Note 5: Goodwill and Other Intangible Assets

Goodwill was $12.0 million at June 30, 2025 and December 31, 2024. Goodwill is not amortized but is subject to, at a minimum, an annual test for impairment. Other intangible assets consist of core deposit relationships and favorable lease terms.

​

The following table presents a summary of other intangible assets at June 30, 2025 and December 31, 2024:

​

​

Amortization expense of other intangible assets was $230,000 for the three months ended June 30, 2025 and $8,000 for the three months ended June 30, 2024. Amortization expense of other intangible assets was $460,000 for the six months ended June 30, 2025 and $17,000 for the six months ended June 30, 2024. The core deposit intangible asset is amortized over its estimated useful life of ten years.

​

The following table presents the estimated future amortization of the core deposit intangible and favorable lease assets for the next five years and thereafter. The projections of amortization expense are based on existing asset balances as of June 30, 2025.

​