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Business Combinations, Intangible Assets and Goodwill | 9 Months Ended
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Sep. 30, 2018
Business Combinations [Abstract] |
Business Combinations, Intangible Assets and Goodwill | Note 9 – Intangible Assets and Goodwill Intangible Assets The fair values of intangible assets recognized as the result of title insurance agency acquisitions, all Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during 2018 that would indicate the carrying amounts may not be recoverable, and therefore determined that no identifiable intangible assets were impaired during the nine-months ended September 30, 2018. Net identifiable intangible assets of $154 thousand were impaired during 2017. Identifiable intangible assets consist of the following as of September 30, 2018 and December 31, 2017:
(in thousands) | 2018 | 2017
Referral relationships | $ | 6,416 |  | $ | 6,416 |
Non-compete agreements | 1,406 |  | 1,406 |
Tradename | 560 |  | 560 |
Total | 8,382 |  | 8,382 |
Accumulated amortization | (1,826 | ) | (1,375 | )
Identifiable intangible assets, net | $ | 6,556 |  | $ | 7,007 |
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Year Ended (in thousands) |
2018 | $ | 126 |
2019 | 569 |
2020 | 569 |
2021 | 562 |
2022 | 525 |
Thereafter | 4,205 |
Total | $ | 6,556 |
Goodwill and Title Plant As of September 30, 2018, the Company recognized $4.4 million in goodwill and $690 thousand in a title plant, net of impairments, as the result of title insurance agency acquisitions. The title plant is included with other assets in the Consolidated Balance Sheets. The fair values of goodwill and the title plant, both Level 3 inputs, are principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, Intangibles – Goodwill and Other, management determined that no events or changes in circumstances occurred during 2018 that would indicate the carrying amounts may not be recoverable, and therefore determined that neither goodwill nor the title plant were impaired during the nine-months ended September 30, 2018. Goodwill of $29 thousand was impaired during 2017.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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