Note 9 – Intangible Assets and Goodwill

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 three-month periods ended March 31, 2019 and 2018 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 March 31, 2019			As of December 31, 2018
Referral relationships	$	6,416		$	6,416
Non-compete agreements	1,406			1,406
Tradename	560			560
Total	8,382			8,382
Accumulated amortization	(2,078		)	(1,952		)
Identifiable intangible assets, net	$	6,304		$	6,430

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



Year Ended (in thousands)
2019	$	378
2020	569
2021	562
2022	525
2023	525
Thereafter	3,745
Total	$	6,304

Goodwill and Title Plant

As of March 31, 2019, the Company recognized $4.4 million in goodwill and $690 thousand in a title plant, net of impairments, as the result of title insurance agency acquisitions. The title plant is included with other assets in the Consolidated Balance Sheets. The fair values of goodwill and the title plant, both 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 three-month periods ended March 31, 2019 and 2018 that would indicate the carrying amounts may not be recoverable, and therefore determined that neither goodwill nor the title plant were impaired.