XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.3
GOODWILL AND OTHER INTANGIBLES
 9 Months Ended
Sep. 30, 2024
GOODWILL AND OTHER INTANGIBLES [Abstract]  
GOODWILL AND OTHER INTANGIBLES
NOTE 6 – GOODWILL AND OTHER INTANGIBLES
 
 
Goodwill
Goodwill
 
as
 
of
 
each
 
of
 
September
 
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 nine months of 2024.
 
There were
no
 
changes in
 
the carrying
 
amount of
 
goodwill during
 
the quarters
 
and nine-month
 
periods ended
 
September 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
September 30, 2024
December 31, 2023
(Dollars in thousands)
Core deposit intangible:
Gross amount
$
87,544
$
87,544
Accumulated amortization
(79,284)
(74,161)
Net carrying amount
$
8,260
$
13,383
Remaining amortization period (in years)
5.3
6.0
 
 
 
 
 
 
 
 
 
During the
 
quarter and
 
nine-month periods
 
ended September
 
30, 2024,
 
the Corporation
 
recognized $
1.4
 
million and
 
$
5.1
 
million,
respectively,
 
in amortization
 
expense
 
on its
 
other intangibles
 
subject to
 
amortization,
 
compared to
 
$
1.9
 
million
 
and $
5.9
 
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 September 30, 2024.
The
 
estimated
 
aggregate
 
annual
 
amortization
 
expense
 
related
 
to
 
core
 
deposit
 
intangibles
 
for
 
future
 
periods
 
was
 
as
 
follows
 
as
 
of
September 30, 2024
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
Remaining 2024
$
1,293
2025
3,509
2026
872
2027
872
2028
872
2029 and after
842