The Company completed one acquisition in 2018 and two acquisitions during 2017 supporting the Bank’s overall wealth management strategy. The acquisitions were not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included.

On August 1, 2017, the Company acquired MCM. The purchase price was comprised of cash and common stock. The excess of the purchase price over the estimated fair value of the identifiable net assets was recorded as goodwill, none of which is tax deductible.

On November 1, 2017, the Company acquired Quadrant. The purchase price was comprised of cash and common stock. The excess of the purchase price over the estimated fair value of the identifiable net assets was recorded as goodwill and is deductible for tax purposes.

On September 1, 2018, the Company acquired Lassus Wherley. The purchase price was comprised of cash and common stock. The excess of the purchase price over the estimated fair value of the identifiable net assets was recorded as goodwill and is deductible for tax purposes.

The fair value of the equity included as part of the consideration for the Company’s acquisitions was determined based on the closing price of the Company’s common shares on the acquisition date and totaled $4.3 million and $5.1 million in the aggregate for 2018 and 2017, respectively.

The 2018 acquisition resulted in goodwill of $7.3 million as well as identifiable intangible assets . The two acquisitions during 2017 combined resulted in goodwill of $15.5 million as well as identifiable intangible assets. Identifiable intangible assets include tradename, customer relationships and non-compete agreements. No liabilities were assumed at the acquisition date.

Goodwill on the Company’s balance sheet totaled $24.4 million and $17.1 million as of December 31, 2018 and 2017, respectively. Of the $24.4 million of goodwill, $563 thousand relates to the Banking segment and $23.8 million relates to the Wealth Management segment.

During 2018, the Company conducted its annual impairment analysis and concluded that there is no impairment of goodwill.

The table below presents a rollforward of goodwill and intangible assets for the years ended December 31, 2018, 2017, and 2016:

			Identifiable
(In thousands)	Goodwill		Intangible Assets
Balance as of 1/1/16	$	1,573	$	1,659
Amortization during the period		—		124
Balance as of 12/31/16	$	1,573	$	1,535
Acquisitions during the period	$	15,534	$	5,466
Amortization during the period		—		321
Balance as of 12/31/17	$	17,107	$	6,680
Acquisitions during the period	$	7,310	$	2,440
Amortization and impairment during the period		—		1,187
Balance as of 12/31/18	$	24,417	$	7,933

Amortization expense related to identifiable intangible assets was $1.2 million, $321 thousand, and $124 thousand for 2018, 2017, and 2016, respectively. The 2018 expense includes impairment expense of $405 thousand resulting from the passing of the founder and managing principal of MCM.

Estimated amortization expense for each of the next five years is shown in the table below.

(In thousands)
2019	$	957
2020		950
2021		875
2022		698
2023		566