2016 Q2 Form 10-Q Financial Statement

#000114420416114285 Filed on July 25, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2 2015 Q1
Revenue $7.952M $7.085M $6.862M
YoY Change 12.24% 2.44% 9.13%
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 $670.0K $620.0K $540.0K
YoY Change 8.06% 19.23% 8.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $592.0K $475.0K $465.0K
YoY Change 24.63% 4.63% 11.78%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.900M $2.474M $2.428M
YoY Change 17.22% -3.06% 4.43%
Income Tax $658.0K $498.0K $501.0K
% Of Pretax Income 22.69% 20.13% 20.63%
Net Earnings $2.242M $1.976M $1.927M
YoY Change 13.46% 1.39% 6.82%
Net Earnings / Revenue 28.19% 27.89% 28.08%
Basic Earnings Per Share $0.78 $0.69 $0.68
Diluted Earnings Per Share $0.78 $0.69 $0.68
COMMON SHARES
Basic Shares Outstanding 2.859M shares 2.851M shares 2.849M shares
Diluted Shares Outstanding 2.860M shares 2.851M shares 2.849M shares

Balance Sheet

Concept 2016 Q2 2015 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $31.33M $35.13M $26.43M
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 $18.80M $17.40M $17.43M
YoY Change 8.05% -3.33% 1.73%
Goodwill $1.988M
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 $909.4M $813.3M $793.9M
YoY Change 11.82% 4.77% 9.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $17.40M $14.60M $17.40M
YoY Change 19.18% 121.21% 123.08%
Deferred Revenue
YoY Change
Short-Term Debt $17.60M $19.30M $16.80M
YoY Change -8.81% 4.89% 5.66%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.40M $14.60M $17.40M
YoY Change 19.18% 121.21% 123.08%
LONG-TERM LIABILITIES
Long-Term Debt $39.00M $34.20M $32.30M
YoY Change 14.04% -12.31% -15.45%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $39.00M $34.20M $32.30M
YoY Change 14.04% -12.31% -15.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.40M $14.60M $17.40M
Total Long-Term Liabilities $39.00M $34.20M $32.30M
Total Liabilities $822.9M $736.3M $715.9M
YoY Change 11.76% 4.65% 9.5%
SHAREHOLDERS EQUITY
Retained Earnings $71.37M
YoY Change 7.0%
Common Stock $0.00 $4.445M
YoY Change -20.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.46M $77.05M $77.91M
YoY Change
Total Liabilities & Shareholders Equity $909.4M $813.3M $793.9M
YoY Change 11.82% 4.77% 9.71%

