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