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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2020
Goodwill and Other Intangible Assets [Abstract] |
Goodwill and Other Intangible Assets | Note 10 – Goodwill and Other Intangible Assets The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with the acquisition of IA Bancorp, Inc. as of April 17, 2018. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is not amortized but is subject to annual tests for impairment or more often if events or circumstances indicate it may be impaired. The Company’s core deposit intangibles are amortized on an accelerated basis using an estimated life of 10 years and in accordance with U.S. GAAP are evaluated annually for impairment. An impairment loss will be recognized if the carrying amount of the intangible asset is not recoverable and exceeds fair value. The carrying amount of the intangible asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. The Company believes that the fair values of our goodwill and other intangible assets were in excess of their carrying amounts and there was no impairment at September 30, 2020. Amortization expense of the core deposit intangibles was $16,000 and $49,000 for the three and nine months ended September 30, 2020, respectively, and $18,000 and $54,000 for the three and nine months ended September 30, 2019, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at September 30, 2020 were $250,000 and $5.2 million, respectively, and at September 30, 2019 were $317,000 and $5.3 million, respectively. The temporary COVID-19 pandemic has clearly caused disruption to the global economy, but the extent and duration of the disruption is uncertain at this time. Accordingly, and in consideration of the relatively recent decline of the stock price below carrying value, management feels that it is not more likely than not that this circumstance indicates that the fair value of the Company is less than its carrying amount, including goodwill, as of September 30, 2020. Management will continue to monitor the activity for loan deferment requests and delinquencies on a regular basis, and will perform the annual goodwill impairment testing in the fourth quarter of 2020. ‎

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- Definition The entire disclosure for goodwill and 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
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