Goodwill

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

GOODWILL

Goodwill is recorded on the acquisition date of an entity. During the one-year measurement period, the Corporation may record subsequent adjustments to goodwill for provisional amounts recorded at the acquisition date. The MBT acquisition on September, 1, 2019 resulted in

$98,563,000 of goodwill, which includes an addition of $719,000. This addition was recorded in the fourth quarter of 2019 as a measurement period adjustment. Details regarding the MBT acquisition is discussed in NOTE 2. ACQUISITION of these Notes to Consolidated Financial Statements.

No impairment loss was recorded in 2019 or 2018. The Corporation tested goodwill for impairment during 2019 and 2018. In both valuations, the fair value exceeded the Corporation’s carrying value; therefore, it was concluded goodwill is not impaired. For additional details related to impairment testing, see the “GOODWILL” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included as Item 7 of this Annual Report on Form 10-K.

	2019		2018
Balance, January 1	$	445,355	$	445,355
Goodwill acquired	97,844		—
Measurement period adjustment	719		$	—
Balance, December 31	$	543,918	$	445,355