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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2011
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill totaled $12.5 million at December 31, 2011 and $13.7 million at December 31, 2010. Under the provisions of FASB ASC Topic 350, “Intangibles – Goodwill and Other”, goodwill was subjected to an annual assessment for impairment during the third quarter of 2011. As a result of the annual assessment, it was determined that no goodwill impairment existed in the Company’s Community Banking segment. In 2010, the annual assessment determined that goodwill impairment existed at one of the Banks in the Community Banking segment and the Company recorded goodwill impairment charges of $1.5 million. The Community Banking segment had $2.6 million in goodwill at the end of both 2011 and 2010. See Note 26 for further information regarding the Company’s business segments. During the testing for goodwill and other intangible assets impairment in the third quarter of 2011, it was determined that goodwill and other intangible assets were impaired in the Insurance Products and Services segment, primarily relating to the Company’s retail insurance business. The Company recorded goodwill impairment charges of $1.2 million and other intangible assets impairment charges of $120 thousand. In 2010, the annual assessment determined that goodwill impairment existed in the Company’s wholesale insurance business in the Insurance Products and Services segment. The Company recorded goodwill impairment charges of $1.5 million and other intangible assets impairment charges of $51 thousand in the third quarter of 2010. During the fourth quarter of 2010, goodwill increased $724 thousand for the Insurance Products and Services segment. The increase reflected a contingent payment to be made to one of the Company’s retail insurance producer firms for meeting performance criteria outlined in its acquisition agreement. As of December 31, 2011, the Insurance Products and Services segment had $9.9 million in goodwill compared to $11.1 million at the end of 2010. The Company will continue to review goodwill and other intangible assets on an annual basis for impairment and as events occur or circumstances change. The significant components of goodwill and acquired intangible assets are as follows:
|  | December 31, 2011 |  |  | December 31, 2010 |
(Dollars in thousands) |  | Gross Carrying Amount |  |  | Impairment Charges |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Weighted Average Remaining Life |  |  | Gross Carrying Amount |  |  | Impairment Charges |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Weighted Average Remaining Life |
Goodwill |  | $ | 17,345 |  |  | $ | (4,224 | ) |  | $ | (667 | ) |  | $ | 12,454 |  |  |  | - |  |  | $ | 17,345 |  |  | $ | (3,000 | ) |  | $ | (667 | ) |  | $ | 13,678 |  |  |  | - |
Other intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortizable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Employment agreements |  | $ | 1,730 |  |  | $ | - |  |  | $ | (1,059 | ) |  | $ | 671 |  |  |  | 2.7 |  |  | $ | 1,730 |  |  | $ | - |  |  | $ | (810 | ) |  | $ | 920 |  |  |  | 3.7 |
Insurance expirations |  |  | 1,270 |  |  |  | - |  |  |  | (809 | ) |  |  | 461 |  |  |  | 5.4 |  |  |  | 1,270 |  |  |  | - |  |  |  | (725 | ) |  |  | 545 |  |  |  | 6.4 |
Core deposits |  |  | 968 |  |  |  | - |  |  |  | (938 | ) |  |  | 30 |  |  |  | 0.3 |  |  |  | 968 |  |  |  | - |  |  |  | (817 | ) |  |  | 151 |  |  |  | 1.3 |
Customer relationships |  |  | 960 |  |  |  | (126 | ) |  |  | (253 | ) |  |  | 581 |  |  |  | 11.6 |  |  |  | 960 |  |  |  | (6 | ) |  |  | (195 | ) |  |  | 759 |  |  |  | 12.6 |
|  |  | 4,928 |  |  |  | (126 | ) |  |  | (3,059 | ) |  |  | 1,743 |  |  |  |  |  |  |  | 4,928 |  |  |  | (6 | ) |  |  | (2,547 | ) |  |  | 2,375 |  |  |  |  |
Unamortizable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Carrier relationships |  |  | 1,300 |  |  |  | (45 | ) |  |  | - |  |  |  | 1,255 |  |  |  | - |  |  |  | 1,300 |  |  |  | (45 | ) |  |  | - |  |  |  | 1,255 |  |  |  | - |
Trade name |  |  | 1,210 |  |  |  | - |  |  |  | - |  |  |  | 1,210 |  |  |  | - |  |  |  | 1,210 |  |  |  | - |  |  |  | - |  |  |  | 1,210 |  |  |  | - |
|  |  | 2,510 |  |  |  | (45 | ) |  |  | - |  |  |  | 2,465 |  |  |  |  |  |  |  | 2,510 |  |  |  | (45 | ) |  |  | - |  |  |  | 2,465 |  |  |  |  |
Total other intangible assets |  | $ | 7,438 |  |  | $ | (171 | ) |  | $ | (3,059 | ) |  | $ | 4,208 |  |  |  |  |  |  | $ | 7,438 |  |  | $ | (51 | ) |  | $ | (2,547 | ) |  | $ | 4,840 |  |  |  |  |
The current period and estimated future amortization expense for amortizable other intangible assets is as follows:
|  |  |  | Amortization |
(Dollars in thousands) |  |  |  |  | Expense |
Year ended December 31, 2011 |  |  |  |  | $ | 512 |
Estimate for years ended December 31, |  | 2012 |  |  |  | 392 |
|  | 2013 |  |  |  | 296 |
|  | 2014 |  |  |  | 296 |
|  | 2015 |  |  |  | 255 |
|  | 2016 |  |  |  | 134 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 43, 44, 45, 46, 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16373-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13854-109267 + Details
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