Intangible Assets

The estimated 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 a 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 that carrying amounts may not be recoverable, and therefore determined that no identifiable intangible assets were impaired during 2018. Net identifiable intangible assets of $154 thousand were impaired during 2017.

Identifiable intangible assets consist of the following as of December 31:



Year Ended (in thousands)	2018			2017
Referral relationships	$	6,416		$	6,416
Non-complete agreements	1,406			1,406
Tradename	560			560
Total	8,382			8,382
Accumulated amortization	(1,952		)	(1,375		)
Identifiable intangible assets, net	$	6,430		$	7,007

The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:



Year Ended (in thousands)
2019	$	504
2020	569
2021	562
2022	525
2023	525
Thereafter	3,745
Total	$	6,430

Goodwill and Title Plant

As of December 31, 2018, the Company has reported $4.4 million in goodwill and $690 thousand in a title plant, net of impairments, as the result of title agency acquisitions. The title plant is included with other assets in the Consolidated Balance Sheets. The estimated fair values of goodwill and the title plant, both Level 3 inputs, are principally based on values obtained from a third-party valuation service at the time of acquisition. 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 concluded that neither goodwill nor the title plant were impaired during 2018. Goodwill of $29 thousand was impaired during 2017.