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Business Combinations, Intangible Assets, Goodwill and Title Plants | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Business Combinations, Intangible Assets, Goodwill and Title Plants | Intangible Assets, Goodwill and Title Plants The Company evaluates nonorganic growth opportunities, such as acquisitions of title insurance agencies, from time to time in the ordinary course of business. During the nine-month period ended September 30, 2022, a subsidiary of the Company acquired a title insurance agency, now wholly owned, doing business in the state of Texas. 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 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 the nine-month periods ended September 30, 2022 and 2021 that would indicate the carrying amounts may not be recoverable, and therefore, determined that no identifiable intangible assets were impaired. Identifiable intangible assets consist of the following:
(in thousands) | As of September 30, 2022 | As of December 31, 2021
Referral relationships | $ | 8,898 |  | $ | 8,567 |
Non-compete agreements | 3,155 |  | 2,938 |
Tradename | 747 |  | 747 |
Total | 12,800 |  | 12,252 |
Accumulated amortization | (4,486) |  | (3,505) |
Identifiable intangible assets, net | $ | 8,314 |  | $ | 8,747 |
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Year Ended (in thousands) |
2022 | $ | 328 |
2023 | 1,345 |
2024 | 1,162 |
2025 | 1,079 |
2026 | 1,079 |
Thereafter | 3,134 |
Total | $ | 8,127 |
Goodwill and Title Plants As of September 30, 2022, the Company recognized $9.6 million in goodwill and $1.4 million in title plants, net of impairments, as the result of title insurance agency acquisitions. The title plants are included with other assets in the unaudited Consolidated Balance Sheets. The fair values of goodwill and the title plants as of the date of acquisition, both Level 3 inputs, were principally based on values obtained from an independent third-party valuation service. In accordance with ASC 350, management determined that no events or changes in circumstances occurred during the nine-month periods ended September 30, 2022 and 2021 that would indicate the carrying amounts may not be recoverable, and, therefore, determined that there were no goodwill or title plant impairments.

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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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Period Type: | duration