GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

5. GOODWILL AND OTHER INTANGIBLE ASSETS

FASB ASC No. 350, Intangibles —Goodwill and Other, requires a company to perform an impairment test on goodwill annually, or more frequently if events or changes in circumstance indicate that the asset might be impaired, by computing the fair value of such goodwill to its recorded or carrying amount. If the carrying amount of goodwill exceeds the fair value, an impairment charge must be recorded in an amount equal to the excess. The FASB issued ASU No. 2011-08, “Testing Goodwill for Impairment,” which permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent.

The Company tested goodwill for impairment during the fourth quarter of 2015. The Company has one reporting unit, Bridge Bancorp. Inc. and as such, evaluated goodwill at that reporting unit level. At December 31, 2015, the Company’s reporting unit elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit 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 and no further testing was required. The results of this assessment indicated that goodwill was not impaired.

Goodwill

The change in goodwill during the year is as follows:

	2015		2014
(In thousands)
Balance at January 1	$	9,450	$	2,034
Acquired goodwill		88,995		7,416
Impairment		—		—
Balance at December 31	$	98,445	$	9,450

Acquired Intangible Assets

Acquired intangible assets were as follows at year end:

	2015				2014
At December 31,	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
(In thousands)
Amortized intangible assets:
Core deposit intangibles	$	7,211	$	1,186	$	1,311	$	469
Non-compete intangible		2,188		730		—		—
Total	$	9,399	$	1,916	$	1,311	$	469

Aggregate amortization expense for the years ended December 31, 2015, 2014, and 2013 was $1,447,000, $300,000, and $59,000, respectively.

Estimated amortization expense for each of the next five years and thereafter is as follows:

	Total
(In thousands)
2016	$	2,272
2017		1,412
2018		916
2019		786
2020		656
Thereafter		1,441
	$	7,483