Annual report pursuant to Section 13 and 15(d)

Other Intangible Assets

v2.4.1.9
Other Intangible Assets
12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Other Intangible Assets

Note 8 — Other Intangible Assets

Other intangible assets were as follows for the periods indicated:

 

            December 31, 2014      December 31, 2013  
            Gross            Net      Gross            Net  
     Amortization
Period
     Carrying
Amount
     Accumulated
Amortization
    Carrying
Amount
     Carrying
Amount
     Accumulated
Amortization
    Carrying
Amount
 
                         (In thousands)               

Other intangible assets:

                  

Core deposit intangible

     10 years       $ 2,213       $ (133   $ 2,080       $ —         $ —        $ —     

Trade names

     20 years         —           —          —           970         (338     632   

Client/insured relationships

     10 years         —           —          —           770         (539     231   

Carrier relationships

     15 years         —           —          —           580         (272     308   
     

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Total other intangible assets

$ 2,213    $ (133 $ 2,080    $ 2,320    $ (1,149 $ 1,171   
     

 

 

    

 

 

   

 

 

    

 

 

    

 

 

   

 

 

 

Intangible assets with carrying value of $1.1 million as of June 30, 2014 were written off as a result of the sale of insurance subsidiaries. The weighted-average amortization period for other intangible assets is 10.0 years. The total amortization expense for other intangible assets was $174,000 including $41,000 from discontinued operations, $164,000 and $198,000 during the years ended December 31, 2014, 2013 and 2012, respectively.

Estimated future amortization expense related to other intangible assets for each of the next five years is as follows:

 

Year Ending December 31,

   Amount  
     (In thousands)  

2015

   $ 379   

2016

     326   

2017

     281   

2018

     241   

2019

     207   

Thereafter

     646   
  

 

 

 

Total

$ 2,080   
  

 

 

 

As of December 31, 2014 and 2013, management was not aware of any circumstances that would indicate impairment of other intangible assets. There was no impairment charges related to other intangible asset recorded through earnings in 2014 or 2013.