Intangible Assets, Goodwill and Title Plants

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022 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)	2023		2022
Referral relationships	$	8,898	$	8,898
Non-compete agreements	3,155		3,155
Tradename	747		747
Total	12,800		12,800
Accumulated amortization	(6,176)		(4,814)
Identifiable intangible assets, net	$	6,624	$	7,986

The following table provides the estimated aggregate amortization expense, as of December 31, 2023 for each of the five succeeding fiscal years:


Year Ended (in thousands)
2024	$	1,178
2025	1,095
2026	1,095
2027	679
2028	650
Thereafter	1,740
Total	$	6,437

Goodwill and Title Plants

As of December 31, 2023, the Company recognized $9.6 million in goodwill and $1.5 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, 2023 and 2022 that would indicate the carrying amounts may not be recoverable, and therefore, determined that there were no goodwill or title plant impairments.