Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Other Intangible Assets [Abstract]

Note 8. Goodwill and Other Intangible Assets

Goodwill represents the excess of the consideration exchanged over the fair value of the net assets acquired in purchase business combinations. The Company tests goodwill for impairment annually and no impairment charges were identified in the most recent test as of September 30, 2011. No goodwill impairment charges were recognized during 2011, 2010, or 2009. The carrying amount of goodwill was $651.2 million and $61.6 million at December 31, 2011 and 2010, respectively. As discussed in Note 2 to the consolidated financial statements, the Company recorded approximately $589 million of goodwill during 2011 in connection with its acquisition of Whitney.

Identifiable intangible assets with finite lives are amortized over the periods benefited and are evaluated for impairment similar to other long-lived assets. The identifiable assets recorded in connection with the Whitney acquisition during 2011 are detailed in Note 2 to the consolidated financial statements.

The carrying value of intangible assets subject to amortization was as follows (in thousands):


	December 31, 2011
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangibles	$	206,047	$	27,691	$	178,356
Credit card and trust relationships		22,400		1,908		20,492
Value of insurance business acquired		2,431		1,926		505
Non-compete agreements		322		322		—
Trade name		11,822		100		11,722

	$	243,022	$	31,947	$	211,075


	December 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Core deposit intangibles	$	25,747	$	13,218	$	12,529
Value of insurance business acquired		2,431		1,757		674
Non-compete agreements		322		322		—
Trade name		100		100		—

	$	28,600	$	15,397	$	13,203

		Gross Carrying		Gross Carrying		Gross Carrying
	Years Ended December 31,
	2011		2010		2009
Aggregate amortization expense for:
Core deposit intangibles	$	14,474	$	2,491	$	1,114
Credit card and trust relationships		1,908		—		—
Value of insurance business acquired		169		213		255
Non-compete agreements		—		14		28
Trade name		—		10		20

	$	16,551	$	2,728	$	1,417

The weighted-average remaining life of core deposit intangibles is 19 years. The weighted-average remaining life of other identifiable intangibles is 9 years.

The following table shows estimated amortization expense of other intangible assets for the five succeeding years and thereafter, calculated based on current amortization schedules (in thousands):


2012	$	31,561
2013		29,565
2014		24,969
2015		20,579
2016		18,834
Thereafter		85,567
	$	211,075

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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