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Goodwill and Other Intangible Assets
12 Months Ended
Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

9.    Goodwill and Other Intangible Assets

The following table shows a rollforward of goodwill by line of business:

 

     Community
Banking
    Wealth
Manage-
ment
     Insurance      Consumer
Finance
     Total  

Balance at January 1, 2014

   $ 745,469      $ 8,020       $ 8,950       $ 1,809       $ 764,248   

Goodwill additions

     67,965                                67,965   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Balance at December 31, 2014

     813,434        8,020         8,950         1,809         832,213   

Goodwill (deductions) additions

     (1,035             1,908                 873   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Balance at December 31, 2015

   $ 812,399      $ 8,020       $ 10,858       $ 1,809       $ 833,086   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

The Corporation recorded goodwill during 2015 and 2014 as a result of the purchase accounting adjustments relating to the various acquisitions described in the “Mergers and Acquisitions” footnote in this Report.

The following table shows a summary of core deposit intangibles, customer renewal lists and mortgage servicing rights:

 

     Core
Deposit
Intangibles
    Customer
Renewal
Lists
    Mortgage
Servicing
Rights
    Total
Finite-
lived
Intangibles
 

December 31, 2015

        

Gross carrying amount

   $ 111,594      $ 12,351      $ 12,766      $ 136,711   

Accumulated amortization

     (79,362     (7,860     (3,845     (91,067
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 32,232      $ 4,491      $ 8,921      $ 45,644   
  

 

 

   

 

 

   

 

 

   

 

 

 

December 31, 2014

        

Gross carrying amount

   $ 108,593      $ 10,970      $ 11,691      $ 131,254   

Accumulated amortization

     (71,818     (7,099     (4,833     (83,750
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 36,775      $ 3,871      $ 6,858      $ 47,504   
  

 

 

   

 

 

   

 

 

   

 

 

 

Core deposit intangibles are being amortized primarily over 10 years using accelerated methods. Customer renewal lists and mortgage servicing rights are being amortized over their estimated useful lives, which range from eight to thirteen years.

Amortization expense on finite-lived intangible assets totaled $10,555 for 2015, $12,310 for 2014 and $9,406 for 2013, of which $2,250, $2,593 and $999 related to mortgage servicing rights for 2015, 2014 and 2013, respectively. The amortization relating to mortgage servicing rights is included in mortgage banking operations within the non-interest income section on the Consolidated Income Statement, while the remaining amortization expense is reflected within the non-interest expense section. Following is a summary of the expected amortization expense on finite-lived intangible assets, assuming no new additions, for each of the five years following December 31, 2015:

 

2016

   $ 9,229   

2017

     8,011   

2018

     6,150   

2019

     5,312   

2020

     4,962   

Goodwill and other intangible assets are reviewed annually for impairment, and more frequently if impairment indicators exist. The Corporation completed this review in 2015 and 2014 and determined that its intangible assets are not impaired.