Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

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, 2024		Adjustments			Write-off		March 31, 2025
Goodwill
Global Wealth Management	$	335,009	$	—		$	—	$	335,009
Institutional Group		1,060,209		(3	)		—		1,060,206
	$	1,395,218	$	(3	)	$	—	$	1,395,215


	December 31, 2024		Adjustments			Amortization			March 31, 2025
Intangible assets
Global Wealth Management	$	24,385	$	—		$	(942	)	$	23,443
Institutional Group		89,189		(35	)		(4,454	)		84,700
	$	113,574	$	(35	)	$	(5,396	)	$	108,143

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, 2025 and December 31, 2024 were as follows (in thousands):


	March 31, 2025				December 31, 2024
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	208,770	$	119,040	$	208,601	$	115,919
Trade names		29,109		22,648		29,109		22,210
Acquired technology		19,903		10,654		19,903		9,158
Non-compete agreements		10,152		8,667		10,152		8,559
Investment banking backlog		8,913		7,720		8,913		7,327
Core deposits		8,615		8,590		8,615		8,546
	$	285,462	$	177,319	$	285,293	$	171,719

Amortization expense related to intangible assets was $5.4 million and $5.8 million for the three months ended March 31, 2025 and 2024, 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, 2025, are: customer relationships, 8.8 years; trade names, 5.9 years; non-compete agreements, 3.8 years; acquired technology, 8.3 years; core deposits, 0.3 years; and investment banking backlog, 0.8 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, 2025, we expect amortization expense in future periods to be as follows (in thousands):


Fiscal year
Remainder of 2025	$	15,941
2026		17,459
2027		13,699
2028		12,654
2029		11,533
Thereafter		34,739
	$	106,025