Core Deposit and Other Intangibles

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Core Deposit and Other Intangibles

CORE DEPOSIT AND OTHER INTANGIBLES

Core deposit and other intangibles are recorded on the acquisition date of an entity. During the measurement period, the Corporation may record subsequent adjustments to core deposit and other intangibles for provisional amounts recorded at the acquisition date. The Ameriana acquisition on December 31, 2015 resulted in a core deposit intangible of $5,342,000, of which, $2,142,000 was recorded as a measurement period adjustment in the first quarter of 2016. The C Financial acquisition on April 17, 2015 resulted in a core deposit intangible of $981,000. On June 12, 2015, the sale of FMIG resulted in an other intangible reduction of $742,000. Details regarding the acquisitions and sale are discussed in Note 2. ACQUISITIONS AND DIVESTITURES, in the Notes to Consolidated Financial Statements included as Item 8 of this Annual Report on Form 10-K.

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

	2016			2015
Gross carrying amount	$	61,798		$	58,360
Core deposit intangible and other intangibles acquired				4,181
Measurement period adjustment	2,142
Accumulated amortization	(49,074		)	(45,164		)
Core deposit intangible and other intangibles reduction				(742		)
Core Deposit and Other Intangibles	$	14,866		$	16,635

Amortization expense for the years ended December 31, 2016, 2015 and 2014, was $3,910,000, $2,835,000 and $2,445,000, respectively.

Estimated future amortization expense is summarized as follows:

	Amortization Expense
2017	$	3,614
2018	2,299
2019	1,914
2020	1,733
2021	1,611
After 2021	3,695
	$	14,866