2020 Q1 Form 10-Q Financial Statement

#000143774920010337 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $29.51M $23.37M $23.61M
YoY Change 24.98% -7.92% -2.96%
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 $1.450M $1.210M $990.0K
YoY Change 46.46% 28.72% -7.48%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.827M $1.313M $1.425M
YoY Change 28.21% -12.58% -26.96%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $10.07M $12.40M $12.26M
YoY Change -17.89% 4.16% 7.21%
Income Tax $2.195M $2.833M $2.630M
% Of Pretax Income 21.8% 22.85% 21.45%
Net Earnings $7.872M $9.564M $9.631M
YoY Change -18.26% 2.77% 8.6%
Net Earnings / Revenue 26.68% 40.92% 40.79%
Basic Earnings Per Share $0.44 $0.61 $0.61
Diluted Earnings Per Share $0.44 $0.61 $0.60
COMMON SHARES
Basic Shares Outstanding 18.00M 15.61M 15.84M
Diluted Shares Outstanding 18.05M 15.67M 15.92M

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $241.6M $217.0M $148.5M
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 $63.32M $62.82M $46.64M
YoY Change 35.77% 37.22% 0.48%
Goodwill $129.6M $129.6M $92.74M
YoY Change 39.7% 39.7% -3.17%
Intangibles $8.159M $8.519M $4.780M
YoY Change 70.69% 69.5% -18.86%
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 $2.739B $2.799B $2.242B
YoY Change 22.15% 24.71% -7.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.60M $37.50M $26.20M
YoY Change 35.88% 42.05% -1.13%
Accrued Expenses $1.000M $1.000M $900.0K
YoY Change 11.11%
Deferred Revenue
YoY Change
Short-Term Debt $2.348M $1.601M $3.700M
YoY Change -36.54% -94.55% -87.29%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.60M $38.50M $27.10M
YoY Change 35.06% 45.83% 2.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $36.60M $38.50M $27.10M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.327B $2.370B $1.909B
YoY Change 21.9% 23.99% -8.49%
SHAREHOLDERS EQUITY
Retained Earnings $222.8M $219.5M $202.1M
YoY Change 10.25% 12.13% 13.4%
Common Stock $17.70M $18.38M $15.82M
YoY Change 11.9% 14.81% -26.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $411.6M $428.8M $333.1M
YoY Change
Total Liabilities & Shareholders Equity $2.739B $2.799B $2.242B
YoY Change 22.15% 24.71% -7.66%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income $7.872M $9.564M $9.631M
YoY Change -18.26% 2.77% 8.6%
Depreciation, Depletion And Amortization $1.450M $1.210M $990.0K
YoY Change 46.46% 28.72% -7.48%
Cash From Operating Activities $11.37M $17.02M $14.09M
YoY Change -19.3% 37.81% 30.09%
INVESTING ACTIVITIES
Capital Expenditures -$1.580M -$2.180M -$1.630M
YoY Change -3.07% 48.3% 1258.33%
Acquisitions
YoY Change
Other Investing Activities $82.07M $33.81M $73.27M
YoY Change 12.01% 13.92% 2120.3%
Cash From Investing Activities $80.49M $31.62M $71.64M
YoY Change 12.35% 12.13% 2157.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $21.87M $7.782M
YoY Change 181.06% 43.77%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$67.26M -14.09M -14.06M
YoY Change 378.28% -62.29% -142.38%
NET CHANGE
Cash From Operating Activities $11.37M 17.02M 14.09M
Cash From Investing Activities $80.49M 31.62M 71.64M
Cash From Financing Activities -$67.26M -14.09M -14.06M
Net Change In Cash $24.60M 34.55M 71.67M
YoY Change -65.67% 983.07% 51.88%
FREE CASH FLOW
Cash From Operating Activities $11.37M $17.02M $14.09M
Capital Expenditures -$1.580M -$2.180M -$1.630M
Free Cash Flow $12.95M $19.20M $15.72M
YoY Change -17.62% 38.93% 43.55%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">1.</div> </div><div style="display: inline; font-weight: bold;">Basis of Presentation</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">General</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">First Community Bankshares, Inc. (the &#x201c;Company&#x201d;), a financial holding company, was founded in <div style="display: inline; font-style: italic; font: inherit;">1989</div> and incorporated under the laws of the Commonwealth of Virginia in <div style="display: inline; font-style: italic; font: inherit;">2018.</div> The Company is the successor to First Community Bancshares, Inc., a Nevada corporation, pursuant to an Agreement and Plan of Reincorporation and Merger, the sole purpose of which was to change the Company&#x2019;s state of incorporation from Nevada to Virginia. The Company&#x2019;s principal executive office is located at One Community Place, Bluefield, Virginia. The Company provides banking products and services to individual and commercial customers through its wholly owned subsidiary First Community Bank (the &#x201c;Bank&#x201d;), a Virginia-chartered banking institution founded in <div style="display: inline; font-style: italic; font: inherit;">1874.</div> The Bank operates as First Community Bank in Virginia, West Virginia, and North Carolina and People&#x2019;s Community Bank, a Division of First Community Bank, in Tennessee. The Bank offers wealth management and investment advice through its Trust Division and wholly owned subsidiary First Community Wealth Management (&#x201c;FCWM&#x201d;). Unless the context suggests otherwise, the terms &#x201c;First Community,&#x201d; &#x201c;Company,&#x201d; &#x201c;we,&#x201d; &#x201c;our,&#x201d; and &#x201c;us&#x201d; refer to First Community Bankshares, Inc. and its subsidiaries as a consolidated entity.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Principles of Consolidation</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company&#x2019;s accounting and reporting policies conform with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;) and prevailing practices in the banking industry. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries and eliminate all intercompany balances and transactions. The Company operates in <div style="display: inline; font-style: italic; font: inherit;">one</div> business segment, Community Banking, which consists of all operations, including commercial and consumer banking, lending activities, and wealth management. Operating results for interim periods are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of results that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be expected for other interim periods or for the full year. In management&#x2019;s opinion, the accompanying unaudited interim condensed consolidated financial statements contain all necessary adjustments, including normal recurring accruals, and disclosures for a fair presentation.