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ACQUISITIONS | 12 Months Ended
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Dec. 31, 2023
Business Combinations [Abstract] |
ACQUISITIONS | 21. ACQUISITIONS The Company did no t complete any acquisitions in 2023 or 2022. The Company completed one acquisition in 2021, supporting the overall wealth management strategy. The acquisition was not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included. 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. The 2021 acquisition resulted in goodwill of $3.1 million as well as identifiable intangible assets. I dentifiable intangible assets include trade name, 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, 2023 and 2022. 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 2023, the Company conducted its annual impairment analysis in the third quarter 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, 2023, 2022 and 2021:
|  |  |  |  | Identifiable |
(In thousands) |  | Goodwill |  |  | Intangible Assets |
Balance as of January 1, 2021 |  | $ | 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 |
Amortization and impairment during the period |  |  | — |  |  |  | 1,569 |
Balance as of December 31, 2022 |  | $ | 36,212 |  |  | $ | 11,121 |
Amortization and impairment during the period |  |  | — |  |  |  | 1,319 |
Balance as of December 31, 2023 |  | $ | 36,212 |  |  | $ | 9,802 |
Amortization expense related to identifiable intangible assets was $1.3 million for 2023 and $1.6 million for 2022 and 2021. Estimated amortization expense for each of the next five years is shown in the table below.
(In thousands) |  |  |
2024 |  | $ | 1,087 |
2025 |  |  | 1,087 |
2026 |  |  | 959 |
2027 |  |  | 944 |
2028 |  |  | 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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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