Annual report pursuant to Section 13 and 15(d)

Goodwill and Other Intangibles

v3.22.4
Goodwill and Other Intangibles
12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles

Note 7 — Goodwill and other intangibles

The third-party originators intangible of $483,000 and goodwill of $11.0 million were recorded as a result of the acquisition of an equipment financing agreements portfolio in 2016. The core deposit intangible of $2.2 million was recognized for the core deposits acquired in a 2014 acquisition. The Company's intangible assets were as follows for the periods indicated:

 

 

 

 

 

December 31, 2022

 

 

December 31, 2021

 

 

 

Amortization
Period

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Gross
Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

 

 

 

(in thousands)

 

Core deposit intangible

 

10 years

 

$

2,213

 

 

$

(2,031

)

 

$

182

 

 

$

2,213

 

 

$

(1,900

)

 

$

313

 

Third-party originators intangible

 

7 years

 

 

483

 

 

 

(471

)

 

 

12

 

 

 

483

 

 

 

(432

)

 

 

51

 

Goodwill

 

N/A

 

 

11,031

 

 

 

 

 

 

11,031

 

 

 

11,031

 

 

 

 

 

 

11,031

 

Total intangible assets

 

 

 

$

13,727

 

 

$

(2,502

)

 

$

11,225

 

 

$

13,727

 

 

$

(2,332

)

 

$

11,395

 

 

The Company performed its annual goodwill impairment analysis in the fourth quarter of 2022 and determined no impairment existed as of December 31, 2022. As of December 31, 2022, management was not aware of any circumstances that would indicate impairment of goodwill or other intangible assets. There were no impairment charges related to intangible assets recorded in earnings in the three years ended December 31, 2022.