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company&#x2019;s Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019 (</div>the <div style="display: inline; font-style: italic; font: inherit;">&#x201c;2019</div> Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K&#x201d;), as filed with the Securities and Exchange Commission (the &#x201c;SEC&#x201d;) on <div style="display: inline; font-style: italic; font: inherit;"> March 13, 2020. </div>The condensed consolidated balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>has been derived from the audited consolidated financial statements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Reclassifications</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Certain amounts reported in prior years have been reclassified to conform to the current year&#x2019;s presentation. These reclassifications had <div style="display: inline; font-style: italic; font: inherit;">no</div> effect on the Company&#x2019;s results of operations, financial position, or net cash flow.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;">&nbsp;</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that require the most subjective or complex judgments relate to fair value measurements, investment securities, the allowance for loan losses, goodwill and other intangible assets, and income taxes. A discussion of the Company&#x2019;s application of critical accounting estimates is included in &#x201c;Critical Accounting Estimates&#x201d; in Item <div style="display: inline; font-style: italic; font: inherit;">2</div> of this report.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Significant Accounting Policies</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company&#x2019;s significant accounting policies are included in Note <div style="display: inline; font-style: italic; font: inherit;">1,</div> &#x201c;Basis of Presentation and Significant Accounting Policies,&#x201d; of the Notes to Consolidated Financial Statements in Part II, Item <div style="display: inline; font-style: italic; font: inherit;">8</div> of the Company&#x2019;s <div style="display: inline; font-style: italic; font: inherit;">2019</div> Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Risks and Uncertainties</div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"> </div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;">Recent COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> Virus Developments</div> &#x2013;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">During the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> government reaction to the novel coronavirus (&#x201c;COVID-<div style="display: inline; font-style: italic; font: inherit;">19&#x201d;</div>) pandemic significantly disrupted local, national, and global economies and adversely impacted a broad range of industries, including banking and other financial services.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;">Company Response to COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div></div> &#x2013;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">As COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> events unfolded during the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter, the Company implemented various plans, strategies and protocols to protect its employees, maintain services for customers, assure the functional continuity of its operating systems, controls and processes, and mitigate financial risks posed by changing market conditions.&nbsp; In particular, the Company took the following actions, among others:</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Implemented its board-approved pandemic business continuity plan.</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Appointed an internal pandemic preparedness task force comprised of the Company&#x2019;s management to address both operational and financial risks posed by COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div></div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Modified branch operations:</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:104pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">o</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Branch lobbies remain available, but on a limited appointment-only basis</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:104pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">o</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Most transactions conducted via drive-throughs</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:104pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">o</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Increased emphasis on digital banking platforms</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Implemented physical separation of critical operational workforce for Bank and non-Bank financial services subsidiaries</div> </td> </tr> </table> <div style=" margin: 0pt;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Expanded paid time off and health benefits for employees</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Implemented work from home strategy:</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:104pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">o</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">The majority of the Company&#x2019;s non-branch, operational employees (approximately <div style="display: inline; font-style: italic; font: inherit;">60%</div> of the Company&#x2019;s back office workforce) are working remotely</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:104pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">o</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Geographically separated work locations of bank and Company CEO&#x2019;s and most other executive management team members</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:104pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">o</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Suspended work-related travel</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Implemented a pay differential for employees continuing to work at branch or back office locations.