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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 10 – 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, 2018 |  |  | Net Additions |  |  | Write-off |  |  | December 31, 2019 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 340,395 |  |  | $ | 4,586 |  |  | $ | — |  |  | $ | 344,981 |
Institutional Group |  |  | 694,284 |  |  |  | 154,809 |  |  |  | — |  |  |  | 849,093 |
|  | $ | 1,034,679 |  |  | $ | 159,395 |  |  | $ | — |  |  | $ | 1,194,074 |
|  | December 31, 2018 |  |  | Net Additions |  |  | Amortization |  |  | December 31, 2019 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 60,532 |  |  | $ | — |  |  | $ | (7,253 | ) |  | $ | 53,279 |
Institutional Group |  |  | 59,123 |  |  |  | 58,133 |  |  |  | (8,762 | ) |  |  | 108,494 |
|  | $ | 119,655 |  |  | $ | 58,133 |  |  | $ | (16,015 | ) |  | $ | 161,773 |
The adjustments to goodwill included in our Institutional Group segment during the year ended December 31, 2019, are primarily attributable to the acquisitions of First Empire on January 2, 2019, Mooreland on July 1, 2019, B&F on September 3, 2019, GKB on September 27, 2019, MainFirst on November 1, 2019, and GMP Capital on December 6, 2019. The allocation of the purchase price of these acquisitions are preliminary and will be finalized upon completion of the analysis of the fair values of the net assets as of the respective acquisition dates 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. See Note 3 in the notes to our consolidated financial statements for additional information regarding our acquisitions. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of each respective business, its employees, and customer base. The adjustments to goodwill included in our Global Wealth Management segment during the year ended December 31, 2019, are primarily attributable to the Business Bank acquisition, which closed on August 31, 2018. Amortizable intangible assets consist of acquired customer relationships, trade name, core deposits, investment banking backlog, and non-compete agreements that are amortized over their contractual or determined useful lives. Intangible assets as of December 31, 2019 and 2018, were as follows (in thousands):
|  | December 31, 2019 |  |  | December 31, 2018 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 198,248 |  |  | $ | 75,987 |  |  | $ | 160,745 |  |  | $ | 65,254 |
Trade name |  |  | 28,123 |  |  |  | 13,649 |  |  |  | 26,831 |  |  |  | 11,755 |
Core deposits |  |  | 8,615 |  |  |  | 2,985 |  |  |  | 8,615 |  |  |  | 816 |
Non-compete agreements |  |  | 8,319 |  |  |  | 2,828 |  |  |  | 2,603 |  |  |  | 1,452 |
Investment banking backlog |  |  | 4,245 |  |  |  | 1,787 |  |  |  | 1,431 |  |  |  | 1,293 |
Acquired technology |  |  | 840 |  |  |  | 93 |  |  |  | — |  |  |  | — |
Estimated GMP Capital intangibles (1) |  |  | 10,712 |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 259,102 |  |  | $ | 97,329 |  |  | $ | 200,225 |  |  | $ | 80,570 |
| (1) | See discussion regarding the allocation of the estimated goodwill and intangibles recorded for the GMP Capital acquisition.
Amortization expense related to intangible assets was $16.0 million, $12.6 million, and $12.1 million for the years ended December 31, 2019, 2018, and 2017, respectively, and is included in other operating expenses in the consolidated statements of operations. The weighted-average remaining lives of the following intangible assets at December 31, 2019, are: customer relationships, 10.8 years; trade name, 10.0 years; core deposits, 4.2 years; non-compete agreements, 7.0 years; investment banking backlog, 8.8 years; and acquired technology, 2.7 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of December 31, 2019, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |  |
2020 |  | $ | 18,796 |
2021 |  |  | 17,686 |
2022 |  |  | 16,310 |
2023 |  |  | 15,021 |
2024 |  |  | 14,034 |
Thereafter |  |  | 77,808 |
|  | $ | 159,655 |

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