Note 9 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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 $271.4 million and $167.5 million at June 30, 2026 and December 31, 2025, respectively. The Company recorded $103.9 million in goodwill in the first half 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 June 30, 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:

		*June 30, 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			$	(7,316	)		$	7,975			$	(7,253	)
Non-compete contracts			457				(437	)			457				(435	)
Trade name			1,131				(504	)			1,131				(494	)
Core deposit intangible			51,941				(17,630	)			32,115				(15,645	)
Total		$	61,504			$	(25,887	)		$	41,678			$	(23,827	)

Aggregate amortization expense was $1.2 million and $2.1 million for the three and six months ended June 30, 2026, respectively. Aggregate amortization expense was $735,000 and $1.5 million for the three and six months ended June 30, 2025, respectively.

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

2026 (6 months)		$	2,390
2027			4,667
2028			4,656
2029			4,648
2030			4,365
Thereafter			14,891
Total		$	35,617