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Goodwill
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
GOODWILL

NOTE 5 – GOODWILL

 

A summary of the activity in goodwill is presented below:

 

($ in thousands)  Three Months Ended
June 30,		   Six Months Ended
June 30,		 
   2024   2023   2024   2023 
Beginning balance  $23,239   $23,239   $23,239   $23,239 
Measurement period adjustments   
-
    
-
    
-
    
-
 
                     
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 June 30, 2024, and December 31, 2023, 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 September 30, 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 September 30, 2023, impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.