Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

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Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2013
Goodwill and Other Intangible Assets [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS

7. Goodwill and Other Intangible Assets

 

Business segments are based on segment leadership structure, which reflects how segment performance is monitored and assessed. A rollforward of goodwill by business segment for the first three-month period of 2013 is presented in the table below:

 

    Retail & Regional &                    
    Business Commercial           Treasury/   Huntington
(dollar amounts in thousands) Banking Banking AFCRE   WGH     Other   Consolidated
Balance, beginning of period $ 286,824   $ 16,169   $ ---   $ 98,951   $ 42,324   $ 444,268
  Adjustments   ---     ---     ---     ---     ---     ---
Balance, end of period $ 286,824   $ 16,169   $ ---   $ 98,951   $ 42,324   $ 444,268

Goodwill is not amortized but is evaluated for impairment on an annual basis at October 1 of each year or whenever events or changes in circumstances indicate the carrying value may not be recoverable. No events or changes in circumstances since the October 1, 2012, annual impairment test were noted that would indicate it was more likely than not a goodwill impairment existed.

 

At March 31, 2013 and December 31, 2012, Huntington's other intangible assets consisted of the following:

      Gross           Net
      Carrying     Accumulated     Carrying
(dollar amounts in thousands)   Amount     Amortization     Value
                   
March 31, 2013                
  Core deposit intangible $ 380,249   $ (310,407)   $ 69,842
  Customer relationship   106,974     (52,825)     54,149
  Other   25,164     (24,919)     245
Total other intangible assets $ 512,387   $ (388,151)   $ 124,236
                   
December 31, 2012                
  Core deposit intangible $ 380,249   $ (302,003)   $ 78,246
  Customer relationship   104,574     (50,925)     53,649
  Other   25,164     (24,902)     262
Total other intangible assets $ 509,987   $ (377,830)   $ 132,157
                   

The estimated amortization expense of other intangible assets for the remainder of 2013 and the next five years is as follows:

  (dollar amounts     Amortization
  in thousands)     Expense
         
  2013   $ 31,048
  2014     36,711
  2015     20,549
  2016     7,336
  2017     6,854
  2018     5,983