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Note 11 - Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets Disclosure [Text Block]

11. Intangible assets

The following table summarizes the gross value, accumulated amortization and net carrying value of the Company’s indefinite life and finite life intangible assets:

	Gross
	carrying		Accumulated
December 31, 2023	amount		amortization		Net
Indefinite life intangible assets:
Licenses	$	29,200	$	-	$	29,200
Trademarks and trade names		23,408		-		23,408
	$	52,608	$	-	$	52,608
Finite life intangible assets:
Customer lists and relationships	$	707,355	$	218,435	$	488,920
Investment management contracts		591,826		181,653		410,173
Mortgage servicing rights ("MSRs")		188,489		84,058		104,431
Trademarks and trade names		27,563		7,486		20,077
Management contracts and other		13,893		10,547		3,346
Backlog		6,349		5,433		916
	$	1,535,475	$	507,612	$	1,027,863
	$	1,588,083	$	507,612	$	1,080,471

	Gross
	carrying		Accumulated
December 31, 2022	amount		amortization		Net
Indefinite life intangible assets:
Licenses	$	29,200	$	-	$	29,200
Trademarks and trade names		23,285		-		23,285
	$	52,485	$	-	$	52,485
Finite life intangible assets:
Customer lists and relationships	$	695,007	$	187,743	$	507,264
Investment management contracts		589,885		126,904		462,981
Mortgage servicing rights ("MSRs")		170,213		65,771		104,442
Trademarks and trade names		27,702		4,389		23,313
Management contracts and other		15,426		10,635		4,791
Backlog		8,299		3,665		4,634
	$	1,506,532	$	399,107	$	1,107,425
	$	1,559,017	$	399,107	$	1,159,910

The MSR assets are evaluated quarterly for impairment by stratifying the servicing portfolio according to predominant risk characteristics, primarily investor type and interest rate. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. There was no impairment recorded for the twelve-month period ended December 31, 2023, or 2022.

The following table summarizes activity related to the Company’s mortgage servicing rights for the year ended December 31, 2023:

	2023			2022
Balance, January 1	$	104,442		$	106,423
Additions, following the sale of loan		18,276			22,335
Amortization		(14,833	)		(14,943	)
Prepayments and write-offs		(3,454	)		(9,373	)
Balance, December 31	$	104,431		$	104,442

During the year ended December 31, 2023, the Company acquired the following intangible assets:

			Estimated
			weighted
			average
			amortization
	Amount		period (years)
Finite life intangible assets:
Customer lists and relationships	$	38,061		9.9
Trademarks and trade names - finite life		481		2.0
Customer backlog		6,670		0.7
Other		627		4.4
	$	*45,839*		8.4

The table above includes $1,272 related to assets acquired that do not constitute a business under GAAP.

The following is the estimated future expense for amortization of the finite life intangible assets for each of the next five years and thereafter:

For the year ended December 31,	MSRs		Other Intangibles		Total
2024	$	12,540	$	114,023	$	126,563
2025		11,402		103,800		115,202
2026		10,783		103,107		113,890
2027		10,047		93,671		103,718
2028		9,426		87,599		97,025
Thereafter		50,233		421,232		471,465
	$	104,431	$	923,432	$	1,027,863