INTANGIBLE ASSETS |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS |
INTANGIBLE ASSETS
During 2018, the Company acquired Xenith, DHFB, and OAL as part of the Company's strategic growth plan. The Company’s intangible assets consist of core deposits, goodwill, and other intangibles arising from 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. Other intangible assets are being amortized over the period of expected benefit, which ranges from 5 to 10 years, using a straight-line method. Refer to Note 2 "Acquisitions & Dispositions" for further information regarding intangible assets.
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 2018 and wrote off goodwill in the amount of $864,000 related to the wind down of UMG which is now included in discontinued operations.
Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands):
Amortization expense of intangibles for the years ended December 31, 2018, 2017, and 2016 totaled $12.8 million, $6.1 million, and $7.2 million, respectively. As of December 31, 2018, the estimated remaining amortization expense of intangibles for the years ended is as follows (dollars in thousands):
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- References No definition available.
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- Definition The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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