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Goodwill and intangible assets

9 Months Ended

Sep. 30, 2025

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 nine-month period ended September 30, 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 September 30, 2025 and December 31, 2024 the Company had $62.3 million of goodwill.

The Company’s other intangible assets consist of the following:


		September 30, 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		885		45		930	$	876		54
Customer relationships	2 – 12		32,680		22,444		10,236		32,680		20,246		12,434
Above market leases	13		567		354		213		567		321		246
Trade name	5		1,540		402		1,138		1,540		174		1,366
Total identifiable intangible assets		$	35,717	$	24,085	$	11,632	$	35,717	$	21,617	$	14,100

Amortization expense for the nine-month periods ended September 30, 2025 and 2024 was $2.5 million and $2.4 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.