Cashflow Statement

Concept 2016 Q2 2015 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $2.242M $1.976M $1.927M
YoY Change 13.46% 1.39% 6.82%
Depreciation, Depletion And Amortization $670.0K $620.0K $540.0K
YoY Change 8.06% 19.23% 8.0%
Cash From Operating Activities $2.890M $1.640M $6.990M
YoY Change 76.22% -2150.0% -1804.88%
INVESTING ACTIVITIES
Capital Expenditures -$240.0K -$330.0K $62.00K
YoY Change -27.27% 50.0% -70.62%
Acquisitions
YoY Change
Other Investing Activities -$16.52M -$15.04M -$12.41M
YoY Change 9.84% 36.23% -27.68%
Cash From Investing Activities -$16.77M -$15.37M -$12.47M
YoY Change 9.11% 36.62% -28.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.28M 22.43M 9.940M
YoY Change 57.29% 96.58% -63.91%
NET CHANGE
Cash From Operating Activities 2.890M 1.640M 6.990M
Cash From Investing Activities -16.77M -15.37M -12.47M
Cash From Financing Activities 35.28M 22.43M 9.940M
Net Change In Cash 21.40M 8.700M 4.460M
YoY Change 145.98% 10775.0% -54.3%
FREE CASH FLOW
Cash From Operating Activities $2.890M $1.640M $6.990M
Capital Expenditures -$240.0K -$330.0K $62.00K
Free Cash Flow $3.130M $1.970M $6.928M
YoY Change 58.88% 1307.14% -1215.62%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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InterestAndFeeIncomeLoansRealEstateConstruction
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nwin Other Noninterest Income Excluding Bank Owned Life Insurance Income
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us-gaap Noninterest Income
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us-gaap Noninterest Expense
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us-gaap Noninterest Expense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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IncomeTaxExpenseBenefit
1286000 USD
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.57
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.37
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.57
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.52
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.55
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
83802000 USD
CY2016Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1183000 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-2095000 USD
CY2016Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
36000 USD
CY2015Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
25000 USD
CY2016Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
801000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
76165000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2574000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1582000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
77912000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
67000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
47000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1574000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1483000 USD
us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
28058000 USD
us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
18798000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1115000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1264000 USD
us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
AmortizationOfMortgageServicingRightsMSRs
41000 USD
us-gaap Amortization Of Mortgage Servicing Rights Ms Rs
AmortizationOfMortgageServicingRightsMSRs
27000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
47000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
67000 USD
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
61000 USD
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-1000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1120000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3295000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
3606000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
6322000 USD
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
4730000 USD
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
5073000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
8633000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
9559000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
20688000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
23898000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
19183000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
15613000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
49424000 USD
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
45612000 USD
us-gaap Proceeds From Loans
ProceedsFromLoans
29963000 USD
us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
19064000 USD
us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
14412000 USD
us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
321000 USD
us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
531000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
386000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
629000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-27837000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-20848000 USD
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
34188000 USD
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
34038000 USD
us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
0 USD
us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
6000000 USD
us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
4000000 USD
us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
15000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1422000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1542000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
32366000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
31081000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
13162000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
19792000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21963000 USD
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11533000 USD
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35125000 USD
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
31325000 USD
us-gaap Interest Paid
InterestPaid
943000 USD
us-gaap Interest Paid
InterestPaid
1177000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1000000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1055000 USD
nwin Transfers From Loans To Foreclosed Real Estate
TransfersFromLoansToForeclosedRealEstate
104000 USD
nwin Transfers From Loans To Foreclosed Real Estate
TransfersFromLoansToForeclosedRealEstate
56000 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
237000 USD
us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
210000 USD
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
5008000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
7585000 USD
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
61106000 USD
CY2016Q2 us-gaap Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment Not Credit Loss Net Of Tax Debt Securities
AccumulatedOtherComprehensiveIncomeLossOtherThanTemporaryImpairmentNotCreditLossNetOfTaxDebtSecurities
3952000 USD
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
0 USD
CY2016Q2 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
184000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
174000 USD
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
4444000 USD
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValue
4444000 USD
CY2016Q2 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
6 Securities
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
0 USD
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
3204000 USD
CY2016Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
3204000 USD
CY2016Q2 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1
6 Securities
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
50327000 USD
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
10779000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Loans In Process
LoansAndLeasesReceivableLoansInProcess
406000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Loans In Process
LoansAndLeasesReceivableLoansInProcess
77000 USD
CY2016Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
7208000 USD
CY2015Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
6586000 USD
CY2015Q2 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
87000 USD
CY2016Q2 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
13000 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
3600000 USD
CY2016Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
237237000 USD
CY2016Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
243233000 USD
CY2016Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9200000 USD
CY2016Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3204000 USD
CY2015Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
233350000 USD
CY2015Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2909000 USD
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
532000 USD
us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
436000 USD
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
2000 USD
us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
18000 USD
CY2015Q4 us-gaap Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment Not Credit Loss Net Of Tax Debt Securities
AccumulatedOtherComprehensiveIncomeLossOtherThanTemporaryImpairmentNotCreditLossNetOfTaxDebtSecurities
1378000 USD
us-gaap Available For Sale Securities Change In Net Unrealized Holding Gain Loss Net Of Tax
AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax
2574000 USD
CY2015Q4 us-gaap Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year
AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsLessThanOneYear
37 Securities
CY2015Q4 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
11 Securities
CY2015Q4 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1
48 Securities
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
303000 USD
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
2606000 USD
CY2015Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
2909000 USD
CY2016Q2 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
485441000 USD
CY2015Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
473739000 USD
CY2015Q2 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
2000 USD
CY2016Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
288000 USD
CY2015Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
198000 USD
CY2016Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
416000 USD
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
356000 USD
CY2016Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
6921000 USD
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
6597000 USD
CY2016Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
3214000 USD
CY2015Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
5713000 USD
CY2016Q2 nwin Financing Receivable Purchased Credit Impaired Individually Evaluated For Impairment
FinancingReceivablePurchasedCreditImpairedIndividuallyEvaluatedForImpairment
1364000 USD
CY2015Q4 nwin Financing Receivable Purchased Credit Impaired Individually Evaluated For Impairment
FinancingReceivablePurchