Quarterly report pursuant to Section 13 or 15(d)

GOODWILL

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GOODWILL
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL GOODWILL
As of March 31, 2023, changes in the carrying amount of goodwill during the period presented were as follows:
(in thousands)
Balance as of December 31, 2022 $ 3,585 
Balance as of March 31, 2023 $ 3,585 
The Company conducts its annual goodwill impairment assessment on September 30, and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired. Management did not identify any impairment triggers during the three months ended March 31, 2023 and concluded there was no impairment of goodwill.
For the purpose of the goodwill impairment assessment, the Company has the option to perform a qualitative assessment (commonly referred to as “step zero”) to determine whether further quantitative analysis for impairment of goodwill or indefinite-lived intangible assets is necessary or a quantitative assessment (“step one”) where the Company estimates the fair value of each reporting unit using a discounted cash flow method (income approach). Goodwill is assigned to the reporting unit, which is the operating segment level or one level below the operating segment. The balance of goodwill at March 31, 2023 and December 31, 2022 remained unchanged at $3.59 million.