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ACQUISITIONS | 12 Months Ended
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Dec. 31, 2024
Business Combinations [Abstract] |
ACQUISITIONS | 21. ACQUISITIONS The Company did no t complete any acquisitions in 2024 or 2023. Goodwill on the Company’s consolidated statement of financial condition totaled $36.2 million at December 31, 2024 and 2023. Of the $36.2 million of goodwill, $563,000 relates to the Banking segment and $35.6 million relates to the Wealth Management segment. The Company conducted its annual impairment analysis in the third quarter of 2024 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, 2024, 2023 and 2022:
|  |  |  |  | Identifiable |
(In thousands) |  | Goodwill |  |  | Intangible Assets |
Balance as of January 1, 2022 |  | $ | 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 and impairment during the period |  |  | — |  |  |  | 1,088 |
Balance as of December 31, 2024 |  | $ | 36,212 |  |  | $ | 8,714 |
Amortization expense related to identifiable intangible assets was $1.1 million for 2024, $1.3 million for 2023 and $1.6 million for 2022. Estimated amortization expense for each of the next five years is shown in the table below.
(In thousands) |  |  |
2025 |  | $ | 1,087 |
2026 |  |  | 959 |
2027 |  |  | 944 |
2028 |  |  | 944 |
2029 |  |  | 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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- References No definition available. + Details
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