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GOODWILL AND OTHER INTANGIBLES | 9 Months Ended
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Sep. 30, 2022
Goodwill and other Intangible Assets [Abstract] |
GOODWILL AND OTHER INTANGIBLES [Text Block] | NOTE 6 – GOODWILL AND OTHER INTANGIBLES Goodwill as of each of September 30, 2022 and December 31, 2021 amounted to $ 38.6 million. The Corporation’s policy is to assess goodwill and other intangibles for impairment on an annual basis during the fourth quarter of each year, and more frequently if events or circumstances lead management to believe that the values of goodwill or other intangibles may be impaired. During the fourth quarter of 2021, as part of its annual evaluation, the Corporation performed a qualitative assessment to determine if a goodwill impairment test was necessary. This assessment involved identifying the inputs and assumptions that most affect fair value, including evaluating significant and relevant events impacting each reporting entity, and evaluating such factors to determine if a positive assertion can be made that it is more likely than not that the fair value of each reporting unit is greater than its carrying amount. As of December 31, 2021, the Corporation concluded that it is more-likely-than-not that the fair value of the reporting units exceeded their carrying value. The Corporation determined that there have been no significant events since the last annual assessment that could indicate potential goodwill impairment on reporting units for which the goodwill is allocated. As a result, no impairment charges for goodwill were recorded during the first nine months of 2022. There were no changes in the carrying amount of goodwill during the quarter and nine-month period ended September 30, 2022. The changes in the carrying amount of goodwill attributable to operating segments during 2020 and the nine-month period ended September 30, 2021 are reflected in the following table: Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking United States Operations Total (In thousands) Goodwill, January 1, 2020 $ - $ 1,406 $ - $ 26,692 $ 28,098 Merger and acquisitions (1) 574 794 4,935 - 6,303 Measurement period adjustment (1) 385 533 3,313 - 4,231 Goodwill, December 31, 2020 $ 959 $ 2,733 $ 8,248 $ 26,692 $ 38,632 Measurement period adjustment (2) 53 74 (148) - (21) Goodwill, September 30, 2021 $ 1,012 $ 2,807 $ 8,100 $ 26,692 $ 38,611 (1) Recognized in connection with the BSPR acquisition on September 1, 2020. Refer to Note 2 - Business Combination included in the 2021 Annual Report on Form 10-K for additional information. (2) Relates to the fair value estimate update performed within one year of the closing of the BSPR acquisition, in accordance with ASC Topic 805, "Business Combinations"("ASC 805"). The following table shows the gross amount and accumulated amortization of the Corporation’s intangible assets subject to amortization as of the indicated dates: As of As of September 30, December 31, 2022 2021 (Dollars in thousands) Core deposit intangible: Gross amount $ 87,544 $ 87,544 Accumulated amortization (64,726) (58,973) Net carrying amount $ 22,818 $ 28,571 Remaining amortization period (in years) 7.3 8.0 Purchased credit card relationship intangible: Gross amount $ 3,800 $ 3,800 Accumulated amortization (3,424) (2,602) Net carrying amount $ 376 $ 1,198 Remaining amortization period (in years) 0.9 1.7 Insurance customer relationship intangible: Gross amount $ 1,067 $ 1,067 Accumulated amortization (1,016) (902) Net carrying amount $ 51 $ 165 Remaining amortization period (in years) 0.3 1.1 During the quarter and nine-month period ended September 30, 2022, the Corporation recognized $ 2.2 million and $ 6.7 million, respectively, in amortization expense on its other intangibles subject to amortization, compared to $ 2.8 million and $ 8.7 million for the same periods in 2021, respectively. The Corporation amortizes core deposit intangibles and customer relationship intangibles based on the projected useful lives of the related deposits in the case of core deposit intangibles, and over the projected useful lives of the related client relationships in the case of customer relationship intangibles. The Corporation analyzes core deposit intangibles and customer relationship intangibles annually for impairment, or sooner if events and circumstances indicate possible impairment. Factors that may suggest impairment include customer attrition and run-off. Management is unaware of any events and/or circumstances that would indicate a possible impairment to the core deposit intangibles or customer relationship intangibles as of September 30, 2022. The estimated aggregate annual amortization expense related to the intangible assets subject to amortization for future periods was as follows as of September 30, 2022: Amount (In thousands) 2022 $ 2,126 2023 7,736 2024 6,416 2025 3,509 2026 872 2027 and after 2,586

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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