v3.26.1
Other Intangible Assets
 6 Months Ended
Jun. 30, 2026
Other Intangible Assets [Abstract]  
Other Intangible Assets

Note 5. Other Intangible Assets

 

Goodwill:

 

FASB ASC No. 2021-03, “Goodwill and Other (Topic 350),” regarding testing goodwill for impairment, provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company performs its annual goodwill impairment test as of December 31 of each year. As of the latest impairment analysis on December 31, 2025, management determined there was no goodwill impairment. The carrying amount of goodwill as of both June 30, 2026 and December 31, 2025 was approximately $8,511,000.

 

Core Deposit Intangibles (CDI):

 

The carrying basis and accumulated amortization of CDIs on June 30, 2026 and December 31, 2025 were:

 

   June 30,   December 31, 
   2026   2025 
Gross balance  $13,061,936   $13,061,936 
Accumulated amortization   9,560,406    8,805,554 
Carrying amount  $3,501,530   $4,256,382 

 

The change in CDIs during the six months ended June 30, 2026 and the fiscal year ended December 31, 2025 is as follows:

 

   June 30,   December 31, 
   2026   2025 
Beginning of period  $4,256,382   $5,824,968 
Amortization   (754,852)   (1,568,586)
End of period  $3,501,530   $4,256,382 

 

As of June 30, 2026, the estimated amortization expense of CDIs for future periods is as follows:

 

Remainder of 2026  $767,362 
2027   1,183,335 
2028   1,114,976 
2029   435,857 
Total  $3,501,530