XML 28 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Business Combinations, Intangible Assets, Goodwill and Title Plant
 9 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]  
Business Combinations, Intangible Assets and Goodwill Business Combinations, Intangible Assets, Goodwill and Title Plants
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, 2021 and 2020 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, 2021		As of
December 31, 2020
Referral relationships$6,708 $6,416 
Non-compete agreements1,409 1,406 
Tradename747 560 
Total
8,864 8,382 
Accumulated amortization(3,373)(2,961)
Identifiable intangible assets, net
$5,491 $5,421 
The following table provides the estimated aggregate amortization expense for each of the five succeeding fiscal years:
Year Ended (in thousands)
2021$131 
2022574 
2023574 
2024522 
2025504 
Thereafter2,999 
Total
$5,304 

Goodwill and Title Plants

As of September 30, 2021, the Company recognized $4.4 million in goodwill and $857 thousand 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, 2021 and 2020 that would indicate the carrying amounts may not be recoverable, and therefore, determined that there were no goodwill or title plant impairments.