Goodwill and intangible assets

9 Months Ended

Sep. 30, 2021

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 were no goodwill impairment losses recognized for the nine month period ended September 30, 2021 and year ended December 31, 2020. Based on the results of the impairment assessments of goodwill and intangible assets performed, management concluded that the fair value of the Company’s goodwill exceeds the carrying value and that there are no impairment indicators related to intangible assets.

At September 30, 2021 and December 31, 2020 the Company had $47.8 million of goodwill.

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

		September 30, 2021						December 31, 2020
		(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	6 - 10		1,270		1,002		268		1,270		937		333
Customer relationships	10 - 12		31,560		11,163		20,397		31,560		9,167		22,393
Above market leases	13		567		177		390		567		143		424
Total identifiable intangible assets		$	33,397	$	12,342	$	21,055	$	33,397	$	10,247	$	23,150

Amortization expense for the nine months ended September 30, 2021 and 2020 was $2.1 million for both periods. 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.