XML 91 R16.htm IDEA: XBRL DOCUMENT
v3.20.1

Note 8 - Goodwill and Other Intangible Assets, Net | 3 Months Ended
--- | ---
Mar. 31, 2020
Notes to Financial Statements |
Intangible Assets Disclosure [Text Block] | 8. GOODWILL AND OTHER INTANGIBLE ASSETS , NET Information related to the core deposit intangibles are as follows:
(In Thousands) |  |  |  |  |  |  |  |
|  | March 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
Gross amount |  | $ | 3,495 |  |  | $ | 3,495 |
Accumulated amortization |  |  | (2,310 | ) |  |  | (2,248 | )
Net |  | $ | 1,185 |  |  | $ | 1,247 |
Amortization expense was $62,000 in the first quarter 2020 and $2,000 in the first quarter 2019. Goodwill represents the excess of the cost of acquisitions over the fair value of the net assets acquired. At March 31, 2020 and December 31, 2019, the carrying value of goodwill is $28,388,000 . Goodwill is tested at least annually at December 31 for impairment, or more often if events or circumstances indicate there may be impairment. In the first quarter 2020, the coronavirus (COVID- 19 ) pandemic that has impacted the U.S. and most of the world has led to government-imposed emergency restrictions that have substantially limited the operation of non-essential businesses and the activities of individuals. These restrictions have resulted in significant adverse effects on macroeconomic conditions, and stock market valuations have decreased significantly for most companies, including banks. The ultimate effect of COVID- 19 on the local or broader economy is not known nor is the ultimate length of the restrictions described and any accompanying effects. In light of the adverse circumstances resulting from COVID- 19, management determined it necessary to evaluate goodwill for impairment at March 31, 2020. The average closing price (trading price) of the Corporation’s common stock was $19.96 per share for the month of March 2020, down from $25.90 in February 2020 and $27.37 in January 2020. The average closing price for the last 10 trading days of the first quarter 2020 ( March 18 through March 31, 2020) was $18.87 per share. In comparison, the book value per share of the Corporation’s common stock at March 31, 2020 was $18.22 per share. In testing goodwill for impairment as of March 31, 2020, the Corporation by-passed performing a qualitative assessment and performed a quantitative assessment based on comparison of the Corporation’s market capitalization to its stockholders’ equity, resulting in the determination that the fair value of its reporting unit, its community banking operation, exceeded its carrying value. Accordingly, there was no goodwill impairment at March 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration