Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 8 – Goodwill and Intangible Assets

The carrying amount of goodwill and intangible assets attributable to each of our reporting segments is presented in the following table (in thousands):


	December 31, 2021		Adjustments		Write-off		March 31, 2022
Goodwill
Global Wealth Management	$	335,009	$	—	$	—	$	335,009
Institutional Group		971,883		2,400		—		974,283
	$	1,306,892	$	2,400	$	—	$	1,309,292


	December 31, 2021		Adjustments			Amortization			March 31, 2022
Intangible assets
Global Wealth Management	$	38,884	$	—		$	(1,417	)	$	37,467
Institutional Group		109,273		(2,436	)		(3,677	)		103,160
	$	148,157	$	(2,436	)	$	(5,094	)	$	140,627

The adjustments to goodwill and intangible assets during the three months ended March 31, 2022 are primarily attributable to the acquisition of Vining Sparks on November 1, 2021.

Amortizable intangible assets consist of acquired customer relationships, trade name, investment banking backlog, and non-compete agreements that are amortized over their contractual or determined useful lives. Intangible assets as of March 31, 2022 and December 31, 2021 were as follows (in thousands):


	March 31, 2022				December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	223,398	$	100,327	$	225,900	$	97,054
Trade names		30,359		18,586		30,359		17,694
Non-compete agreements		9,240		6,112		9,240		5,684
Core deposits		8,615		6,589		8,615		6,277
Investment banking backlog		4,245		3,733		4,245		3,680
Acquired technology		840		723		840		653
	$	276,697	$	136,070	$	279,199	$	131,042

Amortization expense related to intangible assets was $5.1 million and $4.3 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense is included in other operating expenses in the consolidated statements of operations.

The weighted-average remaining lives of the following intangible assets at March 31, 2022, are: customer relationships, 9.9 years; trade names, 8.1 years; non-compete agreements, 5.2 years; core deposits, 2.5 years; investment banking backlog, 7.2 years; and acquired technology, 0.5 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of March 31, 2022, we expect amortization expense in future periods to be as follows (in thousands):


Fiscal year
Remainder of 2022	$	14,063
2023		16,021
2024		15,195
2025		13,180
2026		12,993
Thereafter		67,057
	$	138,509