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Goodwill and Other Intangibles Assets
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangibles Assets
GOODWILL AND OTHER INTANGIBLE ASSETS
The carrying amount of the Company’s goodwill as of December 31, 2019 and 2018 was $464.5 million. Goodwill represents the excess of the purchase price over the sum of the estimated fair values of the tangible and identifiable intangible assets acquired less the estimated fair value of the liabilities assumed. Goodwill has an indefinite useful life and is evaluated for impairment annually or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. Management assessed the qualitative factors related to intangible assets and goodwill for 2019 to determine whether it was more-likely-than-not that the fair value was less than its carrying amount. Based on the analysis of these factors, management determined that it was more-likely-than-not that intangible assets were not impaired and that the fair value of goodwill exceeded the carrying value and that the two-step goodwill impairment test was not needed. Goodwill is not amortized for book purposes and is not tax deductible.
Core deposit intangible assets are amortized over their estimated lives, which range from seven to ten years. The following table provides information regarding the core deposit intangibles as of the dates indicated:
 
 
 
 
 
 
As of December 31, 2019
 
As of December 31, 2018
Core deposit intangibles related to:
 
Amortization
Period
 
Gross Amount
 
Accumulated Amortization
 
Carrying Amount
 
Accumulated Amortization
 
Carrying Amount
 
 
 
 
 
 
(Dollars in thousands)
Center Financial
 
7 years
 
$
4,100

 
$
(4,100
)
 
$
—

 
$
(4,100
)
 
$
—

Pacific International Bank
 
7 years
 
604

 
(602
)
 
2

 
(579
)
 
25

Foster Bankshares
 
10 years
 
2,763

 
(2,120
)
 
643

 
(1,893
)
 
870

Wilshire Bancorp
 
10 years
 
18,138

 
(6,950
)
 
11,188

 
(4,972
)
 
13,166

Total
 
 
 
$
25,605

 
$
(13,772
)
 
$
11,833

 
$
(11,544
)
 
$
14,061


Total amortization expense on core deposit intangibles was $2.2 million and $2.5 million for the years ended December 31, 2019 and 2018, respectively. The estimated future amortization expense for core deposit intangibles is as follows: $2.1 million in 2020, $2.0 million in 2021, $1.9 million in 2022, $1.8 million in 2023, $1.6 million in 2024, and $2.3 million thereafter.