Goodwill and Specifically Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2022

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,
	2022		2021	2020
	(In thousands)
Gross goodwill as of beginning of year	$	13,864	13,864	13,864
Goodwill resulting from business acquisition	—		—	—
Gross goodwill, before impairments	13,864		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

The Company periodically evaluates the goodwill balance for potential impairment and, as of the dates presented, 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, 2022				December 31, 2021
	Weighted-Average Amortization Period	Gross Carrying Amount		Accumulated Amortization	Gross Carrying Amount	Accumulated Amortization
		(In thousands)
Trademarks/trade names	15	$	2,800	(731)	2,800	(545)
Internally developed software	7	3,800		(2,126)	3,800	(1,583)
Insurance licenses	N/A	3,000		—	3,000	—
		$	9,600	(2,857)	9,600	(2,128)

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 are 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, 2022, expected amortization expenses relating to purchased intangible assets for each of the next 5 years and thereafter is as follows:

	Expected
	Amortization
	(In thousands)
2023	$	730
2024	730
2025	730
2026	232
2027	187
Thereafter	1,134
	$	3,743