This excerpt taken from the VLG 10-K filed Sep 28, 2006.
Goodwill and Other Intangible Assets
Intangible assets consist of non-competition agreements, goodwill, customer relationships and deferred loan origination costs. Costs pursuant to non-competition agreements entered into in connection with business acquisitions are amortized over the terms of the arrangements. Annually, at June 30, or more frequently if needed, goodwill is evaluated for impairment, with any resulting impairment charge reflected as an operating expense. Since each Valley location is an operating segment, management considers goodwill by location compared to actual and expected future results in evaluating impairment. Deferred loan origination costs are amortized over the term of the related debt using the straight line method.