2015 Q4 Form 10-Q Financial Statement

#000088064115000075 Filed on November 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $6.169M $6.265M $6.253M
YoY Change 1.95% 0.19% -0.65%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $270.0K $260.0K $230.0K
YoY Change 28.57% 13.04% 0.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $321.0K $480.0K
YoY Change -33.13% -23.44%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.678M $4.666M $1.913M
YoY Change -36.2% 143.91% -7.85%
Income Tax $320.0K $1.377M $528.0K
% Of Pretax Income 19.07% 29.51% 27.6%
Net Earnings $1.355M $3.289M $1.385M
YoY Change -44.33% 137.47% -7.97%
Net Earnings / Revenue 21.96% 52.5% 22.15%
Basic Earnings Per Share $0.38 $0.94 $0.40
Diluted Earnings Per Share $0.38 $0.94 $0.40
COMMON SHARES
Basic Shares Outstanding 3.509M shares 3.503M shares 3.451M shares
Diluted Shares Outstanding 3.503M shares 3.451M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $23.22M $16.94M $15.34M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $20.96M $20.92M $18.53M
YoY Change 10.25% 12.93% 7.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $653.3M $638.1M $606.2M
YoY Change 3.67% 5.25% 3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $7.200M
YoY Change -100.0% -100.0% 0.0%
Other Long-Term Liabilities $4.300M $2.600M $2.600M
YoY Change -28.33% 0.0% -36.59%
Total Long-Term Liabilities $4.300M $2.600M $9.800M
YoY Change -67.42% -73.47% -13.27%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $4.300M $2.600M $9.800M
Total Liabilities $575.1M $560.5M $535.0M
YoY Change 3.24% 4.77% 3.26%
SHAREHOLDERS EQUITY
Retained Earnings $54.68M $54.03M $48.83M
YoY Change 8.11% 10.64% 8.81%
Common Stock $8.758M $8.723M $8.588M
YoY Change 1.59% 1.57% 1.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $78.22M $77.61M $71.26M
YoY Change
Total Liabilities & Shareholders Equity $653.3M $638.1M $606.2M
YoY Change 3.67% 5.25% 3.89%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $1.355M $3.289M $1.385M
YoY Change -44.33% 137.47% -7.97%
Depreciation, Depletion And Amortization $270.0K $260.0K $230.0K
YoY Change 28.57% 13.04% 0.0%
Cash From Operating Activities $2.160M $3.460M $1.400M
YoY Change -21.45% 147.14% -85.37%
INVESTING ACTIVITIES
Capital Expenditures -$350.0K -$340.0K -$1.940M
YoY Change -50.0% -82.47% 1112.5%
Acquisitions
YoY Change
Other Investing Activities -$7.880M $100.0K $820.0K
YoY Change 665.05% -87.8% -66.12%
Cash From Investing Activities -$8.230M -$250.0K -$1.120M
YoY Change 375.72% -77.68% -149.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.34M 1.590M 2.650M
YoY Change -32.2% -40.0% -155.56%
NET CHANGE
Cash From Operating Activities 2.160M 3.460M 1.400M
Cash From Investing Activities -8.230M -250.0K -1.120M
Cash From Financing Activities 12.34M 1.590M 2.650M
Net Change In Cash 6.270M 4.800M 2.930M
YoY Change -67.38% 63.82% -58.5%
FREE CASH FLOW
Cash From Operating Activities $2.160M $3.460M $1.400M
Capital Expenditures -$350.0K -$340.0K -$1.940M
Free Cash Flow $2.510M $3.800M $3.340M
YoY Change -27.25% 13.77% -65.67%

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FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
4573000 USD
CY2014Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
643000 USD
CY2015Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
591000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
614000 USD
CY2014 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
725000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
499000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
515000 USD
CY2014 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
1483000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
438000 USD
CY2014Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
452783000 USD
CY2015Q3 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
476199000 USD
CY2014Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
17037000 USD
CY2015Q3 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
15017000 USD
CY2014 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
25
us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
23
CY2014Q3 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
708000 USD
us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
708000 USD
CY2015Q3 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
169000 USD
us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
688000 USD
CY2014Q3 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
1010000 USD
us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
1010000 USD
CY2015Q3 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
169000 USD
us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
688000 USD
CY2014Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
7800000 USD
CY2015Q3 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
7800000 USD
CY2014Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
6000 USD
CY2015Q3 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
1000 USD
CY2014Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
463662000 USD
CY2015Q3 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
481503000 USD
CY2014Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
10706000 USD
CY2015Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
5673000 USD
CY2014Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
6158000 USD
CY2015Q3 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
9713000 USD
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-5000 USD
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
5000 USD
CY2014Q3 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
87000 USD
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
93000 USD
CY2015Q3 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
20000 USD
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
116000 USD
CY2014Q3 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-14000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
3000 USD
CY2015Q3 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
11000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-81000 USD
CY2014 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
19051000 USD
CY2015Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
15300000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
15581000 USD
CY2014 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
454000 USD
CY2015Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
94000 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
289000 USD
CY2014Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
17055000 USD
CY2015Q3 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
15044000 USD
CY2014Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
643000 USD
CY2015Q3 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
591000 USD
CY2014Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
