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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2025
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, 2024 |  |  | Adjustments |  |  | Write-off |  |  | March 31, 2025 |
Goodwill |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 335,009 |  |  | $ | — |  |  | $ | — |  |  | $ | 335,009 |
Institutional Group |  |  | 1,060,209 |  |  |  | (3 | ) |  |  | — |  |  |  | 1,060,206 |
|  | $ | 1,395,218 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | 1,395,215 |
|  | December 31, 2024 |  |  | Adjustments |  |  | Amortization |  |  | March 31, 2025 |
Intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Global Wealth Management |  | $ | 24,385 |  |  | $ | — |  |  | $ | (942 | ) |  | $ | 23,443 |
Institutional Group |  |  | 89,189 |  |  |  | (35 | ) |  |  | (4,454 | ) |  |  | 84,700 |
|  | $ | 113,574 |  |  | $ | (35 | ) |  | $ | (5,396 | ) |  | $ | 108,143 |
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 March 31, 2025 and December 31, 2024 were as follows (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Gross Carrying Value |  |  | Accumulated Amortization |  |  | Gross Carrying Value |  |  | Accumulated Amortization |
Customer relationships |  | $ | 208,770 |  |  | $ | 119,040 |  |  | $ | 208,601 |  |  | $ | 115,919 |
Trade names |  |  | 29,109 |  |  |  | 22,648 |  |  |  | 29,109 |  |  |  | 22,210 |
Acquired technology |  |  | 19,903 |  |  |  | 10,654 |  |  |  | 19,903 |  |  |  | 9,158 |
Non-compete agreements |  |  | 10,152 |  |  |  | 8,667 |  |  |  | 10,152 |  |  |  | 8,559 |
Investment banking backlog |  |  | 8,913 |  |  |  | 7,720 |  |  |  | 8,913 |  |  |  | 7,327 |
Core deposits |  |  | 8,615 |  |  |  | 8,590 |  |  |  | 8,615 |  |  |  | 8,546 |
|  | $ | 285,462 |  |  | $ | 177,319 |  |  | $ | 285,293 |  |  | $ | 171,719 |
Amortization expense related to intangible assets was $5.4 million and $5.8 million for the three months ended March 31, 2025 and 2024, 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 March 31, 2025, are: customer relationships, 8.8 years; trade names, 5.9 years; non-compete agreements, 3.8 years; acquired technology, 8.3 years; core deposits, 0.3 years; and investment banking backlog, 0.8 years. We have an intangible asset that is not subject to amortization and is, therefore, not included in the table below. As of March 31, 2025, we expect amortization expense in future periods to be as follows (in thousands):
Fiscal year |  |  |
Remainder of 2025 |  | $ | 15,941 |
2026 |  |  | 17,459 |
2027 |  |  | 13,699 |
2028 |  |  | 12,654 |
2029 |  |  | 11,533 |
Thereafter |  |  | 34,739 |
|  | $ | 106,025 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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