GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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 acquisitions1	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