NOTE 4 - GOODWILL

Changes in the carrying amount of goodwill were as follows (in thousands):


	Wealth Management				Capital Management				Consolidated
		2020		2019		2020		2019		2020		2019
Beginning balance	$	15,994	$	15,994	$	3,692	$	8,817	$	19,686	$	24,811
Impairment		—		—		—		(1,572)		—		(1,572)
Reclass of goodwill held for sale		—		—		—		(3,553)		—		(3,553)
Ending balance	$	15,994	$	15,994	$	3,692	$	3,692	$	19,686	$	19,686

Goodwill is tested annually for impairment on October 31 or earlier upon the occurrence of certain events. The Company performed a qualitative assessment of significant events and circumstances as of March 31, 2020 including reporting units historical and current results, assumptions regarding future performance, overall economic factors, including COVID-19, and macroeconomic developments, to determine the existence of potential indicators of impairment and assess if it is more likely than not that the fair value of reporting units are less than their carrying value. If indicators of impairment are identified a quantitative impairment test is performed. Based on the operating results for the three months ended March 31, 2020 and other considerations, the Company believes that it is more likely than not that the value for each of its reporting units is still greater than their carrying values.

During 2019, the Company received an unsolicited offer to purchase its Los Angeles-based fixed income team, a portion of the Capital Management segment. This resulted in performing an interim goodwill analysis and we recorded a goodwill impairment loss of $1.6 million in the Capital Management segment during 2019.

Additionally, goodwill was allocated based on the relative fair value for the portion of the segment held for sale, in the amount of $3.6 million, and was reclassified to intangibles held for sale in 2019. As of March 31, 2020, the remaining value of goodwill in the Capital Management segment was $3.7 million.

As of the three months ended March 31, 2020, no changes have been made to the balance of goodwill. For changes related to the portion of goodwill reclassified to intangibles held for sale, see Note 14 – Intangible Assets and Other Liabilities Classified as Held for Sale.