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Goodwill and Intangibles

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill activity for the year consisted of the following at December 31, (in thousands):


	2024		2023
Balance at beginning of year	$	17,376	$	17,376
Additions	—		—
Impairment	—		—
Balance at end of year	$	17,376	$	17,376

Intangible assets at December 31, 2024 were comprised of the following (in thousands):


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade Name	25 years	$	250	$	(99)	$	151
Trademarks	10 years	1,610		(1,120)		490
Developed Technology	7 years	4,420		(4,393)		27
Customer Relationships	10-12 years	9,330		(5,568)		3,762
Total		$	15,610	$	(11,180)	$	4,430

Intangible assets at December 31, 2023 were comprised of the following (in thousands):


Definite-lived Intangible Assets	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trade Name	25 years	$	250	$	(88)	$	162
Trademarks	10 years	1,610		(959)		651
Non-competition Agreement	5 Years	1,810		(1,810)		—
Developed Technology	7 years	4,420		(3,762)		658
Customer Relationships	10-12 years	9,330		(4,784)		4,546
Total		$	17,420	$	(11,403)	$	6,017

The Company incurred $1,587,000, $1,602,000 and $1,948,000 of amortization expense for the years ended December 31, 2024, 2023, and 2022, respectively.

As of December 31, 2024, future intangible amortization is as follows (in thousands):


	Amortization Expense
2025	$	952
2026	915
2027	915
2028	761
2029	754
2030 and thereafter	133
Total intangibles as of December 31, 2024	$	4,430