ACQUISITIONS The Company evaluates each set of assets and activities it acquires to determine if the set meets the definition of a business according to FASB ASC Topic 805-10-55. Acquisitions meeting the definition of a business are accounted for as a business combination while all other acquisitions are accounted for as asset purchases. The following table sets forth the Company's acquisition activity for the nine months ended December 31, 2019 and 2018 . Nine months ended December 31, 2019 2018 Acquisitions: Number of branches acquired through business combinations 37 14 Number of loan portfolios acquired through asset purchases 134 83 Total acquisitions 171 97 Purchase price $ 56,400,058 $ 39,184,508 Tangible assets: Loans receivable, net 43,036,296 30,232,918 Property and equipment 69,000  Total tangible assets 43,105,296 30,232,918 Excess of purchase prices over carrying value of net tangible assets $ 13,294,762 $ 8,951,590 Customer lists $ 12,233,806 8,456,590 Non-compete agreements $ 855,000 495,000 Goodwill $ 205,956  Acquisitions that are accounted for as business combinations typically result in one or more new branches. In such cases, the Company typically retains the existing employees and the branch location from the acquisition. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. The remainder is allocated to goodwill. The following table describes the Company's business combination activity for the nine months ended December 31, 2019 . No. Acquiree Name Acquiree State(s) Date 1 Western Shamrock Corporation (11 branches) GA 4/29/2019 2 Western Shamrock Corporation (7 branches) SC 5/9/2019 3 Western Shamrock Corporation (3 branches) AL 5/14/2019 4 Loyal Loans (7 branches) UT 8/27/2019 5 Courtesy Loans (1 branch) IL 8/28/2019 6 Courtesy Loans (8 branches) MO, LA 9/6/2019 Acquisitions that are accounted for as asset purchases are typically limited to acquisitions of loan portfolios. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. In an asset purchase, no goodwill is recorded. The Companys acquisitions include tangible assets (generally loans and furniture and equipment) and intangible assets (generally non-compete agreements, customer lists, and goodwill), both of which are recorded at their fair values, which are estimated pursuant to the processes described below. Acquired loans are valued at the net loan balance. Given the short-term nature of these loans, generally eight months , and that these loans are priced at current rates, management believes the net loan balances approximate their fair value. Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values. Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates their fair value. Customer lists are valued with a valuation model that utilizes the Companys historical data to estimate the value of any acquired customer lists. Customer lists are allocated at a branch level and are evaluated for impairment at a branch level when a triggering event occurs in accordance with FASB ASC Topic 360-10-05. If a triggering event occurs, the impairment loss to the customer list is generally the remaining unamortized customer list balance. In most acquisitions, the original fair value of the customer list allocated to a branch is less than $100,000, and management believes that in the event a triggering event were to occur, the impairment loss to an unamortized customer list would be immaterial. The results of all acquisitions have been included in the Companys Consolidated Financial Statements since the respective acquisition date. The pro forma impact of these branches as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported.