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Goodwill | 9 Months Ended
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Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL | 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 $1.4 million, respectively, in goodwill. A summary of the activity in goodwill is presented below:
|  | Nine Months Ended |
|  | September 30, 2020 |  |  | September 30, 2019 |
($ in thousands) |  | Carrying Amount |  |  | Carrying Amount |
Beginning balance |  | $ | 17,792 |  |  | $ | 16,353 |
Acquired goodwill |  |  | 4,325 |  |  |  | 1,439 |
Measurement period adjustments |  |  | (26 | ) |  |  | - |
Ending balance |  | $ | 22,091 |  |  | $ | 17,792 |
Goodwill is not amortized but is evaluated for impairment annually as of December 31, or more frequently if events or circumstances that indicate an impairment may exist.. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less that its estimated carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. Goodwill was assessed for impairment using a quantitative test performed as of September 30, 2020. The estimated fair value of the reporting unit exceeded the net carrying value, and therefore no goodwill impairment existed as of that date. No events or circumstances since the September 30, 2020 impairment test were noted that would indicate it was more likely than not a goodwill impairment exists.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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