GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Goodwill is not amortized but is reviewed for impairment annually, or between annual assessments if a triggering event occurs or circumstances change that would more likely than not result in the fair value of a reporting unit below its carrying amount. We completed our most recent annual goodwill impairment assessment during the third quarter of 2023 and determined that no goodwill impairment related to the Advisory or Trust segment was required. There was no goodwill impairment during the three and nine months ended September 30, 2023 or September 30, 2022.

Changes in goodwill were as follows (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2023
Beginning balance	$	39,501	$	35,732
Broadmark Acquisition1	—		4,197
Salient Acquisition Adjustment2	—		(428)
Ending balance	$	39,501	$	39,501

1 The $4.2 million of acquired goodwill is attributable to the Advisory segment.

2 Represents subsequent purchase price adjustments for the 2022 Salient Acquisition.

Other Intangible Assets

Our intangible assets represent the acquisition date fair value of acquired client relationships, trade names, non-compete agreements and internally developed software and are reflected net of amortization. In valuing these assets, we made significant estimates regarding their useful lives, growth rates and potential attrition. We periodically review intangible assets for events or circumstances that would indicate impairment. No intangible asset impairments were recorded during the three and nine months ended September 30, 2023 or September 30, 2022.