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Acquisitions and Intangible Assets | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Acquisitions and Intangible Assets | Acquisitions and Intangible Assets On December 11, 2020, the Company acquired a branch at 1B Belmont Avenue, Belfast, Maine from Bangor Savings Bank. The acquisition added to its existing book of business in Belfast and Waldo County. The Company intends to leverage having a physical presence in Belfast and the base of new customers to grow its loan and deposit share in the market. Under the terms of the acquisition, the Company acquired approximately $19,000,000 in deposits as well as $23,000,000 in loans. There were no acquisitions in 2021. The following table summarizes the consideration paid in 2020 for the Belfast branch and the allocation to the assets acquired and liabilities assumed based on estimates of fair value at the acquisition date:
Assets |
Cash | $ | 381,000 |
Loans & accrued interest | 23,138,000 |
Premises and equipment | 696,000 |
Prepaid expenses | 10,000 |
Core deposit intangible | 262,000 |
Goodwill | 841,000 |
Liabilities |
Deposits | 19,261,000
Other liabilities | 7,000
Consideration paid | $ | 6,060,000 |
As part of the branch acquisition, the Company entered into a lease agreement for land upon which the branch is situated. The Company recorded a right of use asset and lease liability for $511,000. One-time costs associated with the acquisition that were recognized by the Company and included in the consolidated statements of income and comprehensive income for 2020 were $310,000. The core deposit intangible related to the FNB Bankshares acquisition was fully amortized in 2015. The core deposit intangible related to the Rockland branch acquisition is being amortized on a straight-line basis over ten years. Annual amortization expense for each of 2021, 2020 and 2019 was $43,000, and the amortization expense for each year until fully amortized (presently expected to be 2022) will be $43,000. The core deposit intangible related to the Belfast branch acquisition is being amortized on a straight-line basis over ten years. Annual amortization expense for 2021 was $26,000, and the amortization expense for each year until fully amortized (presently expected to be 2031) will be $26,000. Core deposit intangible is being amortized on a straight-line basis as the Company does not expect significant run off in the core deposits.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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