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INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Tables)
 9 Months Ended
Sep. 30, 2013
Other Intangible Assets and Mortgage Servicing Rights [Abstract]  
Schedule of Changes in Intangible Assets
The following table summarizes the changes in the Company’s core deposit intangibles and other intangibles for the nine months ended September 30, 2013 and the year ended December 31, 2012 (in thousands):
 
Core Deposit Intangibles
Balance, December 31, 2012
$
4,230

Additions through acquisitions
160

Amortization
(1,453
)
Balance, September 30, 2013
$
2,937


 
Core Deposit Intangibles
Balance, December 31, 2011
$
6,322

Amortization
(2,092
)
Balance, December 31, 2012
$
4,230
Schedule of Estimated Annual Amortization Expense
The following table presents the future estimated annual amortization expense with respect to intangibles as of December 31, 2012 (in thousands):
Year Ended
 
Core Deposit
 Intangibles
December 31, 2013
 
$
1,941

December 31, 2014
 
1,800

December 31, 2015
 
640

December 31, 2016
 
$
9

 
 
$
4,390
Schedule of Servicing Assets at Amortized Value
An analysis of our mortgage servicing rights for the three and nine months ended September 30, 2013 and 2012 is presented below (in thousands):
 
Three Months Ended
September 30
 
Nine Months Ended
September 30
 
2013

 
2012

 
2013

 
2012

Balance, beginning of the period
$
7,036

 
$
6,202

 
$
6,244

 
$
5,584

Amounts capitalized
769

 
931

 
2,352

 
2,784

Amortization (1)
(520
)
 
(682
)
 
(1,911
)
 
(1,917
)
Valuation adjustments in the period
400

 
—

 
1,000

 
—

Balance, end of the period (2)
$
7,685

 
$
6,451

 
$
7,685

 
$
6,451


(1) 
Amortization of mortgage servicing rights is recorded as a reduction of loan servicing income and any unamortized balance is fully written off if the loan repays in full.
(2) 
Balances as of September 30, 2013 and 2012 are net of valuation allowances of $300,000 and $900,000, respectively.