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Goodwill

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8 – GOODWILL

Goodwill is recorded on the acquisition date of an entity. During the measurement period, the Company may record subsequent adjustments to goodwill for provisional amounts recorded at the acquisition date. The acquisition of The Edon State Bank Company of Edon, Ohio, on June 5, 2020 and the purchase of an Ohio- based Title agency through a newly-formed, wholly-owned subsidiary, SBFG Title, LLC, on March 15, 2019 resulted in approximately $4.3 million and $1.4 million respectively, in goodwill.

Due to the impact of COVID-19 on the economy and the banking industry, the Company evaluated goodwill as of June 30,2020. This evaluation determined that no triggering event had occurred since the last goodwill impairment test was conducted.

A summary of the activity in goodwill is presented below:

	Six Months Ended
	June 30, 2020		June 30, 2019
($ in thousands)	Carrying Amount		Carrying Amount

Beginning balance	$	17,792	$	16,353
Acquired goodwill		4,325		1,439

Ending balance	$	22,117	$	17,792

Goodwill is not amortized but is evaluated for impairment annually, and on an interim basis if events or changes in circumstances indicate that goodwill might be impaired. Impairment exists when the carrying value of goodwill exceeds its fair value.