Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

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, 2020		Adjustments		Write-off		March 31, 2021
Goodwill
Global Wealth Management	$	335,009	$	—	$	—	$	335,009
Institutional Group		846,989		315		—		847,304
	$	1,181,998	$	315	$	—	$	1,182,313

	December 31, 2020		Adjustments		Amortization			March 31, 2021
Intangible assets
Global Wealth Management	$	44,671	$	—	$	(1,305	)	$	43,366
Institutional Group		96,313		60		(2,963	)		93,410
	$	140,984	$	60	$	(4,268	)	$	136,776

The adjustments to goodwill and intangible assets during the three months ended March 31, 2021 are primarily attributable to the acquisition of North Atlantic Capital Corporation in February 2021 and the impact of exchange rate changes during the period.

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 March 31, 2021 and December 31, 2020 were as follows (in thousands):

	March 31, 2021				December 31, 2020
	Gross Carrying Value		Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Customer relationships	$	202,424	$	87,941	$	202,342	$	85,152
Trade names		28,659		16,097		28,659		15,660
Non-compete agreements		9,240		4,586		9,240		4,229
Core deposits		8,615		5,210		8,615		4,809
Investment banking backlog		4,245		2,970		4,245		2,734
Acquired technology		840		443		840		373
	$	254,023	$	117,247	$	253,941	$	112,957

Amortization expense related to intangible assets was $4.3 million and $5.0 million for the three months ended March 31, 2021 and 2020, 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, 2021, are: customer relationships, 10.3 years; trade name, 9.1 years; non-compete agreements, 5.9 years; core deposits, 3.3 years; investment banking backlog, 7.9 years; and acquired technology, 1.5 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, 2021, we expect amortization expense in future periods to be as follows (in thousands):

Fiscal year
Remainder of 2021	$	13,554
2022		16,454
2023		14,601
2024		13,888
2025		11,841
Thereafter		64,320
	$	134,658