First Keystone in Berwick, Pa., disclosed that it will record a $19.1 million goodwill impairment charge in the second quarter.
The $1.4 billion-asset company said in a press release that the noncash charge is tied to goodwill tied to a 2004 branch purchase and its 2007 acquisition of Pocono Community Bank.
A decrease in First Keystone’s stock price was a triggering event that led the company to test its goodwill impairment. The event has also caused a delay in the company filing its financials for the first quarter.