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GOODWILL AND OTHER INTANGIBLES | 9 Months Ended
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Sep. 30, 2023
GOODWILL AND OTHER INTANGIBLES [Abstract] |
GOODWILL AND OTHER INTANGIBLES | NOTE 6 – GOODWILL AND OTHER INTANGIBLES Goodwill Goodwill as of each of September 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 nine months of 2023. There were no changes in the carrying amount of goodwill during the quarters and nine-month periods ended September 30, 2023 and 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 September 30, December 31, 2023 2022 (Dollars in thousands) Core deposit intangible: Gross amount $ 87,544 $ 87,544 Accumulated amortization (72,315) (66,644) Net carrying amount $ 15,229 $ 20,900 Remaining amortization period (in years) 6.3 7.0 Purchased credit card relationship intangible: Gross amount $ - $ 3,800 Accumulated amortization - (3,595) Net carrying amount $ - $ 205 Remaining amortization period (in years) - 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 nine-month period ended September 30, 2023, the Corporation recognized $ 1.9 million and $ 5.9 million, respectively, in amortization expense on its other intangibles subject to amortization, compared to $ 2.2 million and $ 6.7 million for the same periods in 2022, respectively. The Corporation amortizes core deposit intangibles based on the projected useful lives of the related deposits. Core deposit intangibles are analyzed 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 as of September 30, 2023. The estimated aggregate annual amortization expense related to the intangible assets subject to amortization for future periods was as follows as of September 30, 2023 (In thousands) Remaining 2023 $ 1,847 2024 6,416 2025 3,509 2026 872 2027 872 2028 and after 1,713

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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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