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Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Other Intangible Assets

Note 9—Goodwill and Other Intangible Assets

The Company evaluated the carrying value of goodwill as of April 30, 2020, its annual test date, and obtained a third-party valuation during the fourth quarter of 2020 and concluded that no impairment charge was necessary. The Company will continue to monitor the impact of COVID-19 on the Company’ business, operating results, cash flows and/or financial condition. The following is a summary of changes in the carrying amounts of goodwill:


	Year Ended
	December 31,
(Dollars in thousands)	2020		2019
Balance at beginning of period	$	1,002,900	$	1,002,900
Additions:
Goodwill from CenterState acquisition		561,042		—
Balance at end of period	$	1,563,942	$	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)	2020		2019
Gross carrying amount	$	258,554	$	119,501
Accumulated amortization		(95,962)		(69,685)
	$	162,592	$	49,816

Amortization expense totaled $27.0 million and $13.1 million and $14.2 million for the years ended December 31, 2020, 2019, and 2018, 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:
2021	$	33,845
2022		30,056
2023		24,634
2024		19,790
2025		16,480
Thereafter		37,787
	$	162,592