Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 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		September 30, 2023
Goodwill
Global Wealth Management	$	335,009	$	—	$	—	$	335,009
Institutional Group		991,539		72,581		—		1,064,120
	$	1,326,548	$	72,581	$	—	$	1,399,129

	December 31, 2022		Adjustments		Amortization			September 30, 2023
Intangible assets
Global Wealth Management	$	33,499	$	—	$	(3,652	)	$	29,847
Institutional Group		97,090		10,726		(10,220	)		97,596
	$	130,589	$	10,726	$	(13,872	)	$	127,443

The adjustments to goodwill and intangible assets during the nine months ended September 30, 2023 are primarily attributable to the acquisitions of Torreya Partners, LLC (“Torreya”) and Sierra Pacific Securities, LLC (“Sierra Pacific”).

Intangible Assets

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

	September 30, 2023				December 31, 2022
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	226,984	$	119,306	$	225,631	$	109,216
Trade names		30,359		21,995		30,359		20,861
Non-compete agreements		10,071		8,060		9,440		7,158
Core deposits		8,615		7,990		8,615		7,389
Investment banking backlog		8,913		5,368		5,545		4,377
Estimated Sierra Pacific intangibles (1)		5,400		180		—		—
	$	290,342	$	162,899	$	279,590	$	149,001

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

Amortization Expense in Future Periods

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

Fiscal year
Remainder of 2023	$	4,732
2024		18,243
2025		16,032
2026		14,442
2027		14,142
Thereafter		57,734
	$	125,325