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Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2025
Intangible Assets, Net [Abstract] |
Intangible Assets, Net | Note 7—Intangible Assets, net Intangible assets recognized in other assets were $856,000 and $1.3 million as of December 31, 2025 and 2024, respectively. In May 2016, the Company purchased approximately $60.0 million of lease receivables which resulted in a customer list intangible of $3.4 million that is being amortized over a ten-year period. Remaining amortization is $113,000 to be recognized over the next three months. The gross carrying amount of the customer list intangible is $3.4 million, and as of December 31, 2025, and December 31, 2024, respectively, the accumulated amortization expense was $3.3 million and $3.0 million. In January 2020, the Company purchased McMahon Leasing and subsidiaries for approximately $8.7 million which resulted in $1.1 million of intangibles. The gross carrying value of $1.1 million of intangibles was comprised of a customer list intangible of $689,000, goodwill of $263,000 and a trade name valuation of $135,000. The customer list intangible is being amortized over a twelve-year period and accumulated amortization expense was $345,000 at December 31, 2025 and $287,000 at December 31, 2024. Amortization expense is $57,000 per year ($287,000 over the next five years). The gross carrying value and accumulated amortization related to the Company’s intangibles at December 31, 2025 and December 31, 2024 are presented below:
|  | December 31,
|  | 2025 |  | 2024
|  | Gross |  |  |  |  | Gross |  |  |
|  | Carrying |  | Accumulated |  | Carrying |  | Accumulated
|  | Amount |  | Amortization |  | Amount |  | Amortization
|  |  | (Dollars in thousands)
Customer list intangibles |  | $ | 4,093 |  | $ | 3,635 |  | $ | 4,093 |  | $ | 3,237
Goodwill |  |  | 263 |  |  | — |  |  | 263 |  |  | —
Trade Name |  |  | 135 |  |  | — |  |  | 135 |  |  | —
Total |  | $ | 4,491 |  | $ | 3,635 |  | $ | 4,491 |  | $ | 3,237
The approximate future annual amortization of both the Company’s intangible items are as follows (dollars in thousands):
Year ending December 31, |  |  |
2026 |  | $ | 173
2027 |  |  | 57
2028 |  |  | 57
2029 |  |  | 57
2030 |  |  | 57
Thereafter |  |  | 57
|  | $ | 458

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
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