GOODWILL AND CORE DEPOSIT INTANGIBLES

12 Months Ended

Dec. 31, 2018

Goodwill And Intangible Assets Disclosure [Abstract]

GOODWILL AND CORE DEPOSIT INTANGIBLES

NOTE 7 – GOODWILL AND CORE DEPOSIT INTANGIBLES

The assets and liabilities acquired in business combinations are recorded at their estimated fair values at the acquisition date.  The excess of the purchase price over the estimated fair value of the net assets for tax free acquisitions is recorded as goodwill, none of which is deductible for tax purposes.  The excess of the purchase price over the estimated fair value of the net assets for taxable acquisitions is recorded as goodwill and is deductible for tax purposes.

The carrying basis of goodwill and core deposit intangibles as of and for the years ended December 31, 2018 and 2017 were as follows.

	Goodwill		Core Deposit
Balance as of January 1, 2017	$	58,874	$	4,715
Acquired in acquisition		46,033		7,048
Amortization		—		(1,025	)
Balance as of December 31, 2017		104,907		10,738
Acquired in acquisition		26,805		13,430
Amortization		—		(2,443	)
Balance as of December 31, 2018	$	131,712	$	21,725

Estimated amortization expense for each of the following five years and thereafter is listed in the following table.

Expensed in one year or less	$	2,949
Expensed after one year through two years		2,822
Expensed after two years through three years		2,759
Expensed after three years through four years		2,696
Expensed after four years through five years		2,637
Thereafter		7,862
Total	$	21,725