GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2011

Goodwill And Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

NOTE 7 - GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying values of goodwill and intangible assets were as follows:

Years ended December 31, (in thousands)	2011			2010			2009
Goodwill (1)
Balance, beginning of period	$	9,829		$	9,829		$	9,829
Additions		—			—			—
Impairment		—			—			—
Balance, end of period	$	9,829		$	9,829		$	9,829
Core Deposit Intangibles
Cost, beginning of period	$	2,543		$	2,543		$	2,080
Additions		—			—			463
Impairment		—			—			—
Cost, end of period		2,543			2,543			2,543
Amortization, beginning of period		(1,301	)		(1,079	)		(915	)
Amortization		(222	)		(222	)		(164	)
Amortization, end of period		(1,523	)		(1,301	)		(1,079	)
Core deposit intangibles, net	$	1,020		$	1,242		$	1,464

(1) Not subject to amortization.

In December 2009, Salisbury acquired the Canaan, Connecticut branch office of Webster Bank, National Association and assumed approximately $11 million in deposits and acquired approximately $2.5 million in loans, and a property located at 10 Granite Ave., Canaan, Connecticut that Salisbury sold in 2010. Salisbury assigned a core deposit intangible of $463,000 to the acquisition.

Salisbury evaluated its goodwill and intangible assets as of December 31, 2011, and 2010, and found no impairment. Estimated annual amortization expense of core deposit intangibles is as follows:

Years ended December 31, (in thousands)	CDI amortization
2012	$	222
2013		222
2014		196
2015		154
2016		154
2017		58