18636000 USD
CY2015Q3 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
15947000 USD
CY2014 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
16242000 USD
us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
11061000 USD
CY2014 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
370000 USD
us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
167000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
14661000 USD
CY2015Q3 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
10587000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
15863000 USD
CY2015Q3 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
11331000 USD
CY2014 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
2809000 USD
us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
4520000 USD
CY2014 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
84000 USD
us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
122000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
2394000 USD
CY2015Q3 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
4457000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
2773000 USD
CY2015Q3 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
4616000 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1913000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6578000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4666000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
7652000 USD
CY2014Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
528000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1872000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1377000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2110000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1985000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
583000 USD
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
12250000 USD
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
23483000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
-262000 USD
us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
6000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
812000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-437000 USD
us-gaap Increase Decrease In Time Deposits
IncreaseDecreaseInTimeDeposits
-4700000 USD
us-gaap Increase Decrease In Time Deposits
IncreaseDecreaseInTimeDeposits
572000 USD
CY2014Q3 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
252000 USD
us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
664000 USD
CY2015Q3 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
134000 USD
us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
547000 USD
CY2014Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
6253000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
18799000 USD
CY2015Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
6265000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
18324000 USD
CY2014Q3 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
5397000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
16317000 USD
CY2015Q3 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
5540000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
16278000 USD
CY2014Q4 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
249305000 USD
CY2015Q3 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
255135000 USD
CY2014Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
25489000 USD
CY2015Q3 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
7183000 USD
CY2014Q4 us-gaap Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
98314000 USD
CY2015Q3 us-gaap Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
100090000 USD
CY2014Q4 us-gaap Interest Bearing Domestic Deposit Negotiable Order Of Withdrawal Now
InterestBearingDomesticDepositNegotiableOrderOfWithdrawalNOW
81441000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
551000 USD
CY2014Q3 us-gaap Interest Expense Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
0 USD
us-gaap Interest Expense Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
20000 USD
CY2015Q3 us-gaap Interest Expense Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
9000 USD
us-gaap Interest Expense Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
InterestExpenseFederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
10000 USD
CY2014Q3 us-gaap Interest Expense Trust Preferred Securities
InterestExpenseTrustPreferredSecurities
33000 USD
us-gaap Interest Expense Trust Preferred Securities
InterestExpenseTrustPreferredSecurities
98000 USD
CY2015Q3 us-gaap Interest Bearing Domestic Deposit Negotiable Order Of Withdrawal Now
InterestBearingDomesticDepositNegotiableOrderOfWithdrawalNOW
77494000 USD
CY2014Q4 us-gaap Interest Bearing Domestic Deposit Savings
InterestBearingDomesticDepositSavings
69550000 USD
CY2015Q3 us-gaap Interest Bearing Domestic Deposit Savings
InterestBearingDomesticDepositSavings
77551000 USD
CY2014Q3 us-gaap Interest Expense
InterestExpense
480000 USD
us-gaap Interest Expense
InterestExpense
1463000 USD
CY2015Q3 us-gaap Interest Expense
InterestExpense
321000 USD
us-gaap Interest Expense
InterestExpense
1045000 USD
CY2014Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
159000 USD
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
476000 USD
CY2015Q3 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
69000 USD
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
269000 USD
CY2014Q3 us-gaap Interest Expense Deposits
InterestExpenseDeposits
241000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
730000 USD
CY2015Q3 us-gaap Interest Expense Deposits
InterestExpenseDeposits
185000 USD
CY2015Q3 us-gaap Interest Expense Trust Preferred Securities
InterestExpenseTrustPreferredSecurities
12000 USD
us-gaap Interest Expense Trust Preferred Securities
InterestExpenseTrustPreferredSecurities
78000 USD
CY2014Q3 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
2000 USD
us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
4000 USD
CY2015Q3 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
2000 USD
us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
19000 USD
CY2014Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
5773000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
17336000 USD
CY2015Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
6354000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
17256000 USD
CY2014Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
5773000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
17336000 USD
CY2015Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
5944000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
17279000 USD
CY2014Q3 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
270000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
834000 USD
CY2015Q3 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
