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Note 11 - Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] |
11. | Intangible assets
The following table summarizes the gross value, accumulated amortization and net carrying value of the Company’s indefinite life and finite life intangible assets:
December 31, 2022 |  | Gross |  |  |  |  |  |  |  |  |
|  | carrying |  |  | Accumulated |  |  |  |  |
|  | amount |  |  | amortization |  |  | Net |
Indefinite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Licenses |  | $ | 29,200 |  |  | $ | - |  |  | $ | 29,200 |
Trademarks and trade names |  |  | 23,285 |  |  |  | - |  |  |  | 23,285 |
|  | $ | 52,485 |  |  | $ | - |  |  | $ | 52,485 |
Finite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer lists and relationships |  | $ | 695,007 |  |  | $ | 187,743 |  |  | $ | 507,264 |
Investment management contracts |  |  | 589,885 |  |  |  | 126,904 |  |  |  | 462,981 |
Mortgage servicing rights ("MSRs") |  |  | 170,213 |  |  |  | 65,771 |  |  |  | 104,442 |
Trademarks and trade names |  |  | 27,702 |  |  |  | 4,389 |  |  |  | 23,313 |
Management contracts and other |  |  | 15,426 |  |  |  | 10,635 |  |  |  | 4,791 |
Backlog |  |  | 8,299 |  |  |  | 3,665 |  |  |  | 4,634 |
|  | $ | 1,506,532 |  |  | $ | 399,107 |  |  | $ | 1,107,425 |
|  | $ | 1,559,017 |  |  | $ | 399,107 |  |  | $ | 1,159,910 |
|  | Gross |  |  |  |  |  |  |  |  |
December 31, 2021 |  | carrying |  |  | Accumulated |  |  |  |  |
|  | amount |  |  | amortization |  |  | Net |
Indefinite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Licenses |  | $ | 29,200 |  |  | $ | - |  |  | $ | 29,200 |
Trademarks and trade names |  |  | 23,804 |  |  |  | - |  |  |  | 23,804 |
|  | $ | 53,004 |  |  | $ | - |  |  | $ | 53,004 |
Finite life intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer lists and relationships |  | $ | 352,860 |  |  | $ | 152,026 |  |  | $ | 200,834 |
Investment management contracts |  |  | 270,600 |  |  |  | 85,012 |  |  |  | 185,588 |
Mortgage servicing rights ("MSRs") |  |  | 147,878 |  |  |  | 41,455 |  |  |  | 106,423 |
Trademarks and trade names |  |  | 12,600 |  |  |  | 4,861 |  |  |  | 7,739 |
Management contracts and other |  |  | 18,791 |  |  |  | 12,149 |  |  |  | 6,642 |
Backlog |  |  | 2,400 |  |  |  | 800 |  |  |  | 1,600 |
|  | $ | 805,129 |  |  | $ | 296,303 |  |  | $ | 508,826 |
|  | $ | 858,133 |  |  | $ | 296,303 |  |  | $ | 561,830 |
MSR intangible assets represent the carrying value of servicing assets in the Americas segment. The MSR asset is being amortized over the estimated period that the net servicing income is expected to be received. The MSR assets are evaluated quarterly for impairment by stratifying the servicing portfolio according to predominant risk characteristics, primarily investor type and interest rate. An impairment is recorded if the carrying value of an individual stratum exceeds its estimated fair value. There was no impairment recorded for the twelve-month period ended December 31, 2022. The following table summarizes activity related to the Company’s mortgage servicing rights for the year ended December 31, 2022.
|  | 2022 |  |  | 2021 |
Balance, January 1 |  | $ | 106,423 |  |  | $ | 101,788 |
Additions, following the sale of loan |  |  | 22,335 |  |  |  | 32,969 |
Amortization |  |  | (14,943 | ) |  |  | (15,682 | )
Prepayments and write-offs |  |  | (9,373 | ) |  |  | (12,652 | )
Balance, December 31 |  | $ | 104,442 |  |  | $ | 106,423 |
During the year ended December 31, 2022, the Company acquired the following intangible assets: |
|  |  |  |  |  | Estimated |
|  |  |  |  |  | weighted |
|  |  |  |  |  | average |
|  |  |  |  |  | amortization |
|  | Amount |  |  | period (years) |
Finite life intangible assets: |  |  |  |  |  |  |  |
Customer lists and relationships |  | $ | 357,282 |  |  |  | 16.0 |
Investment management contracts |  |  | 321,141 |  |  |  | 10.7 |
Trademarks and trade names - finite life |  |  | 18,687 |  |  |  | 9.1 |
Customer backlog |  |  | 17,474 |  |  |  | 0.6 |
Other |  |  | 416 |  |  |  | 3.0 |
|  | $ | 715,000 |  |  |  | 13.1 |
The table above includes $225 related to assets acquired that do not constitute a business under US GAAP. |
The following is the estimated future expense for amortization of the recorded MSRs and other intangible assets for each of the next five years and thereafter:
For the year ended December 31, |  | MSRs |  |  | Other Intangibles |  |  | Total |
2023 |  | $ | 11,869 |  |  | $ | 121,788 |  |  | $ | 133,657 |
2024 |  |  | 10,679 |  |  |  | 108,021 |  |  |  | 118,700 |
2025 |  |  | 9,926 |  |  |  | 98,994 |  |  |  | 108,920 |
2026 |  |  | 9,344 |  |  |  | 97,231 |  |  |  | 106,575 |
2027 |  |  | 8,753 |  |  |  | 89,198 |  |  |  | 97,951 |
Thereafter |  |  | 53,871 |  |  |  | 487,751 |  |  |  | 541,622 |
|  | $ | 104,442 |  |  | $ | 1,002,983 |  |  | $ | 1,107,425 |

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