GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS
The table below summarizes the changes in carrying amounts of goodwill and other intangibles (core deposit intangibles) for the periods presented:

 
 
 
 
Core Deposit Intangible
(Dollars in thousands)
 
Goodwill
 
Gross
 
Accumulated Depreciation
 
Net
Balance at January 1, 2016
 
$
18,480

 
$
1,006

 
$
(161
)
 
$
845

Amortization expense
 
—

 
—

 
(101
)
 
(101
)
Balance at December 31, 2016
 
$
18,480

 
$
1,006

 
$
(262
)
 
$
744

 
 
 
 
 
 
 
 
 
Balance at January 1, 2015
 
$
17,779

 
$
128

 
$
(127
)
 
$
1

Goodwill and core deposit intangible resulting from branch acquisition
 
701

 
878

 
—

 
878

Amortization expense
 
—

 
—

 
(34
)
 
(34
)
Balance at December 31, 2015
 
$
18,480

 
$
1,006

 
$
(161
)
 
$
845

 
 
 
 
 
 
 
 
 
Balance at January 1, 2014
 
$
17,779

 
$
128

 
$
(123
)
 
$
5

Amortization expense
 
—

 
—

 
(4
)
 
(4
)
Balance at December 31, 2014
 
$
17,779

 
$
128

 
$
(127
)
 
$
1



Goodwill represents the excess of the purchase price over the fair value of acquired net assets under the acquisition method of accounting. The value of the acquired core deposit relationships was determined using the present value of the difference between a market participant’s cost of obtaining alternative funds and the cost to maintain the acquired deposit base. The core deposit intangibles are being amortized over a ten-year period using an accelerated method. Goodwill in the amount of $701 thousand and core deposit intangibles in the amount of $878 thousand resulted from the branch acquisitions as discussed in Note 22, "Mergers and Acquisitions" of the Notes to the Consolidated Financial Statements included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K.

The table below presents estimated amortization expense for the Company’s other intangible assets (dollars in thousands):

2017
 
$
98

2018
 
96

2019
 
93

2020
 
90

2021
 
87

Thereafter
 
280

 
 
$
744



The Company’s assessment of qualitative factors determined that it is not more likely than not that the fair value of each reporting unit is less than its carrying amount and therefore, goodwill is not impaired as of December 31, 2016 and 2015. The Company has not identified any triggering events since the impairment evaluation that would indicate potential impairment.

Core deposit intangibles are evaluated for impairment if events and circumstances indicate a potential for impairment. Such an evaluation of other intangible assets is based on undiscounted cash flow projections. No impairment charges were recorded for other intangible assets in any of the periods presented.