Core Deposit and Other Intangibles

12 Months Ended

Dec. 31, 2013

Intangible Assets, Net (Excluding Goodwill) [Abstract]

CORE DEPOSIT AND OTHER INTANGIBLES

On November 12, 2013, the Corporation acquired 100 percent of CFS in an all stock transaction, as discussed in NOTE 3. BUSINESS COMBINATIONS, in the Notes to Consolidated Financial Statements included as Item 8 of this Annual Report on Form 10-K. This purchase resulted in a core deposit intangible of approximately $7,313,000.

Effective February 10, 2012, the Bank assumed substantially all of the deposits and certain other liabilities and acquired certain assets of SCB Bank, as discussed in NOTE 2 Purchase and Assumption, in the Notes to Consolidated Financial Statements included as Item 8 of this Annual Report on form 10-K. This purchase resulted in a core deposit intangible of approximately $484,000. In July 2012, FMIG purchased a book of business which resulted in an other intangible of approximately $483,000.

The carrying basis and accumulated amortization of recognized core deposit and other intangibles are noted below.



	2013			2012
Gross carrying amount	$	46,389		$	45,422
Core deposit intangible and other intangibles acquired	7,313			967
Accumulated amortization	(39,884		)	(38,235		)
Core Deposit and Other Intangibles	$	13,818		$	8,154

Amortization expense for the years ended December 31, 2013, 2012 and 2011, was $1,649,000, $1,927,000 and $3,548,000, respectively.

Estimated amortization expense for each of the following five years is:



	Amortization Expense
2014	$	2,367
2015	2,351
2016	2,294
2017	2,211
2018	1,044
After 2018	3,551
Total Future Minimum Obligations	$	13,818