Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

v3.3.1.900
INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2015
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 2015 and determined that there was no impairment to its goodwill or intangible assets.

 

Information concerning intangible assets with a finite life is presented in the following table (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Gross Carrying Value

 

Accumulated Amortization

 

Net Carrying Value

December 31, 2015

 

 

 

 

 

 

 

 

Amortizable core deposit intangibles

$

76,185 

 

$

52,875 

 

$

23,310 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

 

Amortizable core deposit intangibles

$

76,185 

 

$

44,430 

 

$

31,755 

 

 

 

 

 

 

 

 

 

 

Amortization expense of core deposit intangibles for the years ended December 31, 2015, 2014, and 2013 totaled $8.4 million,  $9.8 million, and $3.8 million, respectively.  There was no amortization expense of the trademark intangibles for the years ended December 31, 2015 and 2014.  The amortization expense of the trademark intangible for the year ended December 31, 2013 totaled $33,000As of December 31, 2015, the estimated remaining amortization expense of core deposit intangibles is as follows (dollars in thousands):

 

 

 

 

 

2016

$

6,932 

2017

 

5,590 

2018

 

4,144 

2019

 

3,093 

2020

 

2,028 

Thereafter

 

1,523 

Total estimated amortization expense

$

23,310