Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of 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, 2022		Adjustments		Write-off		June 30, 2023
Goodwill
Global Wealth Management	$	335,009	$	—	$	—	$	335,009
Institutional Group		991,539		55,864		—		1,047,403
	$	1,326,548	$	55,864	$	—	$	1,382,412

	December 31, 2022		Adjustments		Amortization			June 30, 2023
Intangible assets
Global Wealth Management	$	33,499	$	—	$	(2,464	)	$	31,035
Institutional Group		97,090		5,500		(6,606	)		95,984
	$	130,589	$	5,500	$	(9,070	)	$	127,019

The adjustments to goodwill and intangible assets during the six months ended June 30, 2023 are primarily attributable to the acquisition of Torreya Partners, LLC (“Torreya”).

Intangible Assets

Intangible assets as of June 30, 2023 and December 31, 2022 were as follows (in thousands):

	June 30, 2023				December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	227,405	$	116,189	$	225,631	$	109,216
Trade names		30,359		21,625		30,359		20,861
Non-compete agreements		10,071		7,753		9,440		7,158
Core deposits		8,615		7,812		8,615		7,389
Investment banking backlog		8,913		4,965		5,545		4,377
	$	285,363	$	158,344	$	279,590	$	149,001

Amortization Expense in Future Periods

As of June 30, 2023, we expect amortization expense in future periods to be as follows (in thousands):

Fiscal year
Remainder of 2023	$	8,960
2024		17,170
2025		14,952
2026		13,362
2027		11,963
Thereafter		58,494
	$	124,901