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GOODWILL AND OTHER INTANGIBLES
 6 Months Ended
Jun. 30, 2024
GOODWILL AND OTHER INTANGIBLES [Abstract]  
GOODWILL AND OTHER INTANGIBLES
NOTE 6 – GOODWILL AND OTHER INTANGIBLES
 
 
Goodwill
Goodwill
 
as of
 
each
 
of
 
June 30,
 
2024
 
and
 
December
 
31,
 
2023
 
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 2023, management performed a qualitative analysis of 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, 2023, 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 2024.
 
There
 
were
no
 
changes
 
in
 
the
 
carrying
 
amount
 
of
 
goodwill
 
during
 
the
 
quarters
 
and
 
six-month
 
periods
 
ended
 
June
 
30,
 
2024
 
and
2023.
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, 2024
December 31, 2023
(Dollars in thousands)
Core deposit intangible:
Gross amount
$
87,544
$
87,544
Accumulated amortization
(77,844)
(74,161)
Net carrying amount
$
9,700
$
13,383
Remaining amortization period (in years)
5.5
6.0
 
 
 
 
 
 
 
During
 
the
 
quarter
 
and
 
six-month
 
period
 
ended
 
June
 
30,
 
2024,
 
the
 
Corporation
 
recognized
 
$
1.9
 
million
 
and
 
$
3.7
 
million,
respectively,
 
in amortization
 
expense
 
on its
 
other intangibles
 
subject to
 
amortization,
 
compared to
 
$
2.0
 
million
 
and $
4.0
 
million for
the same periods in 2023, 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 June 30, 2024.
The estimated
 
aggregate annual
 
amortization expense
 
related to the
 
intangible assets
 
subject to amortization
 
for future periods
 
was
as follows as of June 30, 2024
 
 
 
 
 
 
(In thousands)
2024
$
2,733
2025
3,509
2026
872
2027
872
2028
872
2029 and after
842