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, 2022		Adjustments		Write-off		March 31, 2023
Goodwill
Global Wealth Management	$	335,009	$	—	$	—	$	335,009
Institutional Group		991,539		53,663		—		1,045,202
	$	1,326,548	$	53,663	$	—	$	1,380,211


	December 31, 2022		Adjustments		Amortization			March 31, 2023
Intangible assets
Global Wealth Management	$	33,499	$	—	$	(1,254	)	$	32,245
Institutional Group		97,090		6,037		(3,183	)		99,944
	$	130,589	$	6,037	$	(4,437	)	$	132,189

On March 1, 2023, the Company acquired Torreya Partners, LLC (“Torreya”), an independent M&A and private capital advisory firm that serves the global life sciences industry. Consideration for this acquisition consisted of cash from operations. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805, “Business Combinations.” Accordingly, goodwill was measured as the excess of the acquisition-date fair value of the consideration transferred over the amount of acquisition-date identifiable assets acquired net of assumed liabilities. We recorded $59.7 million of goodwill and intangible assets in the consolidated statement of financial condition, which has been allocated to our company’s Institutional Group segment. The allocation of the purchase price of Torreya is preliminary and will be finalized upon completion of the analysis of the fair values of the net assets of Torreya as of the acquisition date and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets.

The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of Torreya’s business, its employees, and customer base. A significant amount of the goodwill is expected to be deductible for federal income tax purposes.

The adjustments to goodwill and intangible assets during the three months ended March 31, 2023 are primarily attributable to the acquisition of Torreya, which closed on March 1, 2023.

Intangible assets consist of acquired customer relationships, trade names, non-compete agreements, core deposits, and investment banking backlog that are amortized over their contractual or determined useful lives. Intangible assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	March 31, 2023				December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	225,783	$	112,836	$	225,631	$	109,216
Trade names		30,359		21,082		30,359		20,861
Non-compete agreements		9,440		7,434		9,440		7,158
Core deposits		8,615		7,612		8,615		7,389
Investment banking backlog		5,545		4,489		5,545		4,377
Estimated Torreya intangibles (1)		6,000		100		—		—
	$	285,742	$	153,553	$	279,590	$	149,001

(1) See discussion regarding the allocation of the estimated goodwill and intangibles recorded for the Torreya acquisition.

Amortization expense related to intangible assets was $4.4 million and $5.1 million for the three months ended March 31, 2023 and 2022, 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, 2023, are: customer relationships, 8.9 years; trade names, 7.1 years; non-compete agreements, 4.2 years; core deposits, 1.5 years; investment banking backlog, 6.2 years; and Torreya intangibles, 4.9 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, 2023, we expect amortization expense in future periods to be as follows (in thousands):


Fiscal year
Remainder of 2023	$	13,358
2024		17,009
2025		14,815
2026		14,160
2027		12,949
Thereafter		57,780
	$	130,071