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Core Deposit Intangible Assets
12 Months Ended
Dec. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]  
Core Deposit Intangible Assets

NOTE 5 – CORE DEPOSIT INTANGIBLE ASSETS

Core Deposit Intangible

No additional core deposit intangible was recorded in 2013 or 2012, with $706 thousand recorded as a result of the acquisition of two branches in Wooster, Ohio in 2011. The core deposit intangible asset will be amortized over an estimated life of ten years. Amortization expense related to the core deposit intangible asset totaled $135 thousand, $140 thousand and $78 thousand in 2013, 2012 and 2011, respectively. The following table shows the core deposit intangible and the related accumulated amortization as of December 31:

 

(Dollars in thousands)

   2013     2012     2011  

Gross carrying amount

   $ 1,251      $ 1,251      $ 1,251   

Accumulated amortization

     (492     (357     (217
  

 

 

   

 

 

   

 

 

 

Net carrying amount

   $ 759      $ 894      $ 1,034   
  

 

 

   

 

 

   

 

 

 

 

The estimated aggregate future amortization expense for the core deposit assets remaining as of December 31, 2013 is as follows:

 

(Dollars in thousands)

   Core Deposit
Amortization
 

2014

   $ 129   

2015

     125   

2016

     121   

2017

     116   

2018

     101   

Thereafter

     167   
  

 

 

 
   $ 759