ACQUISITIONS

12 Months Ended

Dec. 31, 2023

21. ACQUISITIONS

The Company did not complete any acquisitions in 2023 or 2022. The Company completed one acquisition in 2021, supporting the overall wealth management strategy. The acquisition was not considered significant to the Company’s financial statements and therefore pro forma financial data and related disclosures are not included.

On July 1, 2021, the Company acquired Princeton Portfolio Strategies Group. The purchase price was comprised of cash and common stock. The excess of the purchase price over the estimated fair value of the identifiable net assets was recorded as goodwill and is deductible for tax purposes.

The fair value of the equity included as part of the consideration for the Company’s acquisition in 2021 was determined based on the closing price of the Company’s common shares on the acquisition date and totaled $333,000 for 2021.

The 2021 acquisition resulted in goodwill of $3.1 million as well as identifiable intangible assets. Identifiable intangible assets include trade name, customer relationships and non-compete agreements. No liabilities were assumed at these acquisition dates.

Goodwill on the Company’s consolidated statement of financial condition totaled $36.2 million at December 31, 2023 and 2022. Of the $36.2 million of goodwill, $563,000 relates to the Banking segment and $35.6 million relates to the Wealth Management segment.

During 2023, the Company conducted its annual impairment analysis in the third quarter and concluded that there was no impairment of goodwill.

The table below presents a roll forward of goodwill and intangible assets for the years ended December 31, 2023, 2022 and 2021:


			Identifiable
(In thousands)	Goodwill		Intangible Assets
Balance as of January 1, 2021	$	33,103	$	10,788
Acquisitions during the period		3,109		3,500
Amortization and impairment during the period		—		1,598
Balance as of December 31, 2021	$	36,212	$	12,690
Amortization and impairment during the period		—		1,569
Balance as of December 31, 2022	$	36,212	$	11,121
Amortization and impairment during the period		—		1,319
Balance as of December 31, 2023	$	36,212	$	9,802

Amortization expense related to identifiable intangible assets was $1.3 million for 2023 and $1.6 million for 2022 and 2021.

Estimated amortization expense for each of the next five years is shown in the table below.


(In thousands)
2024	$	1,087
2025		1,087
2026		959
2027		944
2028		944