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OTHER INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2014
OTHER INTANGIBLE ASSETS  
Schedule of changes in other intangible assets

 

 

 

Core

 

Mortgage

 

 

 

 

 

Deposit

 

Servicing

 

 

 

 

 

Premium

 

Rights

 

Total

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2012

 

$

15,378

 

$

22,121

 

$

37,499

 

Additions

 

 

2,702

 

2,702

 

Amortization

 

(2,674

)

(4,744

)

(7,418

)

Balance as of December 31, 2013

 

$

12,704

 

$

20,079

 

$

32,783

 

Additions

 

 

2,246

 

2,246

 

Amortization

 

(2,675

)

(2,657

)

(5,332

)

Balance as of December 31, 2014

 

$

10,029

 

$

19,668

 

$

29,697

 

 

Schedule of gross carrying value and accumulated amortization related to intangible assets

 

 

 

December 31, 2014

 

December 31, 2013

 

 

 

Gross

 

 

 

Net

 

Gross

 

 

 

Net

 

 

 

Carrying

 

Accumulated

 

Carrying

 

Carrying

 

Accumulated

 

Carrying

 

 

 

Value

 

Amortization

 

Value

 

Value

 

Amortization

 

Value

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core deposit premium

 

$

44,642

 

$

(34,613

)

$

10,029

 

$

44,642

 

$

(31,938

)

$

12,704

 

Mortgage servicing rights

 

56,687

 

(37,019

)

19,668

 

54,441

 

(34,362

)

20,079

 

Total

 

$

101,329

 

$

(71,632

)

$

29,697

 

$

99,083

 

$

(66,300

)

$

32,783

 

 

Schedule of estimated amortization expense

 

Based on our other intangible assets held as of December 31, 2014, estimated amortization expense for the next five succeeding fiscal years and all years thereafter are as follows:

 

 

 

Estimated Amortization Expense

 

 

 

 

 

Mortgage

 

 

 

 

 

Core Deposit

 

Servicing

 

 

 

 

 

Premium

 

Rights

 

Total

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

2015

 

$

2,674 

 

$

2,595 

 

$

5,269 

 

2016

 

2,674 

 

1,906 

 

4,580 

 

2017

 

2,674 

 

1,431 

 

4,105 

 

2018

 

2,007 

 

1,069 

 

3,076 

 

2019

 

 

761 

 

761 

 

Thereafter

 

 

11,906 

 

11,906 

 

Total

 

$

10,029 

 

$

19,668 

 

$

29,697 

 

 

Schedule of fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights

 

 

 

Year Ended December 31,

 

 

 

2014

 

2013

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

Fair market value, beginning of period

 

$

21,399 

 

$

22,356 

 

Fair market value, end of period

 

19,975 

 

21,399 

 

Weighted average discount rate

 

9.5 

%

8.0 

%

Weighted average prepayment speed assumption

 

13.2 

 

13.6