Intangible Assets and Goodwill |
(7) INTANGIBLE ASSETS AND GOODWILL
The following is a summary of intangible assets:
|
|
Gross Carrying Amount |
|
|
Accumulated Amortization |
|
|
Net Carrying Amount |
|
|
|
(Dollars in thousands) |
|
As of December 31, 2014 |
|
|
|
|
Core deposit intangibles |
|
$ |
13,198 |
|
|
$ |
(6,013 |
) |
|
$ |
7,185 |
|
Customer relationship intangibles |
|
|
5,699 |
|
|
|
(2,699 |
) |
|
|
3,000 |
|
Mortgage servicing intangibles |
|
|
643 |
|
|
|
(193 |
) |
|
|
450 |
|
Total |
|
$ |
19,540 |
|
|
$ |
(8,905 |
) |
|
$ |
10,635 |
|
As of December 31, 2013 |
|
|
|
|
Core deposit intangibles |
|
$ |
10,963 |
|
|
$ |
(4,620 |
) |
|
$ |
6,343 |
|
Customer relationship intangibles |
|
|
5,699 |
|
|
|
(2,337 |
) |
|
|
3,362 |
|
Mortgage servicing intangibles |
|
|
718 |
|
|
|
(150 |
) |
|
|
568 |
|
Total |
|
$ |
17,380 |
|
|
$ |
(7,107 |
) |
|
$ |
10,273 |
|
Estimated amortization of intangible assets for the next five years, as of December 31, 2014, is as follows (dollars in thousands):
Estimated Amortization |
|
2015 |
|
$ |
1,855 |
|
2016 |
|
|
1,631 |
|
2017 |
|
|
1,540 |
|
2018 |
|
|
1,531 |
|
2019 |
|
|
1,524 |
|
At December 31, 2014, the weighted-average remaining life of all intangible assets was approximately 6.5 years which consisted of customer relationship intangibles with a weighted-average life of 8.8 years, core deposit intangibles with a weighted-average life of 5.9 years and mortgage servicing intangibles with a weighted-average life of 2.3 years based on current prepayment assumptions.
The following is a summary of goodwill by business segment:
|
|
Metropolitan Banks |
|
|
Community Banks |
|
|
Other Financial Services |
|
|
Executive, Operations & Support |
|
|
Consolidated |
|
|
|
(Dollars in thousands) |
|
Balance at December 31, 2013 |
|
$ |
8,078 |
|
|
$ |
30,553 |
|
|
$ |
5,464 |
|
|
$ |
450 |
|
|
$ |
44,545 |
|
Acquisitions |
|
|
— |
|
|
|
417 |
|
|
|
— |
|
|
|
— |
|
|
|
417 |
|
Balance at December 31, 2014 |
|
$ |
8,078 |
|
|
$ |
30,970 |
|
|
$ |
5,464 |
|
|
$ |
450 |
|
|
$ |
44,962 |
|
|
|
Metropolitan Banks |
|
|
Community Banks |
|
|
Other Financial Services |
|
|
Executive, Operations & Support |
|
|
Consolidated |
|
|
|
(Dollars in thousands) |
|
Year Ended December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning and end of period |
|
$ |
8,078 |
|
|
$ |
30,553 |
|
|
$ |
5,464 |
|
|
$ |
450 |
|
|
$ |
44,545 |
|
|