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Business Combination & Asset Purchase

12 Months Ended

Dec. 31, 2017

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. The core deposit intangible is included in other assets on the consolidated balance sheets.

The amortization expense for the years ended December 31, 2017, 2016 and 2015 was $245, $323, and $323 thousand, respectively.

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

		Custar
2018		$	167
2019			167
2020			161
Total		$	495

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- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-URI http://asc.fasb.org/topic&trid=2303972

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- References

No definition available.

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