Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Goodwill at both June 30, 2020 and December 31, 2019 was $137.8 million, which was a result of revenue generating synergies expected from our acquisition of SVB Leerink in 2019. Due to the economic uncertainty caused by COVID-19, we conducted an evaluation in the first quarter of 2020 and determined that it was more likely than not that the fair value of SVB Leerink was not less than its carrying amount; therefore, no impairment was recognized on goodwill as of March 31, 2020. We determined that an evaluation was not necessary for the second quarter of 2020 as a result of the strong performance of SVB Leerink for the three months ended June 30, 2020. 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 14 — “Segment Reporting” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional information.

Other Intangible Assets

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



	June 30, 2020						December 31, 2019
(Dollars in thousands)	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Other intangible assets:
Customer relationships	$	42,000	$	5,727	$	36,273	$	42,000	$	3,818	$	38,182
Other	18,900		8,447		10,453		18,900		7,665		11,235
Total other intangible assets	$	60,900	$	14,174	$	46,726	$	60,900	$	11,483	$	49,417

For the six months ended June 30, 2020, we recorded amortization expense of $2.7 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 June 30, 2020:



Years ended December 31, (Dollars in thousands)	Other Intangible Assets
2020 (excluding the six months ended June 30, 2020)	$	2,691
2021	4,732
2022	4,732
2023	4,732
2024	4,732
2025 and thereafter	25,107
Total future amortization expense	$	46,726