Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangibles

v3.23.1
Goodwill and Other Intangibles
3 Months Ended
Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles

Note 6 — Goodwill and other Intangibles

The third-party originators intangible of $0.5 million 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:

 

 

 

 

 

March 31, 2023

 

 

December 31, 2022

 

 

 

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

 

 

$

(2,060

)

 

$

153

 

 

$

2,213

 

 

$

(2,031

)

 

$

182

 

Third-party originators intangible

 

7 years

 

 

483

 

 

 

(474

)

 

 

9

 

 

 

483

 

 

 

(471

)

 

 

12

 

Goodwill

 

N/A

 

 

11,031

 

 

 

 

 

 

11,031

 

 

 

11,031

 

 

 

 

 

 

11,031

 

Total intangible assets

 

 

 

$

13,727

 

 

$

(2,534

)

 

$

11,193

 

 

$

13,727

 

 

$

(2,502

)

 

$

11,225

 

 

The Company performed an impairment analysis on its goodwill and other intangible assets as of December 31, 2022 and determined there was no impairment. No triggering event has occurred subsequent to December 31, 2022 that would require a reassessment of goodwill and other intangible assets.