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ALNC » Topics » 15. INTANGIBLE ASSETS

This excerpt taken from the ALNC 10-K filed Mar 14, 2006.

15. INTANGIBLE ASSETS

(Dollars in thousands)

          The Company has a finite-lived intangible asset capitalized on its balance sheet pertaining to the acquisition of certain personal trust accounts and related assets under management from HSBC, USA, NA. A summary of the intangible asset at December 31 follows:

 

 

 

 

 

 

 

 

 

 

2005

 

2004

 

Intangible Asset

 

 

 

 

 

 

 

Gross carrying amount

 

$

10,089

 

$

—

 

Less accumulated amortization

 

 

418

 

 

—

 

Net carrying amount

 

$

9,671

 

$

—

 

 

 

 

 

 

 

 

 

          Amortization expense on the finite-lived intangible asset was $418 for 2005. There was no amortization expense for any prior periods. Annual amortization expense is expected to total $505 for the calendar years 2006 – 2010.

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