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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 30, 2017
Goodwill And Other Intangible Assets [Abstract] |
Goodwill and Other Intangible Assets | Note 11 – Goodwill and Other Intangible Assets The following is a summary of the gross carrying amount and accumulated amortization of amortizable intangible assets as of June 30, 2017, December 31, 2016, and June 30, 2016 and the carrying amount of unamortized intangible assets as of those same dates.
|  | June 30, 2017 |  |  | December 31, 2016 |  |  | June 30, 2016 |
($ in thousands) |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer lists |  | $ | 2,369 |  |  |  | 866 |  |  |  | 2,369 |  |  |  | 746 |  |  |  | 2,369 |  |  |  | 624 |
Core deposit premiums |  |  | 18,520 |  |  |  | 9,404 |  |  |  | 9,730 |  |  |  | 8,143 |  |  |  | 8,560 |  |  |  | 7,660 |
Other |  |  | 1,032 |  |  |  | 381 |  |  |  | 1,032 |  |  |  | 224 |  |  |  | 1,032 |  |  |  | 65 |
Total |  | $ | 21,921 |  |  |  | 10,651 |  |  |  | 13,131 |  |  |  | 9,113 |  |  |  | 11,961 |  |  |  | 8,349 |
SBA servicing asset |  | $ | 862 |  |  |  |  |  |  |  | 415 |  |  |  |  |  |  |  | — |  |  |  |  |
Unamortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | $ | 139,124 |  |  |  |  |  |  |  | 75,042 |  |  |  |  |  |  |  | 73,541 |  |  |  |  |
Activity related to transactions during the periods presented includes the following:
| (1) | In connection with the January 1, 2016 acquisition of Bankingport, Inc., an insurance agency located in Sanford, North Carolina, the Company recorded $1,693,000 in goodwill, $591,000 in a customer list intangible, and $92,000 in other amortizable intangible assets.
| (2) | In connection with the May 5, 2016 acquisition of SBA Complete, Inc., an SBA loan consulting firm, the Company recorded $4,333,000 in goodwill, $1,100,000 in a customer list intangible, and $940,000 in other amortizable intangible assets.
| (3) | In connection with the branch exchange transaction with First Community Bank in Bluefield, Virginia, on July 15, 2016, the Company recorded a net increase of $1,961,000 in goodwill and $1,170,000 in core deposit premiums.
| (4) | In connection with the Carolina Bank acquisition on March 3, 2017, the Company recorded a net increase of $65,302,000 in goodwill and $8,790,000 in core deposit premiums.
In addition to the above acquisition related activity, the Company recorded $415,000 in servicing assets associated with the guaranteed portion of SBA loans originated and sold during the third and fourth quarters of 2016. During the first half of 2017, the Company recorded an additional $513,000 in servicing assets, as well as $66,000 in amortization expense. Servicing assets are recorded at fair value and amortized as a reduction of service fee income over the expected lives of the related loans. Amortization expense of all intangible assets totaled $1,031,000 and $261,000 for the three months ended June 30, 2017 and 2016, respectively, and $1,607,000 and $447,000 for the six months ended June 30, 2017 and 2016, respectively. The following table presents the estimated amortization expense related to amortizable intangible assets, excluding SBA servicing assets, for the last two quarters of calendar year 2017 and for each of the four calendar years ending December 31, 2021 and the estimated amount amortizable thereafter. These estimates are subject to change in future periods to the extent management determines it is necessary to make adjustments to the carrying value or estimated useful lives of amortized intangible assets.
($ in thousands) |  | Estimated Amortization Expense |
July 1 to December 31, 2017 |  | $ | 1,615 |
2018 |  |  | 2,862 |
2019 |  |  | 2,314 |
2020 |  |  | 1,750 |
2021 |  |  | 1,288 |
Thereafter |  |  | 1,441 |
Total |  | $ | 11,270 |

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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