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Business Combination & Asset Purchase
 12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Business Combination & Asset Purchase

Note 2 – Business Combination & Asset Purchase

The Company recognized core deposit intangible assets of $2.26 million with the purchase of offices. $1.17 million was recognized with the purchase of the Custar office on December 13, 2013 and $1.09 million with 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. In connection with a December 31, 2007 Knisely acquisition, the Company recognized a core deposit intangible asset of $1.1 million, which was fully amortized during 2014. The core deposit intangible is included in other assets on the consolidated balance sheets.

The amortization expense for the years ended December 31, 2016, 2015 and 2014 was $323, $323, and $480 thousand, respectively.

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

 

     Hicksville      Custar      Total  

2017

    $ 78       $ 167       $ 245   

2018

      0         167         167   

2019

      0         167         167   

2020

      0         161         161   
  

 

 

     

 

 

     

 

 

  

Total

    $ 78       $ 662       $ 740