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GOODWILL AND OTHER INTANGIBLES | 12 Months Ended
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Dec. 31, 2023
Goodwill And Other Intangibles [Abstract] |
GOODWILL AND OTHER INTANGIBLES | Note 8 GOODWILL AND OTHER INTANGIBLES At December 31, 2023 and 2022, the Company had goodwill of $ 91.8 million. Goodwill is tested for impairment on an annual basis, or more often if impairment indicators exist. Testing allows for a qualitative assessment of goodwill impairment indicators. If the assessment indicates that impairment has more than likely occurred, the Company must compare the estimated fair value of the reporting unit to its carrying amount. If the carrying amount of the reporting unit exceeds its estimated fair value, an impairment charge is recorded equal to the excess. On April 30, 2021, CCSW acquired substantially all of the assets of Strategic Wealth Group, LLC (“SWG”), including advisory, service, and insurance carrier agreements, and the assignment of all related revenues thereof. Under the terms of the purchase agreement, SWG principles became officers of CCSW and will continue the operation of their five offices in South Georgia offering wealth management services and comprehensive risk management and asset protection services for individuals and businesses. CCBG paid $ 4.5 million in cash consideration and recorded goodwill of $ 2.8 million and a customer relationship intangible asset ( 10 year life) of $ 1.6 million. Amortization expense related to the customer relationship intangible totaled $ 0.2 million in each of 2023 and 2022. The intangible asset balance as of December 31, 2023 and December 31, 2022 was $ 1.2 million and $ 1.3 million, respectively. The estimated amortization expense for each of the eight succeeding fiscal years is $ 0.2 million per year. During the fourth quarter of 2023, the Company performed its annual goodwill impairment testing and determined that no goodwill impairment existed at December 31, 2023 and no goodwill impairment existed at December 31, 2022. The Company will continue to evaluate goodwill for impairment as defined by ASC Topic 350.

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