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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 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 |  |  | September 30, 2023 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 335,009 |
Institutional Group |  |  | 991,539 |  |  |  | 72,581 |  |  |  | — |  |  |  | 1,064,120 |
|  | $ | 1,326,548 |  |  | $ | 72,581 |  |  | $ | — |  |  | $ | 1,399,129 |
|  | December 31, 2022 |  |  | Adjustments |  |  | Amortization |  |  | September 30, 2023 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 33,499 |  |  | $ | — |  |  | $ | (3,652 | ) |  | $ | 29,847 |
Institutional Group |  |  | 97,090 |  |  |  | 10,726 |  |  |  | (10,220 | ) |  |  | 97,596 |
|  | $ | 130,589 |  |  | $ | 10,726 |  |  | $ | (13,872 | ) |  | $ | 127,443 |
The adjustments to goodwill and intangible assets during the nine months ended September 30, 2023 are primarily attributable to the acquisitions of Torreya Partners, LLC (“Torreya”) and Sierra Pacific Securities, LLC (“Sierra Pacific”).
Intangible Assets | Intangible assets as of September 30, 2023 and December 31, 2022 were as follows (in thousands):
|  | September 30, 2023 |  |  | December 31, 2022 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 226,984 |  |  | $ | 119,306 |  |  | $ | 225,631 |  |  | $ | 109,216 |
Trade names |  |  | 30,359 |  |  |  | 21,995 |  |  |  | 30,359 |  |  |  | 20,861 |
Non-compete agreements |  |  | 10,071 |  |  |  | 8,060 |  |  |  | 9,440 |  |  |  | 7,158 |
Core deposits |  |  | 8,615 |  |  |  | 7,990 |  |  |  | 8,615 |  |  |  | 7,389 |
Investment banking backlog |  |  | 8,913 |  |  |  | 5,368 |  |  |  | 5,545 |  |  |  | 4,377 |
Estimated Sierra Pacific intangibles (1) |  |  | 5,400 |  |  |  | 180 |  |  |  | — |  |  |  | — |
|  | $ | 290,342 |  |  | $ | 162,899 |  |  | $ | 279,590 |  |  | $ | 149,001 |
(1) See discussion regarding the allocation of the estimated goodwill and intangibles recorded for the Sierra Pacific acquisition.
Amortization Expense in Future Periods | As of September 30, 2023, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
Remainder of 2023 |  | $ | 4,732 |
2024 |  |  | 18,243 |
2025 |  |  | 16,032 |
2026 |  |  | 14,442 |
2027 |  |  | 14,142 |
Thereafter |  |  | 57,734 |
|  | $ | 125,325 |

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