v3.26.1
Goodwill
 6 Months Ended
Jun. 30, 2026
Goodwill [Abstract]  
GOODWILL

NOTE 6 – GOODWILL

 

   Three Months Ended June 30,   Six Months Ended June 30, 
($ in thousands)  2026   2025   2026   2025 
                 
Beginning balance  $27,158   $27,158   $27,158   $23,239 
Acquired goodwill   
-
    
-
    
-
    3,919 
                     
Ending balance  $27,158   $27,158   $27,158   $27,158 

 

Goodwill is not amortized, but is evaluated for impairment annually as of December 31, or more frequently if events occur or circumstances change that indicate an impairment may exist. As of June 30, 2026, and December 31, 2025, the carrying amount of goodwill was $27.2 million. The acquisition of Marblehead on January 17, 2025, resulted in the acquisition of approximately $3.9 million in goodwill.

 

When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment.

 

Goodwill was assessed for impairment using a qualitative test performed as of June 30, 2026. The estimated fair value of the reporting unit was less than the net carrying value; however, management believes the cumulative impact of certain factors, including assets, loan and deposit growth, revenue expansion, and stable asset quality, are sufficient to overcome the Company’s market value being slightly below its carrying value at June 30, 2026, and therefore no goodwill impairment existed as of that date. No events or circumstances since June 30, 2026, were noted that would indicate it was more likely than not a goodwill impairment exists.