Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

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 three months of 2026 or 2025.

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


		Three months ended March 31,
		2026			2025
Beginning balance		$	106		$	166
Amortization			(7)			(20)

Ending balance		$	99		$	146

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 $7 and $20 of amortization expense related to its intangible assets for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026, the future amortization expense for amortizable intangible assets for the years ended December 31, was as follows:


2026		$	22
2027			21
2028			16
2029			13
2030			11
Thereafter			16
Total		$	99

Rhinebeck Bancorp, Inc. 10-Q