Note 7 - Goodwill and Other Intangibles |
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Goodwill and Intangible Assets Disclosure [Text Block] |
The Merger in October of 2020 resulted in the recording of goodwill and core deposit intangible (“CDI”). The following table presents the changes in both assets:
The CDI is being amortized over 10 years on a straight line basis. Annual amortization will be $8,328 per year and $6,246 in year 10. Since the Merger was a tax-free reorganization, goodwill and CDI are not deductible for income tax purposes.
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