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ACQUISITIONS | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
ACQUISITIONS | 21. ACQUISITIONS The Company completed one acquisition in 2019, one acquisition in 2018, and two acquisitions in 2017, supporting the 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. On September 1, 2019, the Company acquired Point View. 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 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 $5.0 million, $4.3 million and $3.6 million in the aggregate for 2019, 2018 and 2017, respectively. The 2019 acquisition resulted in goodwill of $5.8 million as well as identifiable intangible assets. 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 consolidated statement of financial condition totaled $30.2 million, and $24.4 million as of December 31, 2019 and 2018, respectively. Of the $30.2 million of goodwill, $563,000 relates to the Banking segment and $29.6 million relates to the Wealth Management segment. During 2019, 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, 2019, 2018 and 2017:
|  |  |  |  |  | Identifiable |
(In thousands) |  | Goodwill |  |  | Intangible Assets |
Balance as of January 1, 2017 |  | $ | 1,573 |  |  | $ | 1,535 |
Acquisitions during the period |  |  | 15,534 |  |  |  | 5,466 |
Amortization during the period |  |  | — |  |  |  | 321 |
Balance as of December 31, 2017 |  | $ | 17,107 |  |  | $ | 6,680 |
Acquisitions during the period |  | $ | 7,310 |  |  | $ | 2,440 |
Amortization during the period |  |  | — |  |  |  | 1,187 |
Balance as of December 31, 2018 |  | $ | 24,417 |  |  | $ | 7,933 |
Acquisitions during the period |  | $ | 5,791 |  |  | $ | 3,490 |
Amortization and impairment during the period |  |  | — |  |  |  | 1,043 |
Balance as of December 31, 2019 |  | $ | 30,208 |  |  | $ | 10,380 |
Amortization expense related to identifiable intangible assets was $1.0 million, $1.2 million, and $321,000 for 2019, 2018, and 2017, respectively. The 2018 expense includes impairment expense of $405,000 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) |  |  |  |
2020 |  | $ | 1,287 |
2021 |  |  | 1,283 |
2022 |  |  | 1,127 |
2023 |  |  | 878 |
2024 |  |  | 646 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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