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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | (7.) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performs its annual impairment test of goodwill as of October 1 st of each year. See Note 1, Summary of Significant Accounting Policies, for the Company’s accounting policy for goodwill and other intangible assets. The Company considered the continued capital markets downturn for bank stocks due to macroeconomic pressures, including inflation, along with volatility in the banking industry as a result of recent bank failures during the first half of 2023, a “triggering event” for purposes of a goodwill impairment test, and a quantitative assessment of the Banking reporting unit was performed in the second quarter of 2023. Based on this quantitative assessment, the Company concluded that there was no goodwill impairment as of June 30, 2023. At that time, a qualitative assessment was performed for the SDN and Courier Capital reporting units and the Company concluded no quantitative assessment was deemed necessary as of June 30, 2023. The Company completed annual impairment assessments for all reporting units during the fourth quarter of 2023, utilizing a quantitative assessment. Based on the results of the 2023 annual impairment tests, management concluded that there was no goodwill impairment. There were no goodwill impairment charges recorded in 2023, 2022 or 2021. Declines in the market value of the Company’s publicly traded stock price or declines in the Company’s ability to generate future cash flows may increase the potential that goodwill recorded on the Company’s consolidated statement of financial condition be designated as impaired and that the Company may incur a goodwill write-down in the future. The change in the balance for goodwill during the years ended December 31 was as follows (in thousands):
|  | Banking |  |  | All Other(1) |  |  | Total |
Balance, December 31, 2021 |  | $ | 48,536 |  |  | $ | 18,535 |  |  | $ | 67,071 |
No activity during the period |  | - |  |  |  | - |  |  |  | - |
Balance, December 31, 2022 |  |  | 48,536 |  |  |  | 18,535 |  |  |  | 67,071 |
No activity during the period |  | - |  |  |  | - |  |  |  | - |
Balance, December 31, 2023 |  | $ | 48,536 |  |  | $ | 18,535 |  |  | $ | 67,071 |
(1) All Other includes the SDN, Courier Capital and HNP prior to the May 1, 2023 merger. The amounts are reported net of $4.7 million accumulated impairment related to the SDN reporting unit. Other Intangible Assets The Company has other intangible assets that are amortized, consisting of core deposit intangibles and other intangibles (primarily related to customer relationships). Changes in the gross carrying amount, accumulated amortization and net book value for the years ended December 31 were as follows (in thousands):
|  | 2023 |  |  | 2022 |
Core deposit intangibles: |  |  |  |  |  |
Gross carrying amount |  | $ | 2,042 |  |  | $ | 2,042 |
Accumulated amortization |  |  | (2,042 | ) |  |  | (2,042 | )
Net book value |  | $ | - |  |  | $ | - |
Other intangibles: |  |  |  |  |  |
Gross carrying amount |  | $ | 14,545 |  |  | $ | 14,545 |
Accumulated amortization |  |  | (9,112 | ) |  |  | (8,202 | )
Net book value |  | $ | 5,433 |  |  | $ | 6,343 |
(7.) GOODWILL AND OTHER INTANGIBLE ASSETS (Continued) Other intangibles amortization expense was $910 thousand for the year ended December 31, 2023. Core deposit intangibles and other intangibles amortization expense was $3 thousand and $983 thousand, respectively, for the year ended December 31, 2022. Core deposit intangibles and other intangibles amortization expense was $25 thousand and $1.0 million, respectively, for the year ended December 31, 2021. Estimated amortization expense of other intangible assets for each of the next five years is as follows (in thousands):
|  | Amount |
2024 |  | $ | 838 |
2025 |  |  | 766 |
2026 |  |  | 694 |
2027 |  |  | 623 |
2028 |  |  | 551 |
Thereafter |  |  | 1,961 |
Total |  | $ | 5,433 |

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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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