 

   Three Months Ended March 31, 
($ in thousands)  2025   2024 
         
Beginning balance  $23,239   $23,239 
Acquired goodwill   3,919    
-
 
Ending balance  $27,158   $23,239 

 

Goodwill is not amortized, but is evaluated for impairment annually as of December 31, or more frequently if events occur or circumstances change that indicate an impairment may exist. As of March 31, 2025, and December 31, 2024, the carrying amount of goodwill was $27.2 and $23.2 million respectively. The acquisition of Marblehead Bank on January 17, 2025 resulted in the acquisition of approximately $3.9 million in goodwill.

 

When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment.

 

Goodwill was assessed for impairment using a quantitative test performed as of March 31,2025. The estimated fair value of the reporting unit exceeded the net carrying value, and therefore no goodwill impairment existed as of that date. No events or circumstances since the March 31, 2025, impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.