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GOODWILL AND OTHER INTANGIBLES | 9 Months Ended
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Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLES | NOTE 13 – GOODWILL AND OTHER INTANGIBLES Goodwill as of September 30, 2018 and December 31, 201 7 amounted to $28.1 million, recognized as part of “Other Assets” in the consolidated statements of financial condition. The Corporation conducted its annual evaluation of goodwill and other intangibles during the fourth quarter of 2017. The Corporation’s goodwill is related to the acquisition of FirstBank Florida in 2005. There have been no significant events related to the Florida report ing unit that could indicate potential goodwill impairment since the date of the last evaluation; therefore, no goodwill impairment evaluation was performed during the first nine months of 2018. Goodwill and other indefinite life intangibles are reviewed a t least annually for impairment. In connection with the acquisition of the FirstBank-branded credit card loan portfolio in the second quarter of 2012, the Corporation recognized a purchased credit card relationship intangible of $24.5 million, which is being amortized over the remaining estimated life of 3.1 years on an accelerated basis based on the estimated attrition rate of the purchased credit card accounts, which reflects the pattern in which the economic benefits of the intangible asset are consum ed. These benefits are consumed as the revenue stream generated by the cardholder relationship is realized. The core deposit intangible includes the core deposit acquired in the February 2015 Doral Bank transaction, which amounted to $3.3 million as of Sept ember 30, 2018. In the first quarter of 2016, FirstBank Insurance Agency acquired certain insurance customer accounts and related customer records and recognized an insurance customer relationship intangible of $1.1 million (compared to $0.7 million as of Septemb er 30, 2018), which is being amortized over the next 4.3 years on a straight-line basis. The acquired accounts ha ve a direct relationship to the previous mortgage loan portfolio acquisitions from Doral Bank and Doral Financial in 2015 and 2014.
| The following table shows the gross amount and accumulated amortization of the Corporation’s intangible assets recognized as part of Other Assets in the consolidated statements of financial condition:
|  | As of |  | As of
|  | September 30, |  | December 31,
|  | 2018 |  | 2017
(Dollars in thousands) |  |  |  |  |
Core deposit intangible: |  |  |  |  |
Gross amount | $ | 51,664 |  | $ | 51,664
Accumulated amortization (1) |  | (47,079) |  |  | (46,186)
Net carrying amount | $ | 4,585 |  | $ | 5,478
Remaining amortization period |  | 6.3 years |  |  | 7.0 years
Purchased credit card relationship intangible: |  |  |  |  |
Gross amount | $ | 24,465 |  | $ | 24,465
Accumulated amortization (2) |  | (18,189) |  |  | (16,465)
Net carrying amount | $ | 6,276 |  | $ | 8,000
Remaining amortization period |  | 3.1 years |  |  | 3.9 years
Insurance customer relationship intangible: |  |  |  |  |
Gross amount | $ | 1,067 |  | $ | 1,067
Accumulated amortization (3) |  | (406) |  |  | (292)
Net carrying amount | $ | 661 |  | $ | 775
Remaining amortization period |  | 4.3 years |  |  | 5.0 years
(1) | For the quarter and nine-month period ended September 30, 2018, the amortization expense of core deposit intangibles amounted to $0.3 million and $0.9 million, respectively (2017 - $0.4 million and $1.3 million, respectively).
(2) | For the quarter and nine-month period ended September 30, 2018, the amortization expense of the purchased credit card relationship intangible amounted to $0.6 million and $1.7 million, respectively (2017 - $0.6 million and $1.9 million, respectively).
(3) | For the quarter and nine-month period ended September 30, 2018, the amortization expense of the insurance customer relationship intangible amounted to $38 thousand and $0.1 million, respectively (2017 - $38 thousand and $0.1 million, respectively).
The estimated aggregate annual amortization expense related to the intangible assets for future periods is as follows:
|  |  | Amount |
|  |  | (In thousands) |
| 2018 | $ | 860 |
| 2019 |  | 3,088 |
| 2020 |  | 2,851 |
| 2021 |  | 2,658 |
| 2022 |  | 915 |
| 2023 and after |  | 1,150 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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