Goodwill and intangible assets

3 Months Ended

Mar. 31, 2026

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 were no goodwill impairment losses recognized for the three-month period ended March 31, 2026, and year ended December 31, 2025.

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, 2026 and December 31, 2025 the Company had $65.3 million of goodwill.

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


				March 31, 2026									December 31, 2025
				(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			990			894			96			990			888			102
Customer relationships		2 – 12			32,790			23,925			8,865			32,790			23,179			9,611
Above market leases		13			567			377			190			567			366			201
Trade name		5			1,860			572			1,288			1,860			480			1,380
Total identifiable intangible assets				$	36,207		$	25,768		$	10,439		$	36,207		$	24,913		$	11,294

Amortization expense for the three-month period ended March 31, 2026 and 2025 was $0.9 million and $0.8 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.