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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2023 |  |  | Adjustments |  |  | Write-off |  |  | September 30, 2024 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 335,009 |
Institutional Group |  |  | 1,053,234 |  |  |  | 5,848 |  |  |  | — |  |  |  | 1,059,082 |
|  | $ | 1,388,243 |  |  | $ | 5,848 |  |  | $ | — |  |  | $ | 1,394,091 |
|  | December 31, 2023 |  |  | Adjustments |  |  | Amortization |  |  | September 30, 2024 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 28,687 |  |  | $ | — |  |  | $ | (3,305 | ) |  | $ | 25,382 |
Institutional Group |  |  | 104,592 |  |  |  | 1,598 |  |  |  | (14,405 | ) |  |  | 91,785 |
|  | $ | 133,279 |  |  | $ | 1,598 |  |  | $ | (17,710 | ) |  | $ | 117,167 |
Intangible Assets | Intangible assets as of September 30, 2024 and December 31, 2023 were as follows (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 229,320 |  |  | $ | 133,214 |  |  | $ | 227,486 |  |  | $ | 122,971 |
Trade names |  |  | 30,359 |  |  |  | 23,477 |  |  |  | 30,359 |  |  |  | 22,366 |
Acquired technology |  |  | 18,314 |  |  |  | 7,635 |  |  |  | 18,314 |  |  |  | 3,447 |
Non-compete agreements |  |  | 10,700 |  |  |  | 9,314 |  |  |  | 10,700 |  |  |  | 8,421 |
Investment banking backlog |  |  | 8,913 |  |  |  | 6,935 |  |  |  | 8,913 |  |  |  | 5,758 |
Core deposits |  |  | 8,615 |  |  |  | 8,479 |  |  |  | 8,615 |  |  |  | 8,145 |
|  | $ | 306,221 |  |  | $ | 189,054 |  |  | $ | 304,387 |  |  | $ | 171,108 |
Amortization Expense in Future Periods | As of September 30, 2024, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
Remainder of 2024 |  | $ | 5,558 |
2025 |  |  | 21,109 |
2026 |  |  | 17,005 |
2027 |  |  | 13,308 |
2028 |  |  | 12,350 |
Thereafter |  |  | 45,719 |
|  | $ | 115,049 |

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