GOODWILL AND OTHER INTANGIBLES
At December 31, 2021 and 2020, the Company had goodwill of $
Goodwill is tested
for impairment on an annual basis, or more often if impairment indicators exist.
Testing allows for a qualitative
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 April 30, 2021, a newly formed subsidiary of CCBG, Capital City Strategic Wealth,
LLC (“CCSW”) acquired substantially all
of the assets of Strategic Wealth
Group, LLC and certain related businesses (“SWG”), including advisory,
service, and insurance
carrier agreements, and the assignment of all related revenues thereof.
Under the terms of the purchase agreement, SWG
principles became officers of CCSW and will continue the operation
of their five offices in South Georgia offering
management services and comprehensive risk management and asset protection
services for individuals and businesses.
million in cash consideration and recorded goodwill of $
million and a customer relationship intangible asset (
Amortization expense related to the customer relationship intangible totaled
estimated amortization expense for each of the ten succeeding fiscal years is $
On March 1, 2020, CCB completed its acquisition of a
% 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 $
million cash payment for its
% membership interest and recorded
goodwill totaling $
million in connection with this acquisition.
During the fourth quarter of 2021, the Company performed its annual goodwill
impairment testing and determined that
goodwill impairment existed at December 31, 2021 and
goodwill impairment existed at December 31, 2020.
will continue to evaluate goodwill for impairment as defined by ASC Topic