INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2014

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 11.  INTANGIBLE ASSETS

On October 7, 2005, the Company purchased a full service office in the Charles Town area of Jefferson County West Virginia.  This office held assets of $1.8 million and total deposits of $17.1 million.  As a result of this transaction, the Company recorded intangible assets of $897 goodwill and $128 in core deposit intangibles.  The core deposit intangibles have been amortized using the double-declining balance method over 10 years.  As of December 31, 2014, $127 has been amortized and $1 remains to be amortized over the next year. Goodwill is evaluated for impairment on October 1st each year by the Company.  In December 2012 the Company purchased Potomac Mortgage Group (PMG), a mortgage company in Northern Virginia.  As a result of this transaction, MVB Mortgage recorded $16.9 million in goodwill.  This goodwill will be evaluated for impairment on an annual basis each December.