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Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
8. | Goodwill and Other Intangible Assets
Goodwill. Total goodwill was $375.7 million as of December 31, 2022 compared with $372.2 million as of December 31, 2021. The increase of $3.5 million is a result of the acquisition of HSBC’s West Coast mass retail market consumer banking business and retail business banking business on February 7, 2022. Additional information pertaining to the Company’s accounting policy for goodwill is summarized in Note 1 — Summary of Significant Accounting Policies — Goodwill and Other Intangible Assets. The Company completed its annual goodwill impairment testing and additionally reviewed the macroeconomic conditions on its business performance and market capitalization and concluded that goodwill was not impaired as of December 31, 2022 and 2021. Core Deposit Intangibles. As a result of the acquisition of HSBC’s West Coast mass retail market consumer banking business and retail business banking business, the Company added core deposit intangible of $3.1 million in 2022. The following table presents the gross carrying amount and accumulated amortization of core deposits intangible assets as of December 31, 2022 and 2021:
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (In thousands) |
Gross balance |  | $ | 10,562 |  |  | $ | 7,424 |
Accumulated amortization |  |  | (4,291 | ) |  |  | (3,317 | )
Impairment |  |  | (918 | ) |  |  | — |
Net carrying balance |  | $ | 5,353 |  |  | $ | 4,107 |
There was $918 thousand in impairment write-downs on core deposit intangibles for the year ended December 31, 2022 included in amortization of core deposit intangibles on the Consolidated Statements of Operations and Comprehensive Income. No impairment write-downs were recorded on core deposit intangibles for the years ended December 31, 2021 and 2020. The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. The amortization expense related to the core deposit intangible assets was $1.9 million, $687 thousand and $687 thousand for the years ended December 31, 2022, 2021 and 2020, respectively.
|  | Amount |
|  | (In thousands) |
2023 |  | $ | 1,001 |
2024 |  | $ | 1,001 |
2025 |  | $ | 946 |
2026 |  | $ | 870 |
2027 |  | $ | 870 |
thereafter |  | $ | 665 |
Total |  | $ | 5,353 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
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