Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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		June 30, 2024
Goodwill
Global Wealth Management	$	335,009	$	—	$	—	$	335,009
Institutional Group		1,053,234		168		—		1,053,402
	$	1,388,243	$	168	$	—	$	1,388,411


	December 31, 2023		Adjustments			Amortization			June 30, 2024
Intangible assets
Global Wealth Management	$	28,687	$	—		$	(2,226	)	$	26,461
Institutional Group		104,592		(210	)		(9,612	)		94,770
	$	133,279	$	(210	)	$	(11,838	)	$	121,231

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 June 30, 2024 and December 31, 2023 were as follows (in thousands):


	June 30, 2024				December 31, 2023
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	227,098	$	129,450	$	227,486	$	122,971
Trade names		30,359		23,107		30,359		22,366
Acquired technology		18,314		6,179		18,314		3,447
Non-compete agreements		10,700		9,099		10,700		8,421
Investment banking backlog		8,913		6,543		8,913		5,758
Core deposits		8,615		8,390		8,615		8,145
	$	303,999	$	182,768	$	304,387	$	171,108

Amortization expense related to intangible assets was $6.0 million and $4.6 million for the three months ended June 30, 2024 and 2023, respectively. Amortization expense related to intangible assets was $11.8 million and $9.1 million for the six months ended June 30, 2024 and 2023, 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 June 30, 2024, are: customer relationships, 9.3 years; trade names, 6.7 years; non-compete agreements, 4.2 years; acquired technology, 2.1 years; core deposits, 0.8 years; and investment banking backlog, 4.4 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of June 30, 2024, we expect amortization expense in future periods to be as follows (in thousands):


Fiscal year
Remainder of 2024	$	11,317
2025		20,970
2026		16,885
2027		13,188
2028		12,230
Thereafter		44,523
	$	119,113