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GOODWILL AND OTHER INTANGIBLES
 12 Months Ended
Dec. 31, 2024
GOODWILL AND OTHER INTANGIBLES [Abstract]  
GOODWILL AND OTHER INTANGIBLES
NOTE 9 – GOODWILL AND OTHER INTANGIBLES
 
 
Goodwill
Goodwill as of each of December
 
31, 2024 and 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 2024, 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, and thus no
impairment charges for goodwill were recorded. 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.
In
 
the
 
qualitative
 
assessment
 
performed
 
for
 
each
 
reporting
 
unit,
 
the
 
Corporation
 
evaluated
 
events
 
and
 
circumstances
 
that
 
could
impact the fair value including the following:
●
Macroeconomic conditions, such as improvement or deterioration
 
in general economic conditions;
●
Industry and market considerations;
●
Interest rate fluctuations;
●
Overall financial performance of the reporting unit;
●
Performance of industry peers over the last year; and
●
Recent market transactions
There were
no
 
changes in the carrying amount of goodwill during the years ended December
 
31, 2024, 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
December 31, 2024
December 31, 2023
(Dollars in thousands)
Core deposit intangible:
Gross amount
$
87,544
$
87,544
Accumulated amortization
(80,577)
(74,161)
Net carrying amount
$
6,967
$
13,383
Remaining amortization period (in years)
5.0
6.0
 
 
 
 
 
 
 
 
During
 
the
 
years
 
ended
 
December
 
31,
 
2024,
 
2023,
 
and
 
2022,
 
the
 
Corporation
 
recognized
 
$
6.4
 
million,
 
$
7.7
 
million,
 
and
 
$
8.8
million, respectively,
 
in amortization expense on its intangible assets subject to amortization.
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 December
 
31, 2024.
The
 
estimated
 
aggregate
 
annual
 
amortization
 
expense
 
related
 
to
 
core
 
deposit
 
intangibles
 
for
 
future
 
periods
 
was
 
as
 
follows
 
as
 
of
December 31, 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(In thousands)
2025
$
3,509
2026
872
2027
872
2028
872
2029
842