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Note 5 - Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2019
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 5 : Goodwill and Other Intangible Assets On May 10, 2018 the Company completed its acquisition of Prime Bank, a Connecticut bank headquartered in Orange, CT. The closing of the transaction added a new Patriot branch located in the Town of Orange, New Haven County, Connecticut. The assets acquired and liabilities assumed from Prime Bank were recorded at their fair value as of the closing date of the acquisition. Goodwill of $2.1 million was recorded at the time of the acquisition, and was adjusted to $1.7 million as of December 31, 2018, primarily due to updating of fair value of the core deposit intangibles and adjustment of cash and contingent considerations. During the three months ended March 31, 2019, goodwill was adjusted to $1.1 million as a result of reducing the amount expected to be paid pursuant to certain problem loans pending resolution by $621,000. There were no income effects resulting from the recorded measurement period adjustments for the three months ended March 31, 2019. The goodwill is all deductible for income taxes over 15 years.

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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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