Fifth Third Bank 2013 Annual Report Download - page 118
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
116 Fifth Third Bancorp
9. INTANGIBLE ASSETS
Intangible assets consist of core deposit intangibles, customer lists,
non-compete agreements and cardholder relationships. Intangible
assets are amortized on either a straight-line or an accelerated basis
over their estimated useful lives. Intangible assets have an estimated
remaining weighted-average life at December 31, 2013 of 4.1 years.
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, 2013
Core deposit intangibles $154 (141) - 13
Other 45 (39) - 6
Total intangible assets $199 (180) - 19
A
s of December 31, 2012
Core deposit intangibles $180 (160) - 20
Other 44 (37) - 7
Total intangible assets $224 (197) - 27
As of December 31, 2013, all of the Bancorp’s intangible assets
were being amortized. Amortization expense recognized on
intangible assets for the years ended December 31, 2013, 2012 and
2011 was $8 million, $13 million and $22 million, respectively.
The Bancorp's projections of amortization expense shown below are based on existing asset balances as of December 31, 2013. Future
amortization expense may vary from these projections. Estimated amortization expense for the years ending December 31, 2014 through 2018 is
as follows:
($ in millions) Total
2014 $5
2015 2
2016 2
2017 2
2018 2