Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

4. Goodwill and Intangible Assets

The Company evaluates goodwill annually in the fourth quarter of the fiscal year or more often if events occur or circumstances change that indicate an impairment may exist. Management has determined that no write-down was required for the first six months of 2025 or 2024.

The changes in the carrying value of the customer list and core deposit intangibles, net of accumulated amortization and impairment, are as follows:


	Six months ended June 30, 2025
	2025		2024
Beginning balance	$	166	$	246
Amortization		(37)		(41)

Ending balance	$	129	$	205

Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized over their estimated useful lives. Purchased customer accounts primarily consist of records and files that contain information about investment holdings. The values assigned to customer lists and core deposit intangibles are based upon the application of the income approach. The Company recognized $17 and $20 of amortization expense related to its intangible assets for the three months ended June 30, 2025 and 2024, respectively. The Company recognized $37 and $41 of amortization expense related to its intangible assets for the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, the future amortization expense for amortizable intangible assets for the years ended December 31, was as follows:


2025	$	23
2026		29
2027		21
2028		16
2029		13
Thereafter		27
Total	$	129

Rhinebeck Bancorp, Inc. 10-Q