Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 2 – Intangible Assets

The Company accounts for intangible assets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 350, “Goodwill and Other Intangible Assets,” (“FASB ASC 350”), which requires that intangibles with indefinite useful lives be tested annually for impairment and those with finite useful lives be amortized over their useful lives.

Details of the Company’s intangible assets are as follows:

	March 31, 2016					December 31, 2015
	Gross Carrying		Accumulated			Gross Carrying		Accumulated
(In thousands)	Amount		Amortization			Amount		Amortization
Assets eligible for amortization:
Customer lists	$	3,933	$	(2,103	)	$	3,933	$	(2,023	)
Patent		72		(4	)		72		(4	)
Non-compete agreements		261		(222	)		261		(209	)
Software		234		(234	)		234		(234	)
Other		500		(134	)		500		(125	)
Unamortized intangible assets:
Goodwill1		11,817		(227	)		11,817		(227	)
Total intangible assets	$	16,817	$	(2,924	)	$	16,817	$	(2,822	)
1 Amortization through December 31, 2001 prior to adoption of FASB ASC 350.

The customer lists are amortized over seven and ten years; the patents over 18 years; the non-compete agreements over five years; software over three years; and other intangible assets over fifteen years. Amortization of intangible assets amounted to $102,000 and $101,000 for the three-month periods ended March 31, 2016 and 2015, respectively. Estimated annual amortization of intangibles is as follows: $407,000 in 2016, and $356,000 in each of 2017, 2018, 2019 and 2020.