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Goodwill and intangible assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and intangible assets |
Goodwill and intangible assets | Note 6 - Goodwill and intangible assets Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. There was no goodwill impairment loss recognized for the three-month period ended March 31, 2025, and year ended December 31, 2024. Based on the results of the impairment assessments of goodwill and intangible assets performed, management concluded the fair value of the Company’s goodwill exceeds the carrying value and there are no impairment indicators related to intangible assets. At March 31, 2025 and December 31, 2024 the Company had $62.3 million of goodwill. The Company’s other intangible assets consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | March 31, 2025 | ​ | December 31, 2024
​ | ​ | ​ | ​ | (unaudited) | ​ | ​
​ | ​ | Amortization | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Period |  | Carrying |  | Accumulated | ​ | ​ | ​ |  | Carrying |  | Accumulated | ​ | ​ | ​
(in thousands) |  | (in years) |  | Amount |  | Amortization |  | Net |  | Amount |  | Amortization |  | Net
Intangible assets with determinable lives | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Covenant not to compete |  | 5 – 10 | ​ | ​ | 930 | ​ | ​ | 879 | ​ | ​ | 51 | ​ | ​ | 930 | ​ | $ | 876 | ​ | ​ | 54
Customer relationships |  | 2 – 12 | ​ | ​ | 32,680 | ​ | ​ | 20,978 | ​ | ​ | 11,702 | ​ | ​ | 32,680 | ​ | ​ | 20,246 | ​ | ​ | 12,434
Above market leases |  | 13 | ​ | ​ | 567 | ​ | ​ | 332 | ​ | ​ | 235 | ​ | ​ | 567 | ​ | ​ | 321 | ​ | ​ | 246
Trade name |  | 5 | ​ | ​ | 1,540 | ​ | ​ | 250 | ​ | ​ | 1,290 | ​ | ​ | 1,540 | ​ | ​ | 174 | ​ | ​ | 1,366
Total identifiable intangible assets | ​ | ​ | ​ | $ | 35,717 | ​ | $ | 22,439 | ​ | $ | 13,278 | ​ | $ | 35,717 | ​ | $ | 21,617 | ​ | $ | 14,100
​ Amortization expense for the three-month period ended March 31, 2025 and 2024 was $0.8 million and $0.7 million, respectively. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.

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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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