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GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8 – GOODWILL AND INTANGIBLE ASSETS

Goodwill

There has been no change in goodwill since December 31, 2017. The goodwill as of June 30, 2018 and December 31, 2017 was $10.4 million.

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. As of June 30, 2018, the Company had positive equity and the Company elected to perform a qualitative assessment to determine if it more likely than not that the fair value of the Company exceeded its carrying value, including goodwill. The quantitative assessment indicated more than likely than not that its fair value exceeded its carrying value, resulting in no impairment.

Core Deposit Intangible

Acquired intangible assets as of June 30, 2018 and December 31, 2017 were as follows:

	June 30,			December 31,
	2018			2017
Beginning core deposit intangible	$	4,772		$	802
Additions		-			4,820
Less accumulated amortization		(578	)		(850	)
Core deposit intangible	$	4,194		$	4,772

The Company recorded total amortization expense of $578,000 for the six months ended June 30, 2018, $850,000 for the year ended December 31, 2017 and $296,000 for the six months ended 2017.

Estimated amortization is as follows:

Year Ending December 31,

2018	$	579
2019		1,145
2020		991
2021		977
2022		325
Thereafter		177
Total	$	4,194