244000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
733000 USD
CY2014Q3 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
458000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1447000 USD
CY2015Q3 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
437000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1219000 USD
us-gaap Interest Paid
InterestPaid
1474000 USD
us-gaap Interest Paid
InterestPaid
1141000 USD
CY2014Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
3017000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
8768000 USD
CY2015Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
3090000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
9197000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
553698000 USD
CY2015Q3 us-gaap Liabilities
Liabilities
560460000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
626830000 USD
CY2015Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
638069000 USD
CY2014Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
289000 USD
CY2015Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
207000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
5080000 USD
CY2015Q3 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
5164000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
469820000 USD
CY2015Q3 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
491216000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
464740000 USD
CY2015Q3 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
486052000 USD
us-gaap Loss On Cash Flow Hedge Ineffectiveness
LossOnCashFlowHedgeIneffectiveness
0 USD
us-gaap Loss On Cash Flow Hedge Ineffectiveness
LossOnCashFlowHedgeIneffectiveness
237000 USD
CY2014Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
159000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
417000 USD
CY2015Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
155000 USD
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
458000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14043000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7888000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17454000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30506000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4506000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4995000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
1385000 USD
us-gaap Net Income Loss
NetIncomeLoss
4706000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
3289000 USD
us-gaap Net Income Loss
NetIncomeLoss
5542000 USD
CY2014Q4 us-gaap Noninterest Bearing Deposit Liabilities Domestic
NoninterestBearingDepositLiabilitiesDomestic
159352000 USD
CY2015Q3 us-gaap Noninterest Bearing Deposit Liabilities Domestic
NoninterestBearingDepositLiabilitiesDomestic
177005000 USD
CY2014Q3 us-gaap Noninterest Expense
NoninterestExpense
5333000 USD
us-gaap Noninterest Expense
NoninterestExpense
15142000 USD
CY2015Q3 us-gaap Noninterest Expense
NoninterestExpense
5518000 USD
us-gaap Noninterest Expense
NoninterestExpense
16707000 USD
CY2014Q3 us-gaap Noninterest Income
NoninterestIncome
1473000 USD
us-gaap Noninterest Income
NoninterestIncome
4384000 USD
CY2015Q3 us-gaap Noninterest Income
NoninterestIncome
3830000 USD
us-gaap Noninterest Income
NoninterestIncome
7103000 USD
CY2014Q3 us-gaap Noninterest Income Other
NoninterestIncomeOther
15000 USD
us-gaap Noninterest Income Other
NoninterestIncomeOther
127000 USD
CY2015Q3 us-gaap Noninterest Income Other
NoninterestIncomeOther
-181000 USD
us-gaap Noninterest Income Other
NoninterestIncomeOther
-71000 USD
CY2014Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
455946000 USD
CY2015Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
477600000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
227000 USD
CY2014Q3 us-gaap Occupancy Net
OccupancyNet
319000 USD
us-gaap Occupancy Net
OccupancyNet
963000 USD
CY2015Q3 us-gaap Occupancy Net
OccupancyNet
394000 USD
us-gaap Occupancy Net
OccupancyNet
1176000 USD
CY2014Q4 us-gaap Other Assets
OtherAssets
9436000 USD
CY2015Q3 us-gaap Other Assets
OtherAssets
8801000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
35000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
1944000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
782000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-2000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
22000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1439000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-112000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1540000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
5081000 USD
us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
22074000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
41000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
81000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
99000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-35000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1222000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
659000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
78000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
30000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
32000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 13. Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the FASB issued ASU No. 2014-11, &#8220;Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures&#8221;. This ASU aligns the accounting for repurchase-to-maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. The new guidance eliminates sale accounting for repurchase-to-maturity transactions and supersedes the guidance under which a transfer of a financial asset and a contemporaneous repurchase financing could be accounted for on a combined basis as a forward agreement. The amendments in the ASU also require a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. Additional disclosures will be required for the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The amendments in this ASU are effective for the first interim or annual period beginning after December 15, 2014; however, the disclosure for transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is not permitted. The adoption of the new guidance did not have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the FASB issued ASU No. 2014-12, &#8220;Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period&#8221;. The new guidance applies to reporting entities that grant employees share-based payments in which the terms of the award allow a performance target to be achieved after the requisite service period. The amendments in the ASU require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. Existing guidance in &#8220;Compensation - Stock Compensation (Topic 718)&#8221;, should be applied to account for these types of awards. