Hanmi Financial Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangibles

Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 6 — Goodwill and other Intangibles

The goodwill of $11.0 million was 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:


		September 30, 2024							December 31, 2023
	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	$	(2,213	)	$	—	$	2,213	$	(2,145	)	$	68
Third-party originator's intangible	7 years		—		—			—		483		(483	)		—
Goodwill	N/A		11,031		—			11,031		11,031		—			11,031
Total intangible assets		$	13,244	$	(2,213	)	$	11,031	$	13,727	$	(2,628	)	$	11,099

The Company performed an impairment analysis in the third quarter of 2024 and determined there was no impairment as of September 30, 2024. No triggering event occurred as of, or subsequent to September 30, 2024, that would require a reassessment of goodwill and other intangible assets.