Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

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, 2023		Adjustments		Write-off		March 31, 2024
Goodwill
Global Wealth Management	$	335,009	$	—	$	—	$	335,009
Institutional Group		1,053,234		63		—		1,053,297
	$	1,388,243	$	63	$	—	$	1,388,306


	December 31, 2023		Adjustments			Amortization			March 31, 2024
Intangible assets
Global Wealth Management	$	28,687	$	—		$	(1,126	)	$	27,561
Institutional Group		104,592		(155	)		(4,716	)		99,721
	$	133,279	$	(155	)	$	(5,842	)	$	127,282

Amortizable intangible assets consist of acquired customer relationships, trade names, acquired technology, non-compete agreements, investment banking backlog, and core deposits that are amortized over their contractual or determined useful lives. Intangible assets as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	March 31, 2024				December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	227,191	$	126,162	$	227,486	$	122,971
Trade names		30,359		22,736		30,359		22,366
Acquired technology		18,314		4,723		18,314		3,447
Non-compete agreements		10,700		8,759		10,700		8,421
Investment banking backlog		8,913		6,151		8,913		5,758
Core deposits		8,615		8,279		8,615		8,145
	$	304,092	$	176,810	$	304,387	$	171,108

Amortization expense related to intangible assets was $5.8 million and $4.4 million for the three months ended March 31, 2024 and 2023, respectively, and 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, 2024, are: customer relationships, 9.4 years; trade names, 6.9 years; non-compete agreements, 4.3 years; acquired technology, 2.3 years; core deposits, 1.0 years; and investment banking backlog, 4.5 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, 2024, we expect amortization expense in future periods to be as follows (in thousands):


Fiscal year
Remainder of 2024	$	17,195
2025		20,959
2026		16,885
2027		13,188
2028		12,230
Thereafter		44,707
	$	125,164