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Note 8 - Goodwill
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Goodwill Disclosure [Text Block]

Note 8. Goodwill

 

On October 25, 2019, the Company acquired ISSB located in Creston and Lenox, Iowa, which resulted in the recognition of $2.7 million of additional goodwill. Goodwill recognized in the ISSB Acquisition was primarily attributable to an expanded market share and economies of scale expected from combining ISSB with the Company. The goodwill related to the ISSB Acquisition is deductible for income tax purposes.

 

Goodwill also arose in connection with three other acquisitions in previous periods. Accounting standards allow for goodwill to be tested for impairment by performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. There was no impairment of the carrying amount of goodwill in 2020 and 2019.