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Asset Purchases
 3 Months Ended
Mar. 31, 2017
Business Combinations [Abstract]  
Asset Purchases

NOTE 2 ASSET PURCHASES

The Company 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, 2016 was $323 thousand. Of the $245 thousand to be expensed in 2017, $81 thousand has been expensed for the three months ended March 31, 2017.

 

     Hicksville      Custar      Total  

2017

      78        167        245  

2018

      —          167        167  

2019

      —          167        167  

2020

      —          161        161  
  

 

 

     

 

 

     

 

 

  
   $ 78      $ 662      $ 740  
  

 

 

     

 

 

     

 

 

  

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