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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The following table summarizes the activity in the Company’s goodwill balance as of the dates indicated:
(Dollars in thousands) | Total
Balance as of June 30, 2021 | $ | 71,222 |
Goodwill from acquisitions 1 | 24,452 |
Balance as of June 30, 2022 | 95,674 |
Goodwill from acquisitions | 1,999 |
Balance as of June 30, 2023 | $ | 97,673 |
1 Goodwill acquired in the AAS acquisition is allocated to the Securities Business segment. For additional information on the AAS acquisition, see Note 2 - “Acquisitions.” There was no goodwill impairment identified for the fiscal years ended June 30, 2023 and June 30, 2022. The Company’s acquired intangible assets are summarized as follows as of the dates indicated:
|  | June 30, 2023 |  | June 30, 2022
(Dollars in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Covenant not to compete |  | $ | 1,380 |  |  | $ | 1,149 |  |  | $ | 231 |  |  | $ | 1,060 |  |  | $ | 1,038 |  |  | $ | 22 |
Customer relationships |  | 50,810 |  |  | 14,598 |  |  | 36,212 |  |  | 46,960 |  |  | 10,654 |  |  | 36,306 |
Customer deposit intangible |  | 13,545 |  |  | 9,235 |  |  | 4,310 |  |  | 13,545 |  |  | 7,655 |  |  | 5,890 |
Developed technologies |  | 34,650 |  |  | 21,405 |  |  | 13,245 |  |  | 34,040 |  |  | 15,905 |  |  | 18,135 |
Trademark |  | 378 |  |  | — |  |  | 378 |  |  | 378 |  |  | — |  |  | 378 |
Trade name |  | 700 |  |  | 600 |  |  | 100 |  |  | 580 |  |  | 580 |  |  | — |
Total intangible assets |  | $ | 101,463 |  |  | $ | 46,987 |  |  | $ | 54,476 |  |  | $ | 96,563 |  |  | $ | 35,832 |  |  | $ | 60,731 |
The amortization expense for intangible assets that are subject to amortization was $11.2 million and $11.1 million for the years ended June 30, 2023 and 2022, respectively. Each intangible asset subject to amortization is amortized using the straight-line method over the estimated useful life of the asset. Trademark is an indefinite life intangible. Estimated future amortization expense related to finite-lived intangible assets at June 30, 2023 is as follows:
(Dollars in thousands) | Amortization Expense
For the fiscal year ending June 30, |
2024 | $ | 10,748 |
2025 | 6,666 |
2026 | 6,331 |
2027 | 6,067 |
2028 | 5,233 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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