Quarterly report pursuant to Section 13 or 15(d)

ACQUISITIONS AND GOODWILL

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ACQUISITIONS AND GOODWILL
 6 Months Ended
Jun. 30, 2020
Business Acquisitions and Goodwill [Abstract]  
ACQUISITIONS AND GOODWILL ACQUISITIONS AND GOODWILL
Goodwill. In prior years, we have entered new markets through the acquisition of the homebuilding assets and operations of local/regional homebuilders in Georgia, South Carolina and Tennessee. As a result of these transactions, we recorded approximately $33.0 million of goodwill. Goodwill represents the excess of the purchase price of our acquisitions over the fair value of the net assets acquired. Our acquisitions were recorded in accordance with ASC 805, Business Combinations, and ASC 820, using the acquisition method of accounting. The purchase price for acquisitions is allocated based on estimated fair value of the assets and liabilities at the date of the acquisition. The combined excess purchase price of our acquisitions over the fair value of the net assets is classified as goodwill and is included on our consolidated balance sheet in Prepaids, other assets and goodwill. In accordance with ASC 350, we assess the recoverability of goodwill annually, or more frequently, if impairment indicators are present.

A summary of the carrying amount of goodwill follows (in thousands):
West Central East Financial Services Corporate Total
Balance at December 31, 2019 $ —    $ —    $ 32,962    $ —    $ —    $ 32,962   
Additions —    —    —    —    —    —   
Balance at June 30, 2020 $ —    $ —    $ 32,962    $ —    $ —    $ 32,962