Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible assets consist of the following:


(Dollars in thousands)	December 31, 2021		December 31, 2020
Goodwill	$	233,727	$	163,209


	December 31, 2021						December 31, 2020
(Dollars in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangibles	$	43,578	$	(31,800)	$	11,778	$	43,578	$	(27,436)	$	16,142
Software intangible asset	16,932		(2,469)		14,463		—		—		—
Other intangible assets	29,560		(12,672)		16,888		19,200		(8,629)		10,571
	$	90,070	$	(46,941)	$	43,129	$	62,778	$	(36,065)	$	26,713

The changes in goodwill and intangible assets by operating segment during the year are as follows:


(Dollars in thousands)
December 31, 2021	Banking		Factoring		Payments		Corporate		Total
Beginning balance	$	123,882	$	66,040	$	—	$	—	$	189,922
Acquired goodwill	—		—		73,697		—		73,697
Acquired goodwill - measurement period adjustment	—		59		(3,238)		—		(3,179)
Acquired intangibles	—		—		27,292		—		27,292
Amortization of intangibles	(4,576)		(2,824)		(3,476)		—		(10,876)
Ending balance	$	119,306	$	63,275	$	94,275	$	—	$	276,856


(Dollars in thousands)
December 31, 2020	Banking		Factoring		Payments		Corporate		Total
Beginning balance	$	129,272	$	61,014	$	—	$	—	$	190,286
Acquired goodwill	—		4,466		—		—		4,466
Acquired intangibles	—		3,500		—		—		3,500
Amortization of intangibles	(5,390)		(2,940)		—		—		(8,330)
Ending balance	$	123,882	$	66,040	$	—	$	—	$	189,922


(Dollars in thousands)
December 31, 2019	Banking		Factoring		Corporate		Total
Beginning balance	$	135,477	$	63,940	$	—	$	199,417
Amortization of intangibles	(6,205)		(2,926)		—		(9,131)
Ending balance	$	129,272	$	61,014	$	—	$	190,286

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. The Company assesses goodwill for impairment at its reporting units that contain goodwill, Banking, Factoring, and Payments. A goodwill impairment test was performed on the Company's reporting units as of October 1, 2021. At the measurement date, these reporting units had positive equity and the Company elected to perform qualitative assessments to determine if it was more likely than not that the fair value of the reporting units exceeded their carrying values, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment.

After performing an impairment test comparing the carrying value of intangible assets to the fair value of intangible assets during the years ended December 31, 2021, 2020 and 2019, it was determined that the fair value of the intangible assets exceeded their carrying amount and thus no intangible asset impairment was recorded.

Generally, material acquired intangible assets are being amortized utilizing an accelerated method over their estimated useful lives, which range from 4 to 11 years. The future amortization schedule for the Company’s intangible assets is as follows:


(Dollars in thousands)
2022	$	11,922
2023	10,482
2024	9,159
2025	5,400
2026	2,480
Thereafter	3,686
	$	43,129