Annual report pursuant to Section 13 and 15(d)

GOODWILL

v3.20.4
GOODWILL
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL
Note 8
GOODWILL
 
 
At December 31, 2020 and December 31, 2019, the Company
 
had goodwill of $
89.1
 
million and $
84.8
 
million, respectively.
 
Goodwill is tested for impairment on an annual basis, or
 
more often if impairment indicators exist.
 
Testing allows for
 
a
qualitative assessment of goodwill impairment indicators.
 
If the assessment indicates that impairment has more
 
than likely
occurred, the Company must compare the estimated fair
 
value of the reporting unit to its carrying amount.
 
If the carrying amount
of the reporting unit exceeds its estimated fair value,
 
an impairment charge is recorded equal to the excess.
 
On March 1, 2020, CCB completed its acquisition of
 
a
51
% membership interest in
Brand Mortgage Group, LLC
 
(“Brand”),
which is now operated as Capital City Home Loans (“CCHL”).
 
See Note 1 – Significant Accounting Policies/Business
Combination for additional information.
 
CCB made a $
7.1
 
million cash payment for its 51% membership interest and
 
recorded
goodwill totaling $
4.3
 
million in connection with this acquisition.
 
 
During the fourth quarter of 2020, the Company performed
 
its annual goodwill impairment testing and determined
 
that
no
goodwill impairment existed at December 31, 2020.
 
The Company will continue to evaluate goodwill for impairment
 
as defined
by ASC Topic
 
350.