Goodwill and Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Identifiable Intangible Assets [Abstract]

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

(6)    GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

The following table sets forth the carrying value of goodwill and other intangible assets, net of accumulated amortization, at December 31:

	2011		2010
	(Dollars in Thousands)
Balances not subject to amortization:
Goodwill(1)	$	130,074	$	129,617
Balances subject to amortization:
Core Deposit Intangibles		9,660		11,275
Other identifiable Intangible Assets		988		1,064
Total Other Intangible Assets		10,648		12,339
TOTAL GOODWILL AND OTHER INTANGIBLE ASSETS	$	140,722	$	141,956

(1) Approximately $39.5 million is expected to be deductible for tax purposes.

The changes in the carrying value of goodwill for the periods indicated were as follows:

	2011		2010		2009
	(Dollars in Thousands)
Balance at Beginning of Year	$	129,617	$	129,348	$	116,437
Ben Franklin Acquisition		—		—		12,193
Earn out Payments from Prior Acquisitions		457		269		718
Balance at End of Year	$	130,074	$	129,617	$	129,348

The gross carrying amount and accumulated amortization of other intangible assets were as follows at the periods indicated:

	2011							2010
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Core Deposits	$	17,638	$	(7,978	)	$	9,660	$	17,638	$	(6,363	)	$	11,275
Other Intangible Assets(1)		1,330		(342	)		988		1,980		(916	)		1,064
TOTAL	$	18,968	$	(8,320	)	$	10,648	$	19,618	$	(7,279	)	$	12,339

(1) In 2010 intangible assets of $650,000 were fully amortized and removed from the total other intangible assets in 2011.

Amortization of intangible assets for 2011, 2010, and 2009 was $1.7 million, $2.0 million, and $2.5 million, respectively.

The following table sets forth the estimated annual amortization expense of intangible assets for each of the next five years:

Year	Amount
	(Dollars in Thousands)
2012	$	1,605
2013	$	1,607
2014	$	1,596
2015	$	1,586
2016	$	1,582

The weighted average amortization period for intangible assets is 10.3 years.