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Asset Purchase
 3 Months Ended
Mar. 31, 2012
Asset Purchase [Abstract]  
ASSET PURCHASE

NOTE 3 ASSET PURCHASE

On July 9, 2010, the Bank completed its purchase of a branch office in Hicksville, Ohio from First Place Bank. Deposits of close to $28 million and loans of $14 million were included in the purchase. The new office is located within the Bank’s current market area, shortening the distance between offices in the Ohio and Indiana market area. The following table summarizes the estimated values of the assets acquired and the liabilities assumed:

 

         
    (In Thousands)  

Cash

   $ 114  

Loans, Net of Discount

     13,792  

Accrued Interest on Loans

     64  

Premises and Equipment

     1,803  

Core Deposit Intangible

     1,087  

Other Assets

     11  
   

 

 

  

Total Assets Acquired

   $ 16,871  
   

 

 

  

Deposits

   $ 27,749  

Accrued Interest on Deposits

     13  

Other Liabilities

     10  
   

 

 

  

Total Liabilities Assumed

   $ 27,772  
   

 

 

  

Net Liabilities Assumed

   $ 10,901  
   

 

 

  

In connection with a December 31, 2007 Knisely acquisition, the Company recognized a core deposit intangible asset of $1.1 million, which is being amortized on a straight line basis over 7 years, which represents the estimated remaining economic useful life of the deposits.

The Company also recognized core deposit intangible assets of $1.09 million with the purchase of the Hicksville office. These are being amortized over an estimated remaining economic useful life of the deposits of 7 years on a straight line basis.

The amortization expense for the year ended December 31, 2011 was $312 thousand. Of the $312 thousand to be expensed in 2012, $78 thousand has been expensed in the first quarter.

Amortization expense of the core deposit intangible assets remaining is as follows:

 

                         
    (In Thousands)        
    Knisely     Hicksville     Total  

2012

   $ 157     $ 155     $ 312  

2013

     157       155     $ 312  

2014

     157       155     $ 312  

2015

     —         155     $ 155  

2016

     —         155     $ 155  

Thereafter

     —         77       77  
   

 

 

    

 

 

    

 

 

  
    $ 471     $ 852     $ 1,323  
   

 

 

    

 

 

    

 

 

  

 

LOANS