Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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		June 30, 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			June 30, 2022
Intangible assets
Global Wealth Management	$	38,884	$	—		$	(2,763	)	$	36,121
Institutional Group		109,273		(2,713	)		(7,815	)		98,745
	$	148,157	$	(2,713	)	$	(10,578	)	$	134,866

The adjustments to goodwill and intangible assets during the six months ended June 30, 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 June 30, 2022 and December 31, 2021 were as follows (in thousands):


	June 30, 2022				December 31, 2021
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	222,163	$	103,196	$	225,900	$	97,054
Trade names		30,359		19,404		30,359		17,694
Non-compete agreements		9,240		6,372		9,240		5,684
Core deposits		8,615		6,878		8,615		6,277
Investment banking backlog		4,245		3,953		4,245		3,680
Acquired technology		840		793		840		653
	$	275,462	$	140,596	$	279,199	$	131,042

Amortization expense related to intangible assets was $5.5 million and $4.5 million for the three months ended June 30, 2022 and 2021, respectively. Amortization expense related to intangible assets was $10.6 million and $8.8 million for the six months ended June 30, 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 June 30, 2022, are: customer relationships, 9.6 years; trade names, 7.8 years; non-compete agreements, 4.9 years; core deposits, 2.2 years; investment banking backlog, 6.9 years; and acquired technology, 0.2 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, 2022, we expect amortization expense in future periods to be as follows (in thousands):


Fiscal year
Remainder of 2022	$	8,983
2023		15,940
2024		15,060
2025		13,046
2026		12,654
Thereafter		67,065
	$	132,748