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Goodwill And Intangible Assets
9 Months Ended
Sep. 30, 2011
Goodwill And Intangible Assets [Abstract] 
Goodwill And Intangible Assets

Note 11.  Goodwill and Intangible Assets

 

Goodwill

 

Goodwill is tested annually for impairment using a two-step process that begins with an estimation of the fair value of a reporting unit, which for the Company is the Bank.  The first step is to screen for potential impairment and the second step measures the amount of impairment, if any.

 

Based upon impairment testing in the fourth quarter of 2010, Centrue Bank indicated potential impairment and was subjected to the second step of goodwill impairment testing.  As a result of applying the second step of the impairment test, all remaining goodwill associated with our banking operations was fully impaired, totaling $15.9 million.

 

The change in balance of goodwill during the year is as follows:

 

 

September 30,

December 31,

 

2011

2010

 

 

 

Beginning of period

$               -

$       15,880

Impairment recorded December 31, 2010

                -

       (15,880)

 

 

 

End of period

$               -

$               -

 

Acquired intangible assets were as follows as of the quarter ending:

 

 

September 30,

December 31,

 

2011

2010

 

Gross

 

Gross

 

 

Carrying

Accumulated

Carrying

Accumulated

 

Amount

Amortization

Amount

Amortization

 

 

 

 

 

Amortized intangible assets:

 

 

 

 

    Core deposit intangibles

$       14,124

$        9,201

$       14,124

$        8,412

    Missouri charter

             581

                 -

             581

                 -

 

 

 

 

 

Total

$       14,705

$        9,201

$       14,705

$        8,412

 

 

 

 

 

The core deposit intangible asset recorded in the 2006 merger with former Centrue Financial Corporation was $13.0 million.  Aggregate amortization expense was $0.3 million for the three months ended September 30, 2011 and 2010.  Aggregate amortization expense was $0.8 million and $1.0 million for the nine months ended September 30, 2011 and 2010, respectively.

 

 

Estimated amortization expense for subsequent periods is as follows:

 

Remaining quarters in 2011

$      240

2012

951

2013

951

2014

951

2015

951

Thereafter

879