Note 9 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Intangible Assets:

Goodwill associated with the Company’s past acquisitions totaled $167.4 million at June 30, 2025 and December 31, 2024. Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through an impairment test. Management performs goodwill impairment testing on an annual basis as of September 30, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As of June 30, 2025, no events or changes in circumstances indicated that the fair value of the reporting unit was below its carrying value. The Company will continue to monitor its goodwill for possible impairment.

Acquired Intangible Assets

Acquired intangible assets were as follows:

	*June 30, 2025*					*December 31, 2024*
	Gross Carrying		Accumulated			Gross Carrying		Accumulated
(In Thousands of Dollars)	Amount		Amortization			Amount		Amortization
Amortized intangible assets:
Customer relationship intangibles	$	7,975	$	(7,170	)	$	7,975	$	(7,088	)
Non-compete contracts		457		(433	)		457		(426	)
Trade name		1,131		(481	)		1,131		(468	)
Core deposit intangible		32,115		(14,313	)		32,115		(12,946	)
Total	$	41,678	$	(22,397	)	$	41,678	$	(20,928	)

Aggregate amortization expense was $735,000 and $1.5 million for the three and six month periods ended June 30, 2025 Amortization expense was $630,000 and $1.3 million for the three and six month periods ended June 30, 2024.

Estimated amortization expense for each of the next five periods and thereafter:

2025 (6 months)	$	1,430
2026		2,798
2027		2,684
2028		2,674
2029		2,665
Thereafter		7,030
Total	$	19,281