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Goodwill and Intangibles

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Note 8: Goodwill and Intangibles

On June 5, 2020, the Company acquired Edon Bancorp (“Edon”) and its subsidiary, The Edon State Bank Company of Edon, Ohio. The acquisition resulted in approximately $4.3 million in goodwill. On March 15, 2019, the Company formed SBFG Title, LLC (“Title”) and purchased all of the assets and real estate of an Ohio based title agency. The purchase resulted in approximately $1.4 million in goodwill. The balance of goodwill as of December 31, 2020 and December 31, 2019 was $22.1 million and $17.8 million, respectively.

	Twelve Months Ended December 31, 2020			Twelve Months Ended December 31, 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

Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. Goodwill is tested on the last day of the last quarter of each calendar year. At December 31, 2020, the Company elected to perform a qualitative assessment to determine if it was more likely than not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was more likely than not that the fair value of the reporting unit exceeded its carrying value, resulting in no impairment.

Carrying basis and accumulated amortization of intangible assets were as follows at December 31:

	2020					2019
	Gross Carrying		Accumulated			Gross Carrying		Accumulated
($ in thousands)	Amount		Amortization			Amount		Amortization
Core deposits intangible	$	5,359	$	(4,735	)	$	4,698	$	(4,692	)
Customer relationship intangible		200		(170	)		200		(166	)
Banking intangibles	$	5,559	$	(4,905	)	$	4,898	$	(4,858	)

Amortization expense for intangibles for the years ended December 31, 2020 and 2019 was $0.05 million and $0.01 million, respectively. Estimated amortization expense for each of the following five years is immaterial.