Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Other Intangible Assets

Note 5 – Goodwill and Other Intangible Assets

The table below sets forth the carrying amount of goodwill and other intangible assets, net of accumulated amortization as of the dates indicated:


	March 31, 2026			December 31, 2025

	(in thousands)
Balances not subject to amortization:
Goodwill	$	18,512		$	18,512
Balances subject to amortization:
Core deposit intangibles		18,411			19,303
Total goodwill and other intangibles (1)	$	36,923		$	37,815

(1)	The goodwill recorded during December 31, 2025 relates to the acquisition of Provident.

The changes in the carrying value of goodwill for the periods indicated were as follows:


	For the Three Months Ended
	March 31, 2026			March 31, 2025

	(in thousands)
Balance at beginning of period	$	18,512		$	—
Goodwill recorded during the period		—			—
Goodwill disposed of during the period		—			—
Balance at end of period	$	18,512		$	—

The following table sets forth the carrying amount of the Company’s other intangible assets, net of accumulated amortization, as of the dates indicated below:


	March 31, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

	(in thousands)
Core deposit intangible - Provident	$	18,800	$	1,283	$	17,517
Core deposit intangible - Century Cannabis		1,488		594		894
Total core deposit intangibles	$	20,288	$	1,877	$	18,411


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

	(in thousands)
Core deposit intangible - Provident		18,800	$	428	$	18,372
Core deposit intangible - Century Cannabis		1,488		557		931
Total core deposit intangibles	$	20,288	$	985	$	19,303

In accordance with the accounting guidance codified in ASC 350-20, the Company performs a test of goodwill for impairment at the reporting segment level on an annual basis, or sooner, if an event occurs or circumstances change which might indicate that the fair value of a reporting unit is below its carrying amount. The Company has one identified reporting segment and assigned goodwill to the banking business reporting segment.

An assessment is also required to be performed to the extent relevant events and/or circumstances occur which may indicate it is more-likely-than-not that the fair value of a reporting segment is less than its carrying amount.

The Company performed its annual assessment for the banking business as of December 31, 2025. The assessment included a qualitative assessment which indicated that it was more likely than not that the fair value of the reporting unit exceeded the carrying value. Based upon the assessment, it was determined there was no impairment of the Company’s goodwill as of December 31, 2025.

The amortization expense of the Company’s other intangible assets was $892,000 and $37,000 during the three months ended March 31, 2026 and 2025, respectively.

The weighted average original amortization period and weighted average remaining useful life of the Company’s other intangible assets is 10.0 years and 9.3 years, respectively. Management performs an assessment of the remaining useful lives of the Company’s intangible assets on a quarterly basis to determine if such lives remain appropriate.

The estimated amortization expense for the remaining useful life of the Company’s other intangible assets is as follows (in thousands):


Year
2026	$	2,632
2027		3,183
2028		2,841
2029		2,499
2030		2,157
2031 and thereafter		5,099
	$	18,411