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GOODWILL AND INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2014
GOODWILL AND INTANGIBLE ASSETS [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
6. GOODWILL AND INTANGIBLE ASSETS

 

Goodwill

 

The change in goodwill during the year is as follows (dollars in thousands):

 

Years Ended December 31,
2014   2013     2012  
           
Balance at January 1 $ 5,544     $ 5,544     $ 5,544  
Acquired goodwill     1,364       -       -  
Impairment     -       -       -  
Balance at December 31   $ 6,908     $ 5,544     $ 5,544  


Impairment exists when a reporting unit's carrying value of goodwill exceeds its fair value. Bank of the Sierra (the “Bank”) is the only subsidiary of the Company that meets the materiality criteria necessary to be deemed an operating segment, and because the Company exists primarily for the purpose of holding the stock of the Bank we have determined that only one unified operating segment (the consolidated Company) exists. At December 31, 2014, the Company had positive equity and the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the Company exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment.

 

Acquired Intangible Assets

 

Acquired intangible assets were as follows at year-end (dollars in thousands):

 

Years Ended December 31,
2014 2013
Gross Gross
Carrying Accumulated   Carrying     Accumulated  
    Amount     Amortization     Amount     Amortization  
                                 
Core deposit intangibles   $ 1,075     $ 11     $ -     $ -  

 

Aggregate amortization expense was $11,000, $0 and $0 for 2014, 2013 and 2012.

 

Estimated amortization expense for each of the next five years and thereafter (dollars in thousands):

 

2015   $ 132  
2016   $ 132  
2017   $ 132  
2018   $ 132  
2019   $ 132  
Thereafter   $ 404  
$ 1,064