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted and reporting entities may choose to apply the amendments in the ASU either on a prospective or retrospective basis. The adoption of the new guidance did not have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014, the FASB issued ASU No. 2014-15, &#8220;Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a Going Concern&#8221;. This update is intended to provide guidance about management&#8217;s responsibility to evaluate whether there is substantial doubt about an entity&#8217;s ability to continue as a going concern and to provide related footnote disclosures. Management is required under the new guidance to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity&#8217;s ability to continue as a going concern within one year after the date the financial statements are issued when preparing financial statements for each interim and annual reporting period. If conditions or events are identified, the ASU specifies the process that must be followed by management and also clarifies the timing and content of going concern footnote disclosures in order to reduce diversity in practice. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2014-15 to have a material impact on its consolidated financial statements. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2014, the FASB issued ASU No. 2014-16, &#8220;Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity.&#8221; The amendments in ASU do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. The amendments clarify how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. Specifically, the amendments clarify that an entity should consider all relevant terms and features, including the embedded derivative feature being evaluated for bifurcation, in evaluating the nature of the host contract. Furthermore, the amendments clarify that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. Rather, the nature of the host contract depends upon the economic characteristics and risks of the entire hybrid financial instrument. The amendments in this ASU also clarify that, in evaluating the nature of a host contract, an entity should assess the substance of the relevant terms and features (i.e., the relative strength of the debt-like or equity-like terms and features given the facts and circumstances) when considering how to weight those terms and features. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an interim period, is permitted. The Company does not expect the adoption of ASU 2014-16 to have a material impact on its consolidated financial statements. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the FASB issued ASU No. 2015-01, &#8220;Income Statement-Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.&#8221; The amendments in this ASU eliminate from U.S. GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement - Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The Company does not expect the adoption of ASU 2015-01 to have a material impact on its consolidated financial statements. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued ASU No. 2015-02, &#8220;Consolidation (Topic 810): Amendments to the Consolidation Analysis.&#8221; The amendments in this ASU are intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). In addition to reducing the number of consolidation models from four to two, the new standard simplifies the FASB Accounting Standards Codification&#8482; and improves current GAAP by placing more emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (VIE), and changing consolidation conclusions for public and private companies in several industries that typically make use of limited partnerships or VIEs. The amendments in this ASU are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. ASU 2015-02 may be applied retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The Company does not expect the adoption of ASU 2015-02 to have a material impact on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-03, &#8220;Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.&#8221; The amendments in this ASU are intended to simplify the presentation of debt issuance costs. These amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments in this ASU are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU No. 2015-05, &#8220;Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Fees Paid in a Cloud Computing Arrangement.&#8221; The amendments in this ASU provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendments do not change the accounting for a customer&#8217;s accounting for service contracts. As a result of the amendments, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. The amendments in this ASU are effective for public business entities for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either: (1) prospectively to all arrangements entered into or materially modified after the effective date; or (2) retrospectively. The Company is currently assessing the impact that ASU 2015-05 will have on its consolidated financial statements. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2015, the FASB issued ASU No. 2015-08, &#8220;Business Combinations (Topic 805): Pushdown Accounting - Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115.&#8221; The amendments in ASU 2015-08 amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115, Topic 5: Miscellaneous Accounting, regarding various pushdown accounting issues, and did not have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2015, the FASB issued ASU No. 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date.&#8221; The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in ASU 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU 2014-09. The Company does not expect the adoption of ASU 2015-14 or ASU 2014-09 to have a material impact on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2015, the FASB issued ASU 2015-15, &#8220;Interest - Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting).&#8221; On April 7, 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability. The guidance in ASU 2015-03 (see paragraph 835-30-45-1A) does not address presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff stated that they would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-15 adds these SEC comments to the "S" section of the Codification. The Company does not expect the adoption of ASU 2015-15 to have a material impact on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2015, the FASB issued ASU 2015-16, &#8220;Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.&#8221; The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period&#8217;s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements.</font></div></div>

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