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GOODWILL AND OTHER INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2016
GOODWILL AND OTHER INTANGIBLE ASSETS  
GOODWILL AND OTHER INTANGIBLE ASSETS

NOTE 8 — GOODWILL AND OTHER INTANGIBLE ASSETS

 

During the fourth quarter of 2014, the Corporation recorded $3.805 million of goodwill and $1.206 million of deposit based intangible assets associated with the acquisition of Peninsula.  During 2016, the Corporation recorded $1.839 million of goodwill and $.993 million of deposit based intangible assets associated with the acquisition of Eagle River.  Also in 2016, the Corporation recorded $50,000 of goodwill and $.300 million of deposit based intangible assets with the acquisition of Niagara.

 

The deposit based intangible is reported net of accumulated amortization at $2.172 million at December 31, 2016, compared to $1.076 million at December 31, 2015. Amortization expense in 2016 is $.197 million, compared to $.121 million in 2015 and $10,000 in 2014.  Amortization expense for the next five years is expected to be at $.250 million per year.