Goodwill and intangible assets

12 Months Ended

Dec. 31, 2023

Goodwill and intangible assets

Goodwill and intangible assets

Note 8 – 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 years ended December 31, 2023, 2022 and 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 December 31, 2023 and December 31, 2022 the Company had $47.8 million of goodwill.

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

		2023						2022
	Amortization	Gross						Gross
December 31,	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	$	798		72	$	870	$	710		160
Customer relationships	3 – 12		31,560		17,151		14,409		31,560		14,491		17,069
Above market leases	13		567		277		290		567		232		335
Total identifiable intangible assets		$	32,997	$	18,226	$	14,771	$	32,997	$	15,433	$	17,564

The amortization of intangible assets for the years ended December 31, 2023, 2022 and 2021, were $2.8 million. Future estimated amortization expense is as follows: 2024 - $2.8 million, 2025 - $2.5 million, 2026- $2.5 million, 2027- $2.5 million, 2028-$2.5 million and thereafter - $1.9 million.