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Acquisition
6 Months Ended
Jun. 30, 2014
Acquisition [Abstract]  
Acquisition

7. Acquisition

 

On September 8, 2006, the Company completed the acquisition of a branch office in Richfield, PA. The acquisition included real estate, deposits and loans. The assets and liabilities of the acquired branch office were recorded on the consolidated statement of financial condition at their estimated fair values as of September 8, 2006, and its results of operations have been included in the consolidated statements of income since such date.

 

Included in the purchase price of the branch was goodwill and core deposit intangible of $2,046,000 and $449,000, respectively. The core deposit intangible is being amortized over a ten-year period on a straight line basis. Core deposit amortization expense was $11,000 and $22,000 in each three and six month periods ending June 30, 2014 and 2013, respectively. Accumulated amortization of core deposit intangible through June 30, 2014 was $352,000. The goodwill is not amortized, but is measured annually for impairment or more frequently if certain events occur which might indicate goodwill has been impaired. There was no impairment of goodwill during either of the six month periods ended June 30, 2014 or 2013.