XML 82 R13.htm IDEA: XBRL DOCUMENT
v3.20.1

Note 6 - Goodwill and Other Intangible Assets | 3 Months Ended
--- | ---
Mar. 31, 2020
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 6. 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 intangible and adjustment of cash and contingent consideration. The goodwill was further adjusted to $1.1 million as a result of reducing the estimated amount to be paid pursuant to certain problem loans pending resolution by $621,000 as of May 10, 2019. There were no income statement effects resulting from the recorded measurement period adjustments for the three months ended March 31, 2020. The goodwill is all deductible for income taxes over 15 years. Information on goodwill for the three months ended March 31, 2020 and 2019 is as follows:
|  | For the three Month Ended March 31, |
(In thousands) |  | 2020 |  |  | 2019 |
Balance, beginning of period |  | $ | 1,107 |  |  | $ | 1,728 |
Mesurement period adjustments |  |  | - |  |  |  | (621 | )
Balance, end of period |  | $ | 1,107 |  |  | $ | 1,107 |
Goodwill is evaluated for impairment annually or whenever we identify certain triggering events or circumstances that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected adverse business conditions, macro and reporting unit specific economic factors, supply costs, unanticipated competitive activities, and acts by governments and courts. The Company identified the COVID- 19 pandemic as a triggering event for the first quarter of 2020. Due to this triggering event, the Company performed a quantitative assessment of the goodwill, and concluded that the goodwill was not impaired as of 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 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration