In May 2016, the Company purchased approximately $60.0 million of lease receivables which resulted in a customer list intangible of $3.4 million that is being amortized over a 10 year period. Amortization expense is $340,000 per year ($1.3 million over the next five years). The gross carrying amount of the customer list intangible is $3.4 million, and as of September 30, 2022 and December 31, 2021, respectively, the accumulated amortization expense was $2.2 million and $1.9 million.

In January 2020, the Company purchased McMahon Leasing and subsidiaries for approximately $8.7 million which resulted in $1.1 million of intangibles. The gross carrying value of $1.1 million of intangibles was comprised of a customer list intangible of $689,000, goodwill of $263,000 and a trade name valuation of $135,000. The customer list intangible is being amortized over a 12 year period and accumulated amortization expense was $158,000 at September 30, 2022 and $115,000 at December 31, 2021. Amortization expense is $57,000 per year ($287,000 over the next five years). The gross carrying value and accumulated amortization related to the Company’s intangibles at September 30, 2022 and December 31, 2021 are presented below.


		September 30,				December 31,
		2022				2021
		Gross				Gross
		Carrying		Accumulated		Carrying		Accumulated
		Amount		Amortization		Amount		Amortization
		(Dollars in thousands)

Customer list intangibles	$	4,093	$	2,342	$	4,093	$	2,044
Goodwill		263		—		263		—
Trade Name		135		—		135		—
Total	$	4,491	$	2,342	$	4,491	$	2,044