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Goodwill and Intangibles | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangibles | Goodwill and Intangibles Intangible assets are included in the Consolidated Balance Sheets as a separate line item, net of accumulated amortization and consist of the following items:
(dollars in thousands) |  | Gross Intangible Assets |  | Additions |  | Accumulated Amortization |  | Impairment |  | Net Intangible Assets
September 30, 2024: |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 104,168 |  |  | $ | — |  |  | $ | — |  |  | $ | (104,168) |  |  | $ | — |
Excess servicing (1) |  | 37 |  |  | — |  |  | (16) |  |  | — |  |  | 21 |
Non-compete agreements |  | 720 |  |  | — |  |  | (720) |  |  | — |  |  | — |
Total |  | $ | 104,925 |  |  | $ | — |  |  | $ | (736) |  |  | $ | (104,168) |  |  | $ | 21 |
December 31, 2023: |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 104,168 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 104,168 |
Excess servicing (1) |  | 65 |  |  | — |  |  | (28) |  |  | — |  |  | 37 |
Non-compete agreements |  | — |  |  | 1,234 |  |  | (514) |  |  | — |  |  | 720 |
Total |  | $ | 104,233 |  |  | $ | 1,234 |  |  | $ | (542) |  |  | $ | — |  |  | $ | 104,925 |
(1)The Company recognizes a servicing asset for the computed value of servicing fees on the sale of multifamily FHA loans and the sale of the guaranteed portion of SBA loans. Assumptions related to loan terms and amortization are made to arrive at the initial recorded values. During the second quarter ended June 30, 2024, Management determined that a triggering event had occurred as a result of the share price trading under book value for more than four quarters due to changes in macroeconomic conditions and market volatility in the financial markets and the banking industry due to the impact from rising interest rates which resulted in fluctuations of the Company's stock price with a sustained decrease. As a result of the triggering event, the Company engaged a third-party service provider to assist Management with the determination of the fair value of the Company in the second quarter of 2024. The resulting calculations indicated that the fair value did not exceed the carrying amount of the Company's only reporting unit as of May 31, 2024 which resulted in a determination that goodwill had become fully impaired. The goodwill impairment charge of $104.2 million reduced fully the carrying value of the Company's goodwill as of May 31, 2024. The impaired goodwill is primarily related to the acquisition of the Virginia Heritage Bank in October 2014. The impairment charge did not impact our cash flows, liquidity ratios, core operating performance, or regulatory capital ratios.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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