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ACQUISITIONS
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
ACQUISITIONS

21. ACQUISITIONS

The Company did not 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