</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Adopted self-quarantine procedures</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Implemented enhanced facility cleaning protocols</div> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style=";font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;"> <tr> <td style="width:68pt;">&nbsp;</td> <td style="width:11pt;vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">&#x25cf;</div> </td> <td style="vertical-align:top;"> <div style=" font-family:'Times New Roman', Times, serif;margin-right:7.2pt;margin-top:0pt;text-align:justify;margin-bottom:0pt;font-size:10pt;">Redeployed staff to critical customer service operations to expedite loan payment deferral requests, Paycheck Protection Program lending efforts, and other operations</div> </td> </tr> </table> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;">Potential Effects of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div></div> &#x2013;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The adverse impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> to the economy <div style="display: inline; font-style: italic; font: inherit;"> may </div>impair the Company&#x2019;s customers&#x2019; ability to fulfill their financial obligations to the Company, reducing interest income on loans or increasing loan losses.&nbsp; In keeping with Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus, the Company continues to work with COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> affected borrowers to defer loan payments, interest, and fees.&nbsp; Through <div style="display: inline; font-style: italic; font: inherit;"> May 1, 2020, </div>the Company has modified or deferred payments on a total of <div style="display: inline; font-style: italic; font: inherit;">2,176</div> loans totaling <div style="display: inline; font-style: italic; font: inherit;">$327.52</div> million in principal (<div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">887</div></div> commercial loans totaling <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$254.72</div></div> million in principal, <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">698</div></div> consumer installment loans totaling <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$9.22</div></div> million in principal, <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">484</div></div> consumer mortgages totaling <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$57.47</div></div> million in principal, and <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">107</div></div> home equity loans totaling <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$6.10</div></div> million in principal).&nbsp; Deferred interest and fees for these loans will continue to accrue to income under normal GAAP accounting.&nbsp; However, should eventual credit losses on deferred payments occur, accrued interest income and fees would be reversed, which would negatively impact interest income in future periods.&nbsp; At this time, the Company is unable to project the materiality of any such impact.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">The general economic slowdown caused by COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> in local economies in communities served by the Company could affect loan demand and consumption of financial services, generally, reducing interest income, service fees, and the demand for other profitable financial services provided by the Company.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In addition to the general impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div> certain provisions of the Coronavirus Aid, Relief and Economic Security (&#x201c;CARES&#x201d;) Act, as well as other legislative and regulatory actions <div style="display: inline; font-style: italic; font: inherit;"> may </div>materially impact the Company.&nbsp; The Company is participating in the Paycheck Protection Program (&#x201c;PPP&#x201d;), administered by the Small Business Administration (&#x201c;SBA&#x201d;), in an attempt to assist its customers.&nbsp; Per the terms of the program, PPP loans have a <div style="display: inline; font-style: italic; font: inherit;">two</div>-year term, earn interest at <div style="display: inline; font-style: italic; font: inherit;">1%,</div> are fully guaranteed by the SBA, and are partially or totally forgivable if administered by the borrower according to guidance provided by SBA.&nbsp; The Company believes the majority of these loans have the potential to be forgiven by the SBA if administered in accordance with the terms of the program.&nbsp; Through <div style="display: inline; font-style: italic; font: inherit;"> May 1, 2020, </div>the Company closed <div style="display: inline; font-style: italic; font: inherit;">234</div> loans for proceeds of <div style="display: inline; font-style: italic; font: inherit;">$37.68</div> million through the PPP.&nbsp; Additionally, SBA has approved <div style="display: inline; font-style: italic; font: inherit;">407</div> additional loans for proceeds of <div style="display: inline; font-style: italic; font: inherit;">$20.58</div> million that we expect to close in the coming weeks.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> could cause a sustained decline in the Company&#x2019;s stock price or the occurrence of an event that could, under certain circumstances, trigger the performance of a goodwill impairment test.&nbsp; In the event the Company deems all or a portion of its goodwill to be impaired, the Company could record a non-cash charge to earnings for the amount of such impairment. Such a charge would have <div style="display: inline; font-style: italic; font: inherit;">no</div> impact on tangible or regulatory capital.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">To date, the Company has identified <div style="display: inline; font-style: italic; font: inherit;">no</div> material, unmitigated operational or internal control challenges or risks and anticipates <div style="display: inline; font-style: italic; font: inherit;">no</div> significant challenges to its ability to maintain systems and controls as a result of the actions taken to prevent the spread of COVID-<div style="display: inline; font-style: italic; font: inherit;">19.</div>&nbsp; In addition, the Company currently faces <div style="display: inline; font-style: italic; font: inherit;">no</div> material resource constraints arising due to implementation of the business continuity plan.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">It is impossible to predict the full extent to which COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> and the resulting measures to prevent its spread will affect the Company&#x2019;s operations.&nbsp; Although there is a high degree of uncertainty around the magnitude and duration of the economic impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div> the Company&#x2019;s management believes its financial position, including high levels of capital and liquidity, will allow it to successfully endure the negative economic impacts of the crisis.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Recent Accounting </div></div><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Standards</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Standards Adopted in </div><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">20</div></div><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">20</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> &#x201c;Fair Value Measurement (Topic <div style="display: inline; font-style: italic; font: inherit;">820</div>): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.&#x201d;&nbsp; The amendments remove, modify, and add certain fair value disclosure requirements based on the concepts in the FASB Concepts Statement, <div style="display: inline; font-style: italic;">Conceptual Framework for Financial Reporting&#x2014;Chapter <div style="display: inline; font-style: italic; font: inherit;">8:</div> Notes to Financial Statements</div>. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>Early adoption is permitted, including adoption in any interim period for which financial statements have <div style="display: inline; font-style: italic; font: inherit;">not</div> yet been issued.&nbsp; The update did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material effect on the Company&#x2019;s financial statements.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Standards <div style="display: inline; font-style: italic; font: inherit;">Not</div> Yet Adopted</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> &#x201c;Financial Instruments &#x2013; Credit Losses (Topic <div style="display: inline; font-style: italic; font: inherit;">326</div>): Measurement of Credit Losses on Financial Instruments.&#x201d; This ASU purportedly requires earlier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This ASU also requires an organization to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.&nbsp; It further requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization&#x2019;s portfolio. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The CARES Act was passed by the United States Congress and signed into law by the President of the United States at the end of <div style="display: inline; font-style: italic; font: inherit;"> March 2020.&nbsp; </div>The CARES Act states that &#x201c;Notwithstanding any other provision of law, <div style="display: inline; font-style: italic; font: inherit;">no</div> insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Financial Accounting Standards Board Accounting Standards Update <div style="display: inline; font-style: italic; font: inherit;">No.</div> <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13</div> (&#x201c;Measurement of Credit Losses on Financial Instruments&#x201d;), including the current expected credit losses methodology for estimating allowances for credit losses, during the period beginning on <div style="display: inline; font-style: italic; font: inherit;"> March 27, 2020 </div>and ending on the earlier of:&nbsp; (<div style="display: inline; font-style: italic; font: inherit;">1</div>) the date on which the national emergency concerning the novel coronavirus disease (COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div>) outbreak declared by the President on <div style="display: inline; font-style: italic; font: inherit;"> March 13, 2020 </div>under the National Emergencies Act (<div style="display: inline; font-style: italic; font: inherit;">50</div> U.S.C. <div style="display: inline; font-style: italic; font: inherit;">1601</div> et seq.) terminates; or (<div style="display: inline; font-style: italic; font: inherit;">2</div>) <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.&nbsp; </div><div style="display: inline; font-style: italic; font: inherit;">15</div> U.S.C. &sect; <div style="display: inline; font-style: italic; font: inherit;">9052</div>(b) (<div style="display: inline; font-style: italic; font: inherit;">2020</div>).&nbsp; The Company has elected to <div style="display: inline; font-style: italic; font: inherit;">&#x201c;not</div> comply with&#x201d; ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13</div> for the period specified in the CARES Act and any subsequent controlling legislation or regulation.&nbsp; In preparation for expiration of the period specified in the CARES Act, the Company has selected loss estimation methodologies for its allowance for credit losses, performed testing on the chosen methodologies, and determined a qualitative adjustment methodology that aligns with the requirements of the new standard. The Company has also subjected the model to <div style="display: inline; font-style: italic; font: inherit;">third</div> party validation.&nbsp; Based upon the aforesaid preparatory measures, upon expiration of the period specified in the CARES Act and any subsequent controlling legislation or regulation, the Company anticipates recording a cumulative-effect adjustment to retained earnings of approximately <div style="display: inline; font-style: italic; font: inherit;">$5.61</div> million in connection with adoption of the new standard, consisting of tax-effected increases in the allowance for credit losses associated with the Company&#x2019;s legacy loan portfolio prior to the addition of Highlands and the portfolio of purchased performing loans associated with Highlands of approximately <div style="display: inline; font-style: italic; font: inherit;">$2.89</div> million and <div style="display: inline; font-style: italic; font: inherit;">$4.44</div> million, respectively.&nbsp; The Company also anticipates making an approximate <div style="display: inline; font-style: italic; font: inherit;">$7.04</div> million adjustment to the opening balance of the allowance for credit losses associated with the required gross-up of purchased credit deteriorated loans from the Highlands transaction.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">&nbsp;</div></div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> December 2019, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">12,</div> &#x201c;Income Taxes (Topic <div style="display: inline; font-style: italic; font: inherit;">740</div>), Simplifying the Accounting for Income Taxes&#x201d;. This ASU simplifies the accounting for income taxes by removing certain exceptions to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2020. </div>Early adoption is permitted, including adoption in any interim period for which financial statements have <div style="display: inline; font-style: italic; font: inherit;">not</div> yet been issued. The update is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have any material effect on the Company&#x2019;s financial statements.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2020</div>-<div style="display: inline; font-style: italic; font: inherit;">04,</div> &#x201c;Reference Rate Reform (Topic <div style="display: inline; font-style: italic; font: inherit;">848</div>) &#x2013; Facilitation of the Effects of Reference Rate Reform on Financial Reporting Summary&#x201d;.&nbsp; This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. LIBOR (London Inter-bank Offered Rate) and other interbank offered rates are widely used benchmarks or reference rates in the United States and globally.&nbsp; With global capital markets expected to move away from LIBOR and other inter-bank offered rates toward rates that are more observable or transaction based and less susceptible to manipulation, the FASB launched a broad project in late <div style="display: inline; font-style: italic; font: inherit;">2018</div> to address potential accounting challenges expected to arise from the transition.&nbsp; The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.&nbsp; This ASU is effective <div style="display: inline; font-style: italic; font: inherit;"> March 12, 2020 </div>through <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2022.&nbsp; </div>The Company adopted this ASU on <div style="display: inline; font-style: italic; font: inherit;"> March 12, 2020.&nbsp; </div>The update is <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have any material effect on the Company's financial statements.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> expect other recent accounting standards issued by the FASB or other standards-setting bodies to have a material impact on the consolidated financial statements.</div></div></div>
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CY2019Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
250000
CY2020Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
77000
CY2019Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
80000
CY2020Q1 us-gaap Deposits
Deposits
2288414000
CY2019Q4 us-gaap Deposits
Deposits
2329912000
CY2020Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
1090000
CY2019Q1 us-gaap Depreciation Nonproduction
DepreciationNonproduction
736000
CY2020Q1 us-gaap Derivative Assets
DerivativeAssets
CY2019Q4 us-gaap Derivative Assets
DerivativeAssets
CY2020Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
1268000
CY2019Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
510000
CY2020Q1 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
17187000
CY2019Q4 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
17432000
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
3321000
CY2020Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4593000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.61
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.60
CY2020Q1 us-gaap Equipment Expense
EquipmentExpense
1384000
CY2019Q1 us-gaap Equipment Expense
EquipmentExpense
1033000
CY2020Q1 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
2433000
CY2019Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
2883000
CY2018Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
5108000
CY2019Q1 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
4578000
CY2020Q1 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
391051000
CY2019Q4 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
396328000
CY2020Q1 us-gaap Federal Funds Sold
FederalFundsSold
156893000
CY2019Q4 us-gaap Federal Funds Sold
FederalFundsSold
148000000
CY2020Q1 us-gaap Federal Home Loan Bank Advances General Debt Obligations Disclosures Collateral Pledged1
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresCollateralPledged1
703900000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
19856000
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
17780000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1281000
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
645000
CY2020Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
2040956000
CY2019Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1672634000
CY2020Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
5849000
CY2019Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
6535000
CY2020Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
7
CY2019Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
5
CY2020Q1 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
2493000
CY2019Q1 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
729000
CY2020Q1 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
2493000
CY2019Q1 us-gaap Financing Receivable Modifications Pre Modification Recorded Investment2
FinancingReceivableModificationsPreModificationRecordedInvestment2
748000
CY2020Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
11074000
CY2019Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
8917000
CY2020Q1 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
209000
CY2019Q1 us-gaap Financing Receivable Modifications Subsequent Default Recorded Investment1
FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
0
CY2020Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-300000
CY2020Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1000
CY2020Q1 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
2054668000
CY2019Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
2081007000
CY2020Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
20408000
CY2019Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
16357000
CY2020Q1 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
42057000
CY2019Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
33453000
CY2019Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-364000
CY2020Q1 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
39945000
CY2019Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
20000
CY2020Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
CY2019Q1 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
1675000
CY2020Q1 us-gaap Goodwill
Goodwill
129565000
CY2019Q4 us-gaap Goodwill
Goodwill
129565000
CY2020Q1 us-gaap Guaranty Liabilities
GuarantyLiabilities
174029000
CY2019Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
167612000
CY2020Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
37816000
CY2019Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
32170000
CY2020Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
348000
CY2019Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
245000
CY2020Q1 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
36371000
CY2019Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
31172000
CY2020Q1 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1281000
CY2019Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
645000
CY2020Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
43967000
CY2019Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
35357000
CY2020Q1 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
34297000
CY2019Q1 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
29879000
CY2020Q1 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
335000
CY2019Q1 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
216000
CY2020Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
32853000
CY2019Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
28685000
CY2019Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
32884000
CY2020Q1 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
3519000
CY2019Q1 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
2291000
CY2020Q1 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
13000
CY2019Q1 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
29000
CY2020Q1 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
3518000
CY2019Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
2487000
CY2020Q1 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
4022000
CY2019Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
2473000
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10067000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12261000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2195000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2630000
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1454000
CY2019Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2678000
CY2020Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-560000
CY2019Q1 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-254000
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8159000
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
8519000
CY2020Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
29509000
CY2019Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
23611000
CY2020Q1 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
28058000
CY2019Q1 us-gaap Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
22179000
CY2020Q1 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
1668122000
CY2019Q4 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
1702044000
CY2020Q1 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
2666000
CY2019Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
2191000
CY2020Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
380000
CY2019Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
409000
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
1514000
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
1515000
CY2020Q1 us-gaap Interest Receivable
InterestReceivable
6117000
CY2019Q4 us-gaap Interest Receivable
InterestReceivable
6677000
CY2020Q1 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
337460000
CY2019Q4 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
372821000
CY2020Q1 us-gaap Interest Bearing Domestic Deposit Demand
InterestBearingDomesticDepositDemand
513366000
CY2019Q4 us-gaap Interest Bearing Domestic Deposit Demand
InterestBearingDomesticDepositDemand
497470000
CY2020Q1 us-gaap Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
228117000
CY2019Q4 us-gaap Interest Bearing Domestic Deposit Money Market
InterestBearingDomesticDepositMoneyMarket
235712000
CY2020Q1 us-gaap Interest Bearing Domestic Deposit Other Time Deposit
InterestBearingDomesticDepositOtherTimeDeposit
135782000
CY2019Q4 us-gaap Interest Bearing Domestic Deposit Other Time Deposit
InterestBearingDomesticDepositOtherTimeDeposit
142801000
CY2020Q1 us-gaap Interest Bearing Domestic Deposit Savings
InterestBearingDomesticDepositSavings
453397000
CY2019Q4 us-gaap Interest Bearing Domestic Deposit Savings
InterestBearingDomesticDepositSavings
453240000
CY2020Q1 us-gaap Interest Expense
InterestExpense
1827000
CY2019Q1 us-gaap Interest Expense
InterestExpense
1425000
CY2020Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1825000
CY2019Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1305000
CY2020Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
2000
CY2019Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
120000
CY2020Q1 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
533000
CY2019Q1 us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
338000
CY2020Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
24182000
CY2019Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
20966000
CY2020Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
27682000
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
22186000
CY2020Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
538000
CY2019Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
685000
CY2020Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
11386000
CY2019Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
9166000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1099000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1138000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
119000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
119000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
122000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
131000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
154000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
154000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
154000
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
154000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
119000
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
129000
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
217022000
CY2019Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
228716000
CY2020Q1 us-gaap Liabilities
Liabilities
2327355000
CY2019Q4 us-gaap Liabilities
Liabilities
2370028000
CY2020Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2738961000
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2798847000
CY2020Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
21137000
CY2019Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
18425000
CY2018Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
18267000
CY2019Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
18243000
CY2020Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
12115000
CY2019Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
12861000
CY2020Q1 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
2084610000
CY2019Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
2101599000
CY2020Q1 us-gaap Loans And Leases Receivable Net Reported Amount Covered And Not Covered
LoansAndLeasesReceivableNetReportedAmountCoveredAndNotCovered
2075588000
CY2019Q4 us-gaap Loans And Leases Receivable Net Reported Amount Covered And Not Covered
LoansAndLeasesReceivableNetReportedAmountCoveredAndNotCovered
2096035000
CY2020Q1 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
LoansReceivableHeldForSaleNetNotPartOfDisposalGroup
CY2019Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group
LoansReceivableHeldForSaleNetNotPartOfDisposalGroup
263000
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
0
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0322
CY2020Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
512000
CY2019Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
524000
CY2020Q1 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
2043000
CY2019Q4 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
1539000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-67256000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14062000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
80487000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
71642000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
11373000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14093000
CY2020Q1 us-gaap Net Change Interest Bearing Deposits Domestic
NetChangeInterestBearingDepositsDomestic
-33922000
CY2019Q1 us-gaap Net Change Interest Bearing Deposits Domestic
NetChangeInterestBearingDepositsDomestic
2938000
CY2020Q1 us-gaap Net Change Noninterest Bearing Deposits Domestic
NetChangeNoninterestBearingDepositsDomestic
-7576000
CY2019Q1 us-gaap Net Change Noninterest Bearing Deposits Domestic
NetChangeNoninterestBearingDepositsDomestic
19749000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
9631000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
7872000
CY2020Q1 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
620292000
CY2019Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
627868000
CY2020Q1 us-gaap Noninterest Expense
NoninterestExpense
21664000
CY2019Q1 us-gaap Noninterest Expense
NoninterestExpense
16785000
CY2020Q1 us-gaap Noninterest Income
NoninterestIncome
7549000
CY2019Q1 us-gaap Noninterest Income
NoninterestIncome
8080000
CY2020Q1 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
844000
CY2019Q1 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
755000
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q1 us-gaap Occupancy Net
OccupancyNet
1315000
CY2019Q1 us-gaap Occupancy Net
OccupancyNet
1153000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
980000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1009000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
896000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
917000
CY2020Q1 us-gaap Other Assets
OtherAssets
101912000
CY2019Q4 us-gaap Other Assets
OtherAssets
101529000
CY2020Q1 us-gaap Other Borrowings
OtherBorrowings
1000000
CY2019Q4 us-gaap Other Borrowings
OtherBorrowings
CY2020Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
814000
CY2019Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
1218000
CY2020Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
465000
CY2019Q1 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent
880000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
696000
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
367000
CY2020Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
349000
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
338000
CY2020Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
-446000
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax
-407000
CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
385000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
97000
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax
69000
CY2020Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
98000
CY2019Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
OtherComprehensiveIncomeLossTaxPortionAttributableToParent1
184000
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
1199000
CY2019Q4 us-gaap Other Real Estate
OtherRealEstate
3969000
CY2020Q1 us-gaap Other Real Estate Non Covered
OtherRealEstateNonCovered
2502000
CY2019Q4 us-gaap Other Real Estate Non Covered
OtherRealEstateNonCovered
3969000
CY2020Q1 us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
PaymentsForProceedsFromFederalHomeLoanBankStock
12000
CY2019Q1 us-gaap Payments For Proceeds From Federal Home Loan Bank Stock
PaymentsForProceedsFromFederalHomeLoanBankStock
129000
CY2020Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
-19052000
CY2019Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
-35316000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
21872000
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
7782000
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4593000
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3321000
CY2019Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
CY2020Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
1279000
CY2019Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
1328000
CY2020Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1580000
CY2019Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1625000
CY2020Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
5000
CY2019Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
40000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
24000
CY2020Q1 us-gaap Professional Fees
ProfessionalFees
233000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
1218000
CY2020Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3057000
CY2019Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3051000
CY2020Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-2712000
CY2019Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
862000
CY2020Q1 us-gaap Other Real Estate
OtherRealEstate
2502000
CY2020Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Reclassifications</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Certain amounts reported in prior years have been reclassified to conform to the current year&#x2019;s presentation. These reclassifications had <div style="display: inline; font-style: italic; font: inherit;">no</div> effect on the Company&#x2019;s results of operations, financial position, or net cash flow.</div></div></div></div></div></div>
CY2020Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
10751000
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
11735000
CY2020Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Held To Maturity Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfHeldToMaturitySecurities
25000000
CY2020Q1 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
-253000
CY2019Q1 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
-25670000
CY2020Q1 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
960000
CY2019Q1 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
CY2020Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
51027000
CY2019Q1 us-gaap Professional Fees
ProfessionalFees
414000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
63319000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
62824000
CY2020Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
3500000
CY2019Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
1220000
CY2020Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
3500000
CY2019Q1 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
1220000
CY2020Q1 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
6617
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1418
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
222814000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
219535000
CY2020Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
1348000
CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
1601000
CY2020Q1 us-gaap Security Owned And Pledged As Collateral Fair Value
SecurityOwnedAndPledgedAsCollateralFairValue
27330000
CY2019Q4 us-gaap Security Owned And Pledged As Collateral Fair Value
SecurityOwnedAndPledgedAsCollateralFairValue
27870000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
839000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
857000
CY2020Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
2348000
CY2019Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
1601000
CY2019Q1 us-gaap Stock Issued During Period Shares Employee Benefit Plan
StockIssuedDuringPeriodSharesEmployeeBenefitPlan
4098
CY2019Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
140000
CY2020Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
174000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
857000
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
839000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
24000
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
232900
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
734653
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
7782000
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
21872000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
332857000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
333102000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
428819000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
411606000
CY2020Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
377000
CY2019Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
1908000
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that require the most subjective or complex judgments relate to fair value measurements, investment securities, the allowance for loan losses, goodwill and other intangible assets, and income taxes. A discussion of the Company&#x2019;s application of critical accounting estimates is included in &#x201c;Critical Accounting Estimates&#x201d; in Item <div style="display: inline; font-style: italic; font: inherit;">2</div> of this report.</div></div></div></div></div></div>
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
51077
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
81526
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18050071
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15920950
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17998994
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15839424

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