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INTANGIBLE ASSETS
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Dec. 31, 2014
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| INTANGIBLE ASSETS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS |
6.INTANGIBLE ASSETS
The Company’s intangible assets consist of core deposits and goodwill arising from various acquisitions. The Company has determined that core deposit intangibles have finite lives and amortizes them over their estimated useful lives. Core deposit intangible assets are being amortized over the period of expected benefit, which ranges from 4 to 14 years, using an accelerated method. On January 1, 2014, the Company completed the acquisition of StellarOne and acquired intangible assets of $29.6 million and recorded $234.1 million of goodwill. See Note 2 “Acquisitions” for additional information.
In accordance with ASC 350, Intangibles-Goodwill and Other, the Company reviews the carrying value of indefinite lived intangible assets at least annually or more frequently if certain impairment indicators exist. The Company performed its annual impairment testing in the second quarter of 2014 and determined that there was no impairment to its goodwill or intangible assets. Subsequently, the Company determined that an additional evaluation was necessary at year-end due to potential indicators based on the net losses recorded at the mortgage company during 2014. Based on this additional testing, the Company confirmed that no impairment charges to date for goodwill or intangible assets were necessary. If the Company’s mortgage segment does not show improvement in subsequent periods, the Company may be required to perform a step two impairment analysis.
Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands):
Amortization expense of core deposit intangibles for the years ended December 31, 2014, 2013, and 2012 totaled $9.8 million, $3.8 million, and $4.9 million, respectively. Amortization expense of the trademark intangibles for the years ended December 31, 2014, 2013, and 2012 totaled $0, $33,000, and $400,000, respectively. As of December 31, 2014, the estimated remaining amortization expense of core deposit intangibles is as follows (dollars in thousands):
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