Intangible Assets

6 Months Ended

Jun. 30, 2013

Intangible Assets

Intangible Assets

7. Intangible Assets

Intangible assets consist of servicing rights, core deposit intangibles, customer lists, non-compete agreements and cardholder relationships. Intangible assetsare amortized on either a straight-line or an accelerated basis over their estimated useful lives. Intangible assets, excluding servicing rights, have an estimated remaining weighted-average life at June 30, 2013 of 4.0 years. The Bancorp reviews intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. For more information on servicing rights, see Note 9.

The details of the Bancorp’s intangible assets are shown in the following table:
			Gross Carrying	Accumulated	Valuation	Net Carrying
($ in millions)			Amount	Amortization	Allowance	Amount
As of June 30, 2013
	Mortgage servicing rights	$	2,975	(1,571)	(510)	894
	Automobile servicing rights		6	(1)	-	5
	Core deposit intangibles		154	(137)	-	17
	Other		45	(39)	-	6
Total intangible assets		$	3,180	(1,748)	(510)	922
As of December 31, 2012
	Mortgage servicing rights	$	2,825	(1,467)	(661)	697
	Core deposit intangibles		180	(160)	-	20
	Other		44	(37)	-	7
Total intangible assets		$	3,049	(1,664)	(661)	724

As of June 30, 2013, all of the Bancorp's intangible assets were being amortized. Amortization expense recognized on intangible assets, including mortgage servicing rights,for the three months endedJune 30, 2013 and 2012was $54 million and$44 million, respectively. For the six months ended June 30, 2013 and 2012, amortization expense was $110 million and $94 million, respectively.

Estimated amortization expense for the remainder of 2013 through 2017 is as follows:
		Servicing	Other
($ in millions)		Rights	Intangible Assets	Total
Remainder of 2013	$	136	4	140
2014		223	5	228
2015		179	2	181
2016		147	2	149
2017		122	2	124