Goodwill and intangible assets

3 Months Ended

Mar. 31, 2022

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 period ended March 31, 2022 and year ended December 31, 2021. 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 March 31, 2022 and December 31, 2021 the Company had $47.8 million of goodwill.

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

		March 31, 2022						December 31, 2021
		(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		870		645		225		870		623		247
Customer relationships	3 – 12		31,560		12,494		19,066		31,560		11,829		19,731
Above market leases	13		567		199		368		567		188		379
Totals identifiable intangible assets		$	32,997	$	13,338	$	19,659	$	32,997	$	12,640	$	20,357

Amortization expense for the three months ended March 31, 2022 and 2021 was $0.7 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.