Core Deposit and Other Intangibles

12 Months Ended

Dec. 31, 2012

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Core Deposit and Other Intangibles

CORE DEPOSIT AND OTHER INTANGIBLES

Effective February 10, 2012, the Bank assumed substantially all of the deposits and certain other liabilities and acquired certain assets of SCB Bank, as discussed in NOTE 2 Purchase and Assumption, in the Notes to Consolidated Financial Statements included as Item 8 of this Annual Report on form 10-K This purchase resulted in a core deposit intangible of approximately $484,000. In July 2012, FMIG purchased a book of business which resulted in an other intangible of approximately $483,000.

The carrying basis and accumulated amortization of recognized core deposit and other intangibles are noted below.

	2012			2011
Gross carrying amount	$	45,422		$	45,422
Core deposit intangible and other intangibles acquired	967
Accumulated amortization	(38,235		)	(36,308		)
Core Deposit and Other Intangibles	$	8,154		$	9,114

Amortization expense for the years ended December 31, 2012, 2011 and 2010, was $1,927,000, $3,548,000 and $4,721,000, respectively. Estimated amortization expense for each of the following five years is:

	Amortization Expense
2013	$	1,536
2014	1,531
2015	1,530
2016	1,490
2017	1,429
After 2017	638
Total Future Minimum Obligations	$	8,154