Fifth Third Bank 2012 Annual Report Download - page 111
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
109 Fifth Third Bancorp
9. INTANGIBLE ASSETS
Intangible assets consist of mortgage servicing rights, core deposit
intangibles, customer lists, non-compete agreements and cardholder
relationships. Intangible assets, excluding servicing rights, are
amortized on either a straight-line or an accelerated basis over their
estimated useful lives and have an estimated remaining weighted-
average life at December 31, 2012 of 3.9 years. For more
information on mortgage servicing rights, see Note 11.
The details of the Bancorp’s intangible assets are shown in the following table:
Gross Carrying Accumulated Valuation Net Carrying
($ in millions) Amount Amortization Allowance Amount
A
s of December 31, 2012
Mortgage servicing rights $2,825 (1,467) (661) 697
Core deposit intangibles 180 (160) - 20
Other 44 (37) - 7
Total intangible assets $3,049 (1,664) (661) 724
A
s of December 31, 2011
Mortgage servicing rights $2,520 (1,281) (558) 681
Core deposit intangibles 439 (407) - 32
Other 44 (36) - 8
Total intangible assets $3,003 (1,724) (558) 721
As of December 31, 2012, all of the Bancorp’s intangible assets
were being amortized. Amortization expense recognized on
intangible assets, including mortgage servicing rights, for the years
ending December 31, 2012, 2011 and 2010 was $199 million, $157
million and $181 million, respectively.
Estimated amortization expense for the years ending December 31, 2013 through 2017 is as follows:
Mortgage Other
($ in millions) Servicing Rights Intangible Assets Total
2013 $284 8 292
2014 220 4 224
2015 173 2 175
2016 137 2 139
2017 109 2 111