Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 18—Goodwill and Other Intangible Assets

The carrying amount of goodwill was $1.0 billion at March 31, 2020, December 31, 2019 and March 31, 2019. The Company updated its valuation of the carrying value of goodwill as of March 31, 2020 based on the drop in the Company’s stock price in the first quarter of 2020 along with the effect that the COVID-19 pandemic is having on our local economy and determined again that no impairment charge was necessary. We will continue to monitor the impact of COVID-19 on the Company’ business, operating results, cash flows and/or financial condition.

Our 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:

	March 31,		December 31,		March 31,
(Dollars in thousands)	2020		2019		2019
Gross carrying amount	$	119,501	$	119,501	$	119,501
Accumulated amortization		(72,692)		(69,685)		(59,882)
	$	46,809	$	49,816	$	59,619

Amortization expense totaled $3.0 million for the three months ended March 31, 2020, respectively, compared to $3.3 million for the three months ended March 31, 2019, respectively. Other intangibles are amortized using either the straight-line method or an accelerated basis over their estimated useful lives, with lives generally between two and 15 years.  Estimated amortization expense for other intangibles for each of the next five quarters is as follows:

(Dollars in thousands)
Quarter ending:
June 30, 2020	$	2,995
September 30, 2020		2,945
December 31, 2020		2,921
March 31, 2021		2,656
June 30, 2021		2,643
Thereafter		32,649
	$	46,809