Quarterly report pursuant to Section 13 or 15(d)

INTANGIBLE ASSETS

v2.4.0.8
INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS

NOTE 4 - INTANGIBLE ASSETS

 

The Company had net intangible assets of $84.8 million at June 30, 2014 and December 31, 2013, respectively.  Intangible assets were as follows:

 

    June 30, 2014   December 31, 2013
(Dollars in Thousands)   Gross
Amount
  Accumulated
Amortization
  Gross
Amount
  Accumulated
Amortization
Core Deposit Intangibles   $ 47,176     $ 47,176     $ 47,176     $ 47,176  
Goodwill     84,811       —         84,811       —    
Customer Relationship Intangible     1,867       1,867       1,867       1,835  
Total Intangible Assets   $ 133,854     $ 49,043     $ 133,854     $ 49,011  

 

Goodwill:  As of June 30, 2014 and December 31, 2013, the Company had goodwill, net of accumulated amortization, of $84.8 million. Goodwill is tested for impairment on an annual basis, or more often if impairment indicators exist. A goodwill impairment test consists of two steps. Step One compares the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeds the estimated fair value, Step Two is performed by comparing the fair value of the reporting unit’s implied goodwill to the carrying value of goodwill. If the carrying value of the reporting unit’s goodwill exceeds the estimated fair value, an impairment charge is recorded equal to the excess.

 

As of June 30, 2014, the Company’s net book value, including goodwill, exceeded its market capitalization, and as such, the Company performed goodwill impairment testing. The Step One test indicated that the carrying amount (including goodwill) of the Company’s reporting unit was less than its estimated fair value, therefore, no impairment was recorded. The Company will continue to evaluate goodwill for impairment as defined by ASC Topic 350.