ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2015

Finite-Lived Intangible Assets [Line Items]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary allocation of the purchase price is as follows (in thousands):

Cash and cash equivalents	$	1,205
Accounts receivable	936
Other current assets	253
Goodwill (i)	11,655
Identifiable intangibles (ii)	26,099
Property and equipment	197
Accounts payable and accrued liabilities	(61		)
Income tax payable	(20		)
Preliminary purchase price	$	40,264

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(i) The excess of the preliminary purchase price over the fair value amounts assigned to assets acquired and liabilities assumed represents the goodwill amount resulting from the acquisition.

(ii) The fair value of the acquired identifiable intangibles consists of (in thousands, except useful lives):

			Estimated Useful Lives
Customer accounts	$	25,085	20 years
Non-compete agreements	248		3 years
Trade name	766		5 years

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following is a summary of intangible assets at June 30, 2015 and December 31, 2014 (in thousands):

	Weighted Average Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
June 30, 2015
Client relationships	19.0	$	30,090	$	(2,068	)	$	28,022
Trade names	2.9	1,022		(294		)	728
Non-compete agreements	4.2	274		(47		)	227
Total		$	31,386	$	(2,409	)	$	28,977
December 31, 2014
Client relationships	14.2	$	5,005	$	(1,575	)	$	3,430
Trade names	2.0	256		(256		)	—
Non-compete agreements	2.3	26		(26		)	—
Total		$	5,287	$	(1,857	)	$	3,430

Business Acquisition, Pro Forma Information

This unaudited pro forma information should not be relied upon as being necessarily indicative of the historical results that would have been obtained if the Merger had actually occurred on those dates, nor of the results that may be obtained in the future.

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in thousands)				(in thousands)
Total revenues	$	37,311	$	33,510	$	69,612	$	61,984
Net income	$	9,832	$	9,132	$	16,331	$	15,105

Changes in Goodwill

Goodwill represents the excess of the cost of acquired assets over the fair value of the underlying identifiable assets at the date of acquisition. Changes in goodwill are as follows (in thousands):

Balance, December 31, 2014	$	11,255
Acquisition of Woodway	11,655
Balance, June 30, 2015	$	22,910

Estimated Amortization Expense for Intangible Assets over the Next Five Years

Estimated annual amortization for these intangible assets over the next five years is as follows (in thousands):

For the year ending December 31,
2015	$	1,477
2016	1,849
2017	1,849
2018	1,787
2019	1,766

Woodway Financial Advisors

Finite-Lived Intangible Assets [Line Items]

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The fair value of the acquired identifiable intangibles consists of (in thousands, except useful lives):

			Estimated Useful Lives
Customer accounts	$	25,085	20 years
Non-compete agreements	248		3 years
Trade name	766		5 years