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Intangible Assets, Goodwill and Title Plants

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Acquisition

Intangible Assets

 The estimated fair values of intangible assets recognized as the result of title insurance agency acquisitions are principally based on values obtained from an independent third-party valuation service and are all Level 3 inputs. Management determined that no events or changes in circumstances occurred during the periods ended December 31, 2024 and 2023 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 as of December 31:

Year Ended (in thousands)			2024						2023
Referral relationships			$	8,898					$	8,898
Non-compete agreements			3,155						3,155
Tradename			747						747
Total			12,800						12,800
Accumulated amortization			(7,354)						(6,176)
Identifiable intangible assets, net			$	5,446					$	6,624

The following table provides the estimated aggregate amortization expense, as of December 31, 2024 for each of the five succeeding fiscal years:

Year Ended (in thousands)
2025			$	1,095
2026			1,095
2027			679
2028			650
2029			526
Thereafter			1,214
Total			$	5,259

Goodwill and Title Plants

As of December 31, 2024, the Company recognized $9.6 million in goodwill and $1.6 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 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 FASB’s Accounting Standards Codification (“ASC”) 350, the Company determined that no events or changes in circumstances occurred during the periods ended December 31, 2024 and 2023 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://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 805
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805/tableOfContent

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X

- References

No definition available.

+ Details

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