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Goodwill and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Carrying Amount of 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, 2022 |  |  | Adjustments |  |  | Write-off |  |  | March 31, 2023 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 335,009 |
Institutional Group |  |  | 991,539 |  |  |  | 53,663 |  |  |  | — |  |  |  | 1,045,202 |
|  | $ | 1,326,548 |  |  | $ | 53,663 |  |  | $ | — |  |  | $ | 1,380,211 |
|  | December 31, 2022 |  |  | Adjustments |  |  | Amortization |  |  | March 31, 2023 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 33,499 |  |  | $ | — |  |  | $ | (1,254 | ) |  | $ | 32,245 |
Institutional Group |  |  | 97,090 |  |  |  | 6,037 |  |  |  | (3,183 | ) |  |  | 99,944 |
|  | $ | 130,589 |  |  | $ | 6,037 |  |  | $ | (4,437 | ) |  | $ | 132,189 |
Intangible Assets | Intangible assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 225,783 |  |  | $ | 112,836 |  |  | $ | 225,631 |  |  | $ | 109,216 |
Trade names |  |  | 30,359 |  |  |  | 21,082 |  |  |  | 30,359 |  |  |  | 20,861 |
Non-compete agreements |  |  | 9,440 |  |  |  | 7,434 |  |  |  | 9,440 |  |  |  | 7,158 |
Core deposits |  |  | 8,615 |  |  |  | 7,612 |  |  |  | 8,615 |  |  |  | 7,389 |
Investment banking backlog |  |  | 5,545 |  |  |  | 4,489 |  |  |  | 5,545 |  |  |  | 4,377 |
Estimated Torreya intangibles (1) |  |  | 6,000 |  |  |  | 100 |  |  |  | — |  |  |  | — |
|  | $ | 285,742 |  |  | $ | 153,553 |  |  | $ | 279,590 |  |  | $ | 149,001 |
(1) See discussion regarding the allocation of the estimated goodwill and intangibles recorded for the Torreya acquisition.
Amortization Expense in Future Periods | As of March 31, 2023, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
Remainder of 2023 |  | $ | 13,358 |
2024 |  |  | 17,009 |
2025 |  |  | 14,815 |
2026 |  |  | 14,160 |
2027 |  |  | 12,949 |
Thereafter |  |  | 57,780 |
|  | $ | 130,071 |

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