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GOODWILL AND OTHER INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 8 – GOODWILL AND OTHER INTANGIBLE ASSETS

 

Goodwill

 

There have been no changes in the $5.0 million carrying amount of goodwill since 2002.

 

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value, which is determined through a two step impairment test. If an assessment of qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, performing the two step impairment test is unnecessary. Step 1 of the impairment test includes the determination of the carrying value of our single reporting unit, including the existing goodwill and intangible assets, and estimating the fair value of the reporting unit. The Company determined the fair value of our reporting unit and compared it to its carrying amount. If the carrying amount of a reporting unit exceeds its fair value, the Company is required to perform a second step to the impairment test. Our annual impairment analysis as of May 31, 2012, indicated that the Step 2 analysis was not necessary. Circumstances did not substantially change during the second half of the year such that the Company did not believe it was necessary to do an additional impairment analysis.

 

Acquired Intangible Assets

 

    As of December 31, 2012     As of December 31, 2011  
    (in thousands)     (in thousands)  
    Gross Carrying     Accumulated     Gross Carrying     Accumulated  
    Amount     Amortization     Amount     Amortization  
Amortized intangible assets                                
Trust deposit relationships   $ 572     $ 525     $ 572     $ 473  
Total   $ 572     $ 525     $ 572     $ 473  

 

Aggregate amortization expense was $52,000, $54,000 and $54,000 for 2012, 2011and 2010.

 

Estimated amortization expense for each of the next five years:

 

    Amount  
    (in thousands)  
2013   $ 47