XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.23.2

GOODWILL AND OTHER INTANGIBLES | 6 Months Ended
--- | ---
Jun. 30, 2023
GOODWILL AND OTHER INTANGIBLES [Abstract] |
GOODWILL AND OTHER INTANGIBLES | NOTE 6 – GOODWILL AND OTHER INTANGIBLES Goodwill Goodwill as of each of June 30, 2023 and December 31, 2022 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 2022, management performed a qualitative analysis over the carrying amount of each relevant reporting units’ goodwill and concluded that it is more-likely-than-not that the fair value of the reporting units exceeded their carrying value. 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 the reporting units exceeded their carrying amount. As of December 31, 2022, 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 six months of 2023. There were no changes in the carrying amount of goodwill during the quarter and six-month period ended June 30, 2022. Other Intangible Assets The following table presents the gross amount and accumulated amortization of the Corporation’s intangible assets subject to amortization as of the indicated dates: As of As of June 30, December 31, 2023 2022 (Dollars in thousands) Core deposit intangible: Gross amount $ 87,544 $ 87,544 Accumulated amortization (70,469) (66,644) Net carrying amount $ 17,075 $ 20,900 Remaining amortization period (in years) 6.5 7.0 Purchased credit card relationship intangible: Gross amount $ 3,800 $ 3,800 Accumulated amortization (3,783) (3,595) Net carrying amount $ 17 $ 205 Remaining amortization period (in years) 0.2 0.7 Insurance customer relationship intangible: Gross amount $ - $ 1,067 Accumulated amortization - (1,054) Net carrying amount $ - $ 13 Remaining amortization period (in years) - 0.1 During the quarter and six-month period ended June 30, 2023, the Corporation recognized $ 2.0 million and $ 4.0 million, respectively, in amortization expense on its other intangibles subject to amortization, compared to $ 2.2 million and $ 4.5 million for the same periods in 2022, respectively. The Corporation amortizes core deposit intangibles and customer relationship intangible 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 the customer relationship intangible. As mentioned above, the Corporation analyzes core deposit intangibles and the customer relationship intangible 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 the customer relationship intangible as of June 30, 2023. The estimated aggregate annual amortization expense related to the intangible assets subject to amortization for future periods was as follows as of June 30, 2023: (In thousands) Remaining 2023 $ 3,710 2024 6,416 2025 3,509 2026 872 2027 872 2028 and after 1,713

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration