GOODWILL	12 Months Ended
Dec. 31, 2020
GOODWILL
GOODWILL	NOTE 19 — GOODWILL Impairment testing is performed using either a qualitative or quantitative approach. The Corporation has selected September 30 as the date it performs the annual goodwill impairment test. Management notes that the emergence of COVID-19 as a global pandemic in 2020 has resulted in significant deterioration in general economic conditions and has caused a deterioration in the environment in which the Corporation operates. This uncertainty has resulted in significant decreases in the market prices for the stock of institutions in the financial services industry, including the Corporation. Based on the totality of the circumstances and the impact of the economic conditions on the stock price, the events more likely than not reduce the fair value of a reporting unit below its carrying amount, including goodwill. As such, an interim quantitative analysis of the fair value of the Corporation as of December 31, 2020 was also performed. The interim quantitative analysis considered both income and market valuation approaches. The income approach used a discounted cash flow analysis based on a five-year forecast of results, including potential cost synergies a market participant would consider. The market approaches took into account the fair value of comparable companies as well as the Corporation’s current stock price adjusted for a control premium. We assigned weightings of 40% to the income approach and 60% to the market approach. The results indicated the Corporation’s fair value exceeded its carrying value and no impairment was recognized. The assumptions used in the impairment test of goodwill are susceptible to change based on changes in economic conditions and other factors, including our stock price. Any change in the assumptions which we utilize to determine the carrying value of goodwill could adversely impact our results of operations.

GOODWILL

12 Months Ended

Dec. 31, 2020

NOTE 19 — GOODWILL

Impairment testing is performed using either a qualitative or quantitative approach. The Corporation has selected September 30 as the date it performs the annual goodwill impairment test. Management notes that the emergence of COVID-19 as a global pandemic in 2020 has resulted in significant deterioration in general economic conditions and has caused a deterioration in the environment in which the Corporation operates. This uncertainty has resulted in significant decreases in the market prices for the stock of institutions in the financial services industry, including the Corporation. Based on the totality of the circumstances and the impact of the economic conditions on the stock price, the events more likely than not reduce the fair value of a reporting unit below its carrying amount, including goodwill. As such, an interim quantitative analysis of the fair value of the Corporation as of December 31, 2020 was also performed.

The interim quantitative analysis considered both income and market valuation approaches. The income approach used a discounted cash flow analysis based on a five-year forecast of results, including potential cost synergies a market participant would consider. The market approaches took into account the fair value of comparable companies as well as the Corporation’s current stock price adjusted for a control premium. We assigned weightings of 40% to the income approach and 60% to the market approach. The results indicated the Corporation’s fair value exceeded its carrying value and no impairment was recognized.

The assumptions used in the impairment test of goodwill are susceptible to change based on changes in economic conditions and other factors, including our stock price. Any change in the assumptions which we utilize to determine the carrying value of goodwill could adversely impact our results of operations.