The assets and liabilities acquired in business combinations are recorded at their estimated fair values at the acquisition date. The excess of the purchase price over the estimated fair value of the net assets for tax free acquisitions is recorded as goodwill, none of which is deductible for tax purposes. The excess of the purchase price over the estimated fair value of the net assets for taxable acquisitions is recorded as goodwill and is deductible for tax purposes.

As of December 31, 2025, and December 31, 2024, management conducted a qualitative evaluation of current economic conditions, Company performance, stock price and other pertinent factors, finally concluding that no goodwill impairment is warranted at this time.

The carrying basis of goodwill and core deposit intangibles as of and for the years ended December 31, 2025 and 2024, were as follows.


	Goodwill		Core Deposit
Balance as of January 1, 2024	$	53,101	$	7,222
Acquired in acquisition		—		12,036
Amortization		—		(4,289	)
Balance as of December 31, 2024		53,101		14,969
Acquired in acquisition		29,000		11,168
Amortization		—		(4,503	)
Balance as of December 31, 2025	$	82,101	$	21,634

Estimated core deposit intangibles amortization expense for each of the following five years and thereafter is listed in the following table.


Expensed in one year or less	$	4,585
Expensed after one year through two years		3,745
Expensed after two years through three years		2,997
Expensed after three years through four years		2,476
Expensed after four years through five years		2,100
Thereafter		5,731
Total	$	21,634