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GOODWILL AND INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

NOTE 8 - GOODWILL AND INTANGIBLE ASSETS

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

Years ended December 31, (in thousands)    2017      2016      2015  
Goodwill (1)               
Balance, beginning of period  $12,552   $12,552   $12,552 
Additions   1,263         
Impairment            
Balance, end of period  $13,815   $12,552   $12,552 
Core Deposit Intangibles               
Cost, beginning of period  $5,248   $5,248   $5,248 
New York branch purchase   633         
Impairment            
Cost, end of period   5,881    5,248    5,248 
Amortization, beginning of period   (3,511)   (2,910)   (2,258)
Amortization   (533)   (601)   (652)
Amortization, end of period   (4,044)   (3,511)   (2,910)
Core deposit intangibles, net  $1,837   $1,737   $2,338 
(1)Not subject to amortization.

In June 2017, Salisbury acquired the New Paltz, New York branch of Empire State Bank, and assumed approximately $31.4 million in deposits and acquired approximately $7.1 million in loans. Salisbury realized goodwill in the amount of $1.26 million and a core deposit intangible of $633,000 as a result of the acquisition of the New Paltz branch.

Salisbury performed an evaluation of its goodwill and intangible assets as of December 31, 2017. There was no impairment recognized during 2017 or 2016.

The core deposit intangibles were recorded as identifiable intangible assets and are being amortized over ten years using the sum-of-the-years’ digits method. Estimated annual amortization expense of core deposit intangibles is as follows:

December 31, (in thousands)  CDI amortization
 2018   $454  
 2019    388  
 2020    321  
 2021    255  
 2022    192  
 2023    128  
 2024    61  
 2025    25  
 2026    13