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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 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:

 

  

Goodwill

  

CDI

  

Total

 
             
             

Balance at December 31, 2020

 $6,978,208  $81,200  $7,059,408 

Amortization

  -   (8,328)  (8,328)

Balance at December 31, 2021

  6,978,208   72,872   7,051,080 

Amortization

  -   (8,328)  (8,328)

Balance at December 31, 2022

 $6,978,208  $64,544  $7,042,752 

 

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.