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Intangible Assets

9 Months Ended

Sep. 30, 2011

Intangible Assets [Abstract]

Intangible Assets

(5) Intangible Assets

A summary of other intangible assets at September 30, 2011 and December 31, 2010, respectively is as follows:

		September 30, 2011												December 31, 2010
		Gross Carrying Amount				Accumulated Amortization				Net Amount				Gross Carrying Amount				Accumulated Amortization				Net Amount
Amortizable intangible assets:
Core deposit intangible		$	4,795,224			$	(4,148,453	)		$	646,771			$	7,060,224			$	(6,082,715	)		$	977,509
Mortgage servicing rights			3,113,828				(847,719	)			2,266,109				3,067,368				(711,378	)			2,355,990
Total intangible assets		$	7,909,052			$	(4,996,172	)		$	2,912,880			$	10,127,592			$	(6,794,093	)		$	3,333,499

Changes in the net carrying amount of other intangible assets for the nine months ended September 30, 2011 are as follows:

		Core Deposit Intangible Asset				Mortgage Servicing Rights
Balance at December 31, 2010		$	977,509			$	2,355,990
Additions			—				436,074
Amortization			(330,738	)			(525,955	)
Balance at September 30, 2011		$	646,771			$	2,266,109

Mortgage servicing rights (MSRs) are amortized over the shorter of 7 years or the life of the loan. They are periodically reviewed for impairment and if impairment is indicated, recorded at fair value. At September 30, 2011 and December 31, 2010, no temporary impairment was recognized. The fair value of MSRs is based on the present value of expected cash flows, as further discussed in Fair Value of Financial Instruments. Mortgage loans serviced for others totaled approximately $301,999,000 and $298,325,000 at September 30, 2011 and December 31, 2010, respectively. Included in other noninterest income were real estate servicing fees for the three months ended September 30, 2011 and 2010 of $237,000, and $286,000, respectively, and for the nine months ended September 30, 2011 and 2010 of $630,000 and $682,000, respectively.

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The aggregate amortization expense of intangible assets subject to amortization for the three and nine months ended September 30, 2011 and 2010 is as follows:

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
Aggregate amortization expense		2011				2010				2011				2010
Core deposit intangible asset		$	104,025			$	118,026			$	330,738			$	408,451
Mortgage servicing rights			221,326				307,981				525,955				594,957

Our Company’s amortization expense on intangible assets in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions. The following table shows the estimated future amortization expense based on existing asset balances and the interest rate environment as of September 30, 2011 for the next five years:

		Core Deposit Intangible Asset				Mortgage Servicing Rights
2011		$	104,025			$	195,000
2012			408,062				435,000
2013			134,684				354,000
2014			—				288,000
2015			—				234,000
2016			—				190,000

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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



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-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.



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-Publisher FASB

-Name Accounting Standards Codification

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