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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 10 – Goodwill an d 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 |  |  | December 31, 2024 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 335,009 |
Institutional Group |  |  | 1,053,234 |  |  |  | 6,975 |  |  |  |  |  |  | 1,060,209 |
|  | $ | 1,388,243 |  |  | $ | 6,975 |  |  | $ | — |  |  | $ | 1,395,218 |
|  | December 31, 2023 |  |  | Adjustments |  |  | Amortization |  |  | December 31, 2024 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 28,687 |  |  | $ | — |  |  | $ | (4,302 | ) |  | $ | 24,385 |
Institutional Group |  |  | 104,592 |  |  |  | 3,863 |  |  |  | (19,266 | ) |  |  | 89,189 |
|  | $ | 133,279 |  |  | $ | 3,863 |  |  | $ | (23,568 | ) |  | $ | 113,574 |
The adjustments to goodwill and intangible assets, included in our Institutional Group segment, during the year ended December 31, 2024 are primarily attributable to the acquisition of Finance 500, Inc. (“Finance 500”) and CB Resource, Inc. (“CBR”) on August 1, 2024. The allocation of the purchase price of these acquisitions are preliminary and will be finalized upon completion of the analysis of the fair values of the net assets as of the respective acquisition dates and the identified intangible assets. The final goodwill recorded on the consolidated statement of financial condition may differ from that reflected herein as a result of future measurement period adjustments and the recording of identified intangible assets. See Note 3 in the notes to our consolidated financial statements for additional information regarding our acquisitions. The goodwill represents the value expected from the synergies created through the operational enhancement benefits that will result from the integration of each respective business, its employees, and customer base. Amortizable intangible assets consist of acquired customer relationships, trade names, acquired technology, non-compete agreements, investment banking backlog, and core deposits that are amortized over their contractual or determined useful lives. Intangible assets as of December 31, 2024 and 2023, were as follows (in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 208,601 |  |  | $ | 115,919 |  |  | $ | 208,063 |  |  | $ | 103,548 |
Trade names |  |  | 29,109 |  |  |  | 22,210 |  |  |  | 28,258 |  |  |  | 20,265 |
Acquired technology |  |  | 19,903 |  |  |  | 9,158 |  |  |  | 18,314 |  |  |  | 3,447 |
Non-compete agreements |  |  | 10,152 |  |  |  | 8,559 |  |  |  | 9,825 |  |  |  | 7,546 |
Investment banking backlog |  |  | 8,913 |  |  |  | 7,327 |  |  |  | 8,913 |  |  |  | 5,758 |
Core deposits |  |  | 8,615 |  |  |  | 8,546 |  |  |  | 8,615 |  |  |  | 8,145 |
|  | $ | 285,293 |  |  | $ | 171,719 |  |  | $ | 281,988 |  |  | $ | 148,709 |
Amortization expense related to intangible assets was $23.6 million, $20.9 million, and $19.6 million for the years ended December 31, 2024, 2023, and 2022, respectively, and is included in other operating expenses in the consolidated statements of operations. The weighted-average remaining lives of the following intangible assets at December 31, 2024, are: customer relationships, 8.9 years; trade names, 6.1 years; non-compete agreements, 4.0 years; acquired technology, 8.4 years; core deposits, 0.5 years; and investment banking backlog, 4.1 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of December 31, 2024, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
2025 |  | $ | 21,563 |
2026 |  |  | 17,458 |
2027 |  |  | 13,698 |
2028 |  |  | 12,653 |
2029 |  |  | 11,532 |
Thereafter |  |  | 34,552 |
|  | $ | 111,456 |

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