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ACQUISITIONS | 12 Months Ended
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Dec. 31, 2022
Business Combinations [Abstract] |
ACQUISITIONS | 21. ACQUISITIONS The Company did not complete any acquisitions in 2022. The Company completed one acquisition in 2021 and two acquisitions in 2020, 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 December 18, 2020, the Company acquired wealth management teams and the associated books of business from Noyes Capital Management and Lucas Capital Management. The purchase price was comprised of cash in both transactions. 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 July 1, 2021, the Company acquired Princeton Portfolio Strategies Group. 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 acquisition in 2021 was determined based on the closing price of the Company’s common shares on the acquisition date and totaled $333,000 for 2021. There was no equity included in the Company’s acquisitions for the year ended December 31, 2020. The 2021 acquisition resulted in goodwill of $3.1 million as well as identifiable intangible assets. The two 2020 acquisitions resulted in goodwill of $2.9 million as well as identifiable intangible assets. Identifiable intangible assets include tradename, customer relationships and non-compete agreements. No liabilities were assumed at these acquisition dates. Goodwill on the Company’s consolidated statement of financial condition totaled $36.2 million at December 31, 2022 and 2021. Of the $36.2 million of goodwill, $563,000 relates to the Banking segment and $35.6 million relates to the Wealth Management segment. During 2022, the Company conducted its annual impairment analysis and concluded that there was no impairment of goodwill. The table below presents a roll forward of goodwill and intangible assets for the years ended December 31, 2022, 2021 and 2020:
|  |  |  |  | Identifiable |
(In thousands) |  | Goodwill |  |  | Intangible Assets |
Balance as of January 1, 2020 |  | $ | 30,208 |  |  | $ | 10,380 |
Acquisitions during the period |  |  | 2,895 |  |  |  | 1,695 |
Amortization and impairment during the period |  |  | — |  |  |  | 1,287 |
Balance as of December 31, 2020 |  | $ | 33,103 |  |  | $ | 10,788 |
Acquisitions during the period |  | $ | 3,109 |  |  | $ | 3,500 |
Amortization and impairment during the period |  |  | — |  |  |  | 1,598 |
Balance as of December 31, 2021 |  | $ | 36,212 |  |  | $ | 12,690 |
Acquisitions during the period |  | $ | — |  |  | $ | — |
Amortization during the period |  |  | — |  |  |  | 1,569 |
Balance as of December 31, 2022 |  | $ | 36,212 |  |  | $ | 11,121 |
Amortization expense related to identifiable intangible assets was $1.6 million for 2022 and 2021 and $1.3 million for 2020. Estimated amortization expense for each of the next five years is shown in the table below.
(In thousands) |  |  |
2023 |  | $ | 1,320 |
2024 |  |  | 1,087 |
2025 |  |  | 1,087 |
2026 |  |  | 959 |
2027 |  |  | 944 |

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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 https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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- References No definition available. + Details
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