Note 9 - Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Intangible Asset and Goodwill [Text Block]

Goodwill and Intangible Assets:

Goodwill associated with the Merger during the first quarter of 2026 and the Company’s past acquisitions totaled $271.7 million and $167.5 million at March 31, 2026 and December 31, 2025, respectively. The Company recorded $104.2 million in goodwill in the first quarter of 2026 as a result of the Merger. 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 March 31, 2026, 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:

		*March 31, 2026*								*December 31, 2025*
		Gross Carrying				Accumulated				Gross Carrying				Accumulated
(In Thousands of Dollars)		Amount				Amortization				Amount				Amortization
Amortized intangible assets:
Customer relationship intangibles		$	7,975			$	(7,285	)		$	7,975			$	(7,253	)
Non-compete contracts			457				(436	)			457				(435	)
Trade name			1,131				(499	)			1,131				(494	)
Core deposit intangible			51,941				(16,472	)			32,115				(15,645	)
Total		$	61,504			$	(24,692	)		$	41,678			$	(23,827	)

Aggregate amortization expense was $865,000 and $735,000 for the three month periods ended March 31, 2026 and 2025, respectively.

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

2026 (9 months)		$	3,585
2027			4,667
2028			4,656
2029			4,648
2030			4,365
Thereafter			14,891
Total		$	36,812