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Goodwill
 9 Months Ended
Sep. 30, 2023
Goodwill [Abstract]  
GOODWILL

NOTE 5 – GOODWILL

 

A summary of the activity in goodwill is presented below:

 

   Three Months Ended
September 30,		   Nine Months Ended
September 30,		 
($ in thousands)  2023   2022   2023   2022 
                 
Beginning balance  $23,239   $23,239   $23,239   $23,191 
Measurement period adjustments   
-
    
-
    
-
    48 
                     
Ending balance  $23,239   $23,239   $23,239   $23,239 

 

Goodwill is not amortized but is evaluated for impairment annually, and on an interim basis if events or circumstances change that indicate an impairment may exist.

 

As of September 30, 2023 and December 31, 2022, the carrying amount of goodwill was $23.2 million. Goodwill is assessed for impairment annually as of December 31, or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment.

 

Goodwill was assessed for impairment using a quantitative test performed as of August 31, 2023. The estimated fair value of the reporting unit exceeded the net carrying value, and therefore no goodwill impairment existed as of that date. No events or circumstances since the August 31, 2023 impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.