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Goodwill and Specifically Identifiable Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Specifically Identifiable Intangible Assets GOODWILL AND SPECIFICALLY IDENTIFIABLE INTANGIBLE ASSETS
Goodwill

The changes in the carrying amount of goodwill were as follows:
 Years Ended December 31,
 202120202019
 (In thousands)
Gross goodwill as of beginning of year$13,864 13,864 — 
Goodwill resulting from business acquisition— — 13,864 
Gross goodwill, before impairments13,864 13,864 13,864 
Accumulated impairment as of beginning of year— — — 
Current year impairments— — — 
Net goodwill as of end of year$13,864 13,864 13,864 
Due to the severe change in economic climate during 2021 and 2020 as a result of the COVID-19 pandemic, the Company periodically evaluated the goodwill balance for potential impairment and determined that there was sufficient evidence to support not impairing the balance.

Identifiable Intangible Assets

The gross carrying amounts and accumulated amortization for each specifically identifiable intangible asset were as follows.

December 31, 2021December 31, 2020
Weighted-Average Amortization PeriodGross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
(In thousands)
Trademarks/trade names15$2,800 (545)2,800 (358)
Internally developed software73,800 (1,583)3,800 (1,040)
Insurance licensesN/A3,000 — 3,000 — 
$9,600 (2,128)9,600 (1,398)

The value of trademarks was estimated using the relief from royalty method, based on the assumption that in lieu of ownership, an organization would be willing to pay a royalty in order to receive the related benefits of using the brand. The value of insurance licenses was estimated using the market approach to value, based on values paid for licenses in recent shell company transactions. The value of internally developed software was estimated using the replacement cost method. Trademarks, trade names and internally developed software are amortized using a straight-line method over their estimated useful lives. These intangibles assets will be evaluated for impairment if indicators of impairment arise. Insurance licenses were determined to have an indefinite useful life. The Company evaluates the useful life of the insurance licenses at each reporting period to determine whether the useful life remains indefinite.

As of December 31, 2021, expected amortization expenses relating to purchased intangible assets for each of the next 5 years and thereafter is as follows:
Expected
Amortization
(In thousands)
2022$730 
2023$730 
2024$730 
2025$730 
2026$232 
Thereafter$1,320 
$4,472