Note 7 - Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

(7)         GOODWILL AND OTHER INTANGIBLES

The Company acquired goodwill of $1.1 million in the acquisition of Peoples Bancorp, Inc. of Bullitt County and The Peoples Bank of Bullitt County (“Peoples”) during 2015 in addition to acquiring goodwill of $5.4 million in the acquisition of Hometown Bancshares, Inc. (“Hometown”) during 2003. Goodwill is evaluated for impairment at least annually or more frequently upon the occurrence of an event or when circumstances indicate that the carrying amount is greater than its fair value. No impairment of goodwill was recognized during 2022, 2021 or 2020.

The Company acquired a core deposit intangible of $1.4 million in the acquisition of Peoples. All of the Company’s previously acquired core deposit intangibles had been fully amortized prior to 2015. Core deposit intangible amortization expense totaled $147,000 each year for 2022, 2021, and 2020.

Core deposit intangibles subject to amortization as of December 31, 2022 and 2021 consisted of the following:

(In thousands)	2022		2021
Core deposit intangible acquired in Peoples acquisition	$	1,418	$	1,418
Less accumulated amortization		1,039		892
	$	379	$	526

Estimated amortization expense for the core deposit intangible for each of the ensuing five years (as applicable) and in the aggregate is as follows:

Years ending December 31:	(In thousands)
2023	$	147
2024		147
2025		85
Total	$	379