Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

On January 4, 2019, we completed the acquisition of Leerink Holdings LLC, now SVB Leerink. We recognized identifiable intangible assets of $60.9 million and goodwill of $137.8 million as a result of the acquisition. For additional information, refer to Note 3—“Business Combination” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report. The goodwill of $137.8 million includes revenue generating synergies expected from collaboration between SVB Leerink and the Company.

The changes in goodwill were as follows for the year ended December 31, 2019:

(Dollars in thousands)	Goodwill
Beginning balance at December 31, 2018	$	—
Acquisitions (1)	137,823
Ending balance at December 31, 2019	$	137,823

(1) All reported goodwill amounts have been allocated to the SVB Leerink reporting segment and are expected to be deductible for tax purposes. Refer to Note 25—“Segment Reporting” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report for additional information.

During 2019, we completed our annual goodwill impairment test as of September 30, 2019. As a result, we determined there was no impairment as of December 31, 2019. For more information on our annual impairment policies, see Note 2—“Summary of Significant Accounting Policies” of the “Notes to the Consolidated Financial Statements” under Part II, Item 8 of this report.

Other Intangible Assets

The components of net other intangible assets related to the acquisition of SVB Leerink were as follows:

	December 31, 2019
(Dollars in thousands)	Gross Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	42,000	$	3,818	$	38,182
Other	18,900		7,665		11,235
Total other intangible assets	$	60,900	$	11,483	$	49,417

For the year ended December 31, 2019, we recorded amortization expense of $11.5 million. Assuming no future impairments of other intangible assets or additional acquisitions or dispositions, the following table presents the Company's future expected amortization expense for other intangible assets that will continue to be amortized as of December 31, 2019:

Years ended December 31, (Dollars in thousands)	Other Intangible Assets
2020	$	5,382
2021	4,732
2022	4,732
2023	4,732
2024	4,732
2025 and thereafter	25,107
Total future amortization expense	$	49,417