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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 30, 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 |  |  | September 30, 2022 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 335,009 |
Institutional Group |  |  | 971,883 |  |  |  | 13,071 |  |  |  | — |  |  |  | 984,954 |
|  | $ | 1,306,892 |  |  | $ | 13,071 |  |  | $ | — |  |  | $ | 1,319,963 |
|  | December 31, 2021 |  |  | Adjustments |  |  | Amortization |  |  | September 30, 2022 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 38,884 |  |  | $ | — |  |  | $ | (4,088 | ) |  | $ | 34,796 |
Institutional Group |  |  | 109,273 |  |  |  | 1,378 |  |  |  | (10,878 | ) |  |  | 99,773 |
|  | $ | 148,157 |  |  | $ | 1,378 |  |  | $ | (14,966 | ) |  | $ | 134,569 |
The adjustments to goodwill and intangible assets during the nine months ended September 30, 2022 are primarily attributable to the acquisition of ACXIT Capital Partners on July 1, 2022 and Vining Sparks on November 1, 2021. 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 September 30, 2022 and December 31, 2021 were as follows (in thousands):
|  | September 30, 2022 |  |  | December 31, 2021 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 226,133 |  |  | $ | 105,555 |  |  | $ | 225,900 |  |  | $ | 97,054 |
Trade names |  |  | 30,359 |  |  |  | 20,311 |  |  |  | 30,359 |  |  |  | 17,694 |
Non-compete agreements |  |  | 9,240 |  |  |  | 6,840 |  |  |  | 9,240 |  |  |  | 5,684 |
Core deposits |  |  | 8,615 |  |  |  | 7,145 |  |  |  | 8,615 |  |  |  | 6,277 |
Investment banking backlog |  |  | 4,245 |  |  |  | 4,172 |  |  |  | 4,245 |  |  |  | 3,680 |
Acquired technology |  |  | 840 |  |  |  | 840 |  |  |  | 840 |  |  |  | 653 |
|  | $ | 279,432 |  |  | $ | 144,863 |  |  | $ | 279,199 |  |  | $ | 131,042 |
Amortization expense related to intangible assets was $4.4 million and $4.5 million for the three months ended September 30, 2022 and 2021, respectively. Amortization expense related to intangible assets was $15.0 million and $13.2 million for the nine months ended September 30, 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 September 30, 2022, are: customer relationships, 9.4 years; trade names, 7.6 years; non-compete agreements, 4.7 years; core deposits, 2.0 years; and investment banking backlog, 6.7 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of September 30, 2022, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
Remainder of 2022 |  | $ | 4,362 |
2023 |  |  | 16,273 |
2024 |  |  | 15,374 |
2025 |  |  | 13,338 |
2026 |  |  | 12,987 |
Thereafter |  |  | 70,117 |
|  | $ | 132,451 |

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