NOTE 5. Goodwill and Other Intangible Assets
The changes in the carrying amounts of goodwill attributable to BB&T's operating segments are reflected in the table below. There have been no goodwill impairments recorded to date.
| Residential | Dealer | ||||||||||||||||||||||
| Community | Mortgage | Financial | Specialized | Insurance | Financial | ||||||||||||||||||
| Banking | Banking | Services | Lending | Services | Services | Total | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| Goodwill balance, January 1, 2012 | $ | 4,542 | $ | 7 | $ | 111 | $ | 94 | $ | 1,132 | $ | 192 | $ | 6,078 | |||||||||
| Acquired goodwill, net | 358 | ― | ― | 5 | 358 | ― | 721 | ||||||||||||||||
| Contingent consideration | ― | ― | ― | ― | 3 | ― | 3 | ||||||||||||||||
| Other adjustments | ― | ― | ― | ― | 2 | ― | 2 | ||||||||||||||||
| Goodwill balance, December 31, 2012 | $ | 4,900 | $ | 7 | $ | 111 | $ | 99 | $ | 1,495 | $ | 192 | $ | 6,804 | |||||||||
| Contingent consideration | ― | ― | ― | ― | 6 | ― | 6 | ||||||||||||||||
| Other adjustments | 24 | ― | ― | (11) | (9) | ― | 4 | ||||||||||||||||
| Goodwill balance, December 31, 2013 | $ | 4,924 | $ | 7 | $ | 111 | $ | 88 | $ | 1,492 | $ | 192 | $ | 6,814 | |||||||||
During 2012, BB&T completed the acquisition of Fort Lauderdale, Florida-based BankAtlantic. BB&T acquired approximately $1.7 billion in loans and assumed approximately $3.5 billion in deposits. The net purchase price received, excluding cash held by BankAtlantic, was $45 million, which consisted of net liabilities assumed less a deposit premium of $316 million. The 2012 change in Community Banking goodwill was primarily the result of this acquisition. Also during 2012, BB&T acquired the life and property and casualty insurance divisions of Crump Group Inc. The 2012 changes in Insurance Services goodwill and other identifiable intangibles is primarily due to this acquisition.
The 2013 adjustments to goodwill within Community Banking and Insurance Services reflect the finalization of valuations for certain assets and liabilities of the above acquisitions. The 2013 adjustment to Specialized Lending primarily represents the goodwill associated with a subsidiary that was sold.
| The following table presents information for identifiable intangible assets subject to amortization: | ||||||||||||||||||||||||
| December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
| Wtd. Avg. | Gross | Net | Gross | Net | ||||||||||||||||||||
| Remaining | Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | ||||||||||||||||||
| Life | Amount | Amortization | Amount | Amount | Amortization | Amount | ||||||||||||||||||
| (Years) | (Dollars in millions) | |||||||||||||||||||||||
| CDI | 7.1 | $ | 672 | $ | (555) | $ | 117 | $ | 672 | $ | (522) | $ | 150 | |||||||||||
| Other, primarily customer relationship | ||||||||||||||||||||||||
| intangibles | 15.3 | 1,082 | (630) | 452 | 1,080 | (557) | 523 | |||||||||||||||||
| Total | $ | 1,754 | $ | (1,185) | $ | 569 | $ | 1,752 | $ | (1,079) | $ | 673 | ||||||||||||
| 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||
| (Dollars in millions) | ||||||||||||||||
| Estimated amortization expense of identifiable intangibles | $ | 89 | $ | 76 | $ | 65 | $ | 56 | $ | 49 | ||||||