Note 5 - Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

5.	Goodwill and Other Intangibles

The Merger resulted in the recording of goodwill and a core deposit intangible (“CDI”). The following table presents the changes in both assets for the six-month periods ended June 30, 2025 and 2024:

(dollars in thousands)		Goodwill				CDI				Total

Balance at December 31, 2024		$	6,978			$	48			$	7,026
Amortization			-				(4	)		$	(4	)
Balance at June 30, 2025		$	6,978			$	44			$	7,022


Balance at December 31, 2023		$	6,978			$	56			$	7,034
Amortization			-				(4	)			(4	)
Balance at June 30, 2024		$	6,978			$	52			$	7,030

The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8.3 thousand per year through year nine and $6.2 thousand in year 10. Because the Merger was a tax-free reorganization, neither the goodwill nor the CDI is deductible for income tax purposes. A goodwill impairment analysis is performed annually.