Goodwill and Other Intangible Assets
|3 Months Ended
Jun. 30, 2014
|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. During the 2014 first quarter, we realigned our business segments to drive our ongoing growth and leverage the knowledge of our highly experienced team. We now have five major business segments: Retail and Business Banking, Commercial Banking, Automobile Finance and Commercial Real Estate (AFCRE), Regional Banking and The Huntington Private Client Group (RBHPCG), and Home Lending. A Treasury / Other function includes our insurance brokerage business, along with technology and operations, other unallocated assets, liabilities, revenue, and expense. All periods presented have been reclassified to conform to the current period classification. Amounts relating to the realignment are disclosed in the table below.
A rollforward of goodwill by business segment for the first six-month period of 2014 is presented in the table below:
Goodwill acquired during the period was the result of the Camco Financial acquisition, which was completed on March 1, 2014. For additional information, see Business Combinations footnote.
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. As a result of the reorganization in our reported business segments, goodwill was reallocated among the business segments. Immediately following the reallocation, impairment of $3.0 million was recorded in the Home Lending reporting segment.
At June 30, 2014 and December 31, 2013, Huntington's other intangible assets consisted of the following:
The estimated amortization expense of other intangible assets for the remainder of 2014 and the next five years is as follows: