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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Other Intangible Assets

Note 7—Goodwill and Other Intangible Assets

In accordance with FASB ASC 350, Intangibles—Goodwill and Other, the Company ceased amortization of goodwill as of January 1, 2002. The Company evaluated the carrying value of goodwill as of April 30, 2019, its annual test date, and determined that no impairment charge was necessary. The following is a summary of changes in the carrying amounts of goodwill:


	Year Ended
	December 31,
(Dollars in thousands)	2019		2018
Balance at beginning of period	$	1,002,900	$	999,586
Additions:
PSC acquisition Day 1 adjustment		—		3,314
Balance at end of period	$	1,002,900	$	1,002,900

The Company’s other intangible assets, consisting of core deposit intangibles, noncompete intangibles, and client list intangibles are included on the face of the balance sheet. The following is a summary of gross carrying amounts and accumulated amortization of other intangible assets:


	December 31,
(Dollars in thousands)	2019		2018
Gross carrying amount	$	119,501	$	121,736
Accumulated amortization		(69,685)		(58,836)
	$	49,816	$	62,900

Amortization expense totaled $13.1 million, $14.2 million and $10.4 million for the years ended December 31, 2019, 2018, and 2017, respectively. Other intangibles are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between 2 and 15 years. Estimated amortization expense for other intangibles for each of the next five years is as follows:


(Dollars in thousands)
Year ended December 31:
2020	$	11,867
2021		10,584
2022		9,266
2023		6,314
2024		3,940
Thereafter		7,845
	$	49,816