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ASSET PURCHASES
 6 Months Ended
Jun. 30, 2014
Business Combinations [Abstract]  
ASSET PURCHASES
NOTE 2 ASSET PURCHASES

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 on July 9, 2010. These are being amortized over an estimated remaining economic useful life of the deposits of 7 years on a straight line basis.

An office was purchased on December 13, 2013 in Custar, Ohio. Core deposit intangible assets of $1.17 million were recognized and are being amortized over its remaining economic useful life of the deposits of 7 years on a straight line basis.

The amortization expense for the year ended December 31, 2013 was $319 thousand. Of the $480 thousand to be expensed in 2014, $240 thousand has been expensed as of June 30, 2014.

 

     (In Thousands)  
     Knisley      Hicksville      Custar      Total  

2014

    $ 157       $ 156       $ 167       $ 480   

2015

      —           155         167         322   

2016

      —           155         167         322   

2017

      —           77         167         244   

2018

      —           —           167         167   

Thereafter

      —           —           330         330   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 157       $ 543       $ 1,165       $ 1,865