Goodwill and intangible assets

6 Months Ended

Jun. 30, 2026

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 six-month period ended June 30, 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 June 30, 2026 and December 31, 2025 the Company had $65.3 million of goodwill.

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


				June 30, 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			900			90			990			888			102
Customer relationships		2 – 12			32,790			24,671			8,119			32,790			23,179			9,611
Above market leases		13			567			388			179			567			366			201
Trade name		5			1,860			664			1,196			1,860			480			1,380
Total identifiable intangible assets				$	36,207		$	26,623		$	9,584		$	36,207		$	24,913		$	11,294

Amortization expense for the six-month periods ended June 30, 2026 and 2025 was $1.7 million and $1.6 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.