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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 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, 2021 |  |  | Adjustments |  |  | Write-off |  |  | March 31, 2022 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 335,009 |
Institutional Group |  |  | 971,883 |  |  |  | 2,400 |  |  |  | — |  |  |  | 974,283 |
|  | $ | 1,306,892 |  |  | $ | 2,400 |  |  | $ | — |  |  | $ | 1,309,292 |
|  | December 31, 2021 |  |  | Adjustments |  |  | Amortization |  |  | March 31, 2022 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 38,884 |  |  | $ | — |  |  | $ | (1,417 | ) |  | $ | 37,467 |
Institutional Group |  |  | 109,273 |  |  |  | (2,436 | ) |  |  | (3,677 | ) |  |  | 103,160 |
|  | $ | 148,157 |  |  | $ | (2,436 | ) |  | $ | (5,094 | ) |  | $ | 140,627 |
The adjustments to goodwill and intangible assets during the three months ended March 31, 2022 are primarily attributable to the acquisition of Vining Sparks on November 1, 2021. 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, 2022 and December 31, 2021 were as follows (in thousands):
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 223,398 |  |  | $ | 100,327 |  |  | $ | 225,900 |  |  | $ | 97,054 |
Trade names |  |  | 30,359 |  |  |  | 18,586 |  |  |  | 30,359 |  |  |  | 17,694 |
Non-compete agreements |  |  | 9,240 |  |  |  | 6,112 |  |  |  | 9,240 |  |  |  | 5,684 |
Core deposits |  |  | 8,615 |  |  |  | 6,589 |  |  |  | 8,615 |  |  |  | 6,277 |
Investment banking backlog |  |  | 4,245 |  |  |  | 3,733 |  |  |  | 4,245 |  |  |  | 3,680 |
Acquired technology |  |  | 840 |  |  |  | 723 |  |  |  | 840 |  |  |  | 653 |
|  | $ | 276,697 |  |  | $ | 136,070 |  |  | $ | 279,199 |  |  | $ | 131,042 |
Amortization expense related to intangible assets was $5.1 million and $4.3 million for the three months ended March 31, 2022 and 2021, 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, 2022, are: customer relationships, 9.9 years; trade names, 8.1 years; non-compete agreements, 5.2 years; core deposits, 2.5 years; investment banking backlog, 7.2 years; and acquired technology, 0.5 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, 2022, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
Remainder of 2022 |  | $ | 14,063 |
2023 |  |  | 16,021 |
2024 |  |  | 15,195 |
2025 |  |  | 13,180 |
2026 |  |  | 12,993 |
Thereafter |  |  | 67,057 |
|  | $ | 138,509 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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