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Other Assets
12 Months Ended
Dec. 31, 2013
Other Assets.  
Other Assets

(7) Other Assets

 

A summary of major components of other assets as of December 31, 2013 and 2012 follows:

 

(in thousands)

 

2013

 

2012

 

 

 

 

 

 

 

Net deferred tax asset

 

$

14,554

 

$

12,538

 

Cash surrender value of life insurance other than BOLI

 

10,949

 

9,614

 

Other real estate owned and other foreclosed property

 

5,592

 

7,364

 

Investments in tax credit related ventures

 

5,506

 

7,329

 

Core deposit intangible

 

2,151

 

 

Mortgage servicing rights (MSRs)

 

1,832

 

2,088

 

Other short term receivables

 

1,624

 

1,289

 

Goodwill

 

682

 

682

 

Investment in bank in expansion market

 

520

 

520

 

FDIC prepaid assessment

 

 

1,732

 

Common securities of S.Y. Bancorp Capital Trust II

 

 

900

 

Other

 

8,414

 

7,351

 

 

 

 

 

 

 

 

 

$

51,824

 

$

51,407

 

 

Bancorp maintains life insurance policies other than BOLI in conjunction with its non-qualified defined benefit and non-qualified compensation plans.

 

In 2009, the FDIC required insured institutions to prepay three years of estimated insurance assessments, to strengthen the cash position of the Deposit Insurance Fund without immediately impacting earnings of the banking industry.  Bancorp’s prepaid assessment, paid in December 2009, totaled $6,458,000 and was amortized based on quarterly FDIC assessments until the second quarter of 2013, when the prepaid assessment remaining balance totaling $1,420,000 was returned to Bancorp.

 

MSRs are amortized in proportion to and over the period of estimated net servicing income, considering appropriate prepayment assumptions.  MSRs are evaluated quarterly for impairment by comparing the carrying value to the fair value.  Estimated fair values of MSRs at December 31, 2013 and 2012 were $3,953,000 and $2,702,000, respectively.  Total outstanding principal balances of loans serviced for others were $435,339,000 and $374,079,000 at December 31, 2013, and 2012 respectively.

 

Changes in net carrying amount of MSRs for the years ended December 31, 2013 and 2012 are shown in the following table.

 

(in thousands)

 

2013

 

2012

 

Balance at January 1

 

$

2,088

 

$

1,630

 

Originations

 

776

 

1,274

 

Amortization

 

(1,032

)

(816

)

 

 

 

 

 

 

Balance at December 31

 

$

1,832

 

$

2,088