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Business Combinations
 6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]  
Business Combinations

(2.) BUSINESS COMBINATIONS

SDN Acquisition

On August 1, 2014, the Company completed the acquisition of Scott Danahy Naylon Co., Inc., a full service insurance agency located in Amherst, New York. Consideration for the acquisition included both cash and stock totaling $16.9 million, including up to $3.4 million of future payments, contingent upon SDN meeting certain revenue targets through 2017. The estimated fair value of the contingent consideration at the date of acquisition was $3.2 million, which was estimated using a probability-weighted discounted cash flow model. As a result of the acquisition, the Company recorded goodwill of $12.6 million and other intangible assets of $6.6 million. The goodwill is not expected to be deductible for income tax purposes. Pro forma results of operations for this acquisition have not been presented because the effect of this acquisition was not material to the Company's consolidated financial statements.

This acquisition was accounted for under the acquisition method in accordance with FASB ASC Topic 805. Accordingly, the assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. The following table summarizes the consideration paid for Scott Danahy Naylon Co., Inc. and the amounts of the assets acquired and liabilities assumed.

Consideration paid:    
Cash $ 8,100
Stock   5,400
Contingent consideration   3,227
Fair value of total consideration transferred   16,727
 
Fair value of assets acquired:    
Cash   105
Identified intangible assets   6,640
Premises and equipment, accounts receivable and other assets   1,094
Total identifiable assets acquired   7,839
Fair value of liabilities assumed:    
Deferred tax liability   2,556
Other liabilities   1,173
Total liabilities assumed   3,729
Fair value of net assets acquired   4,110
Goodwill resulting from acquisition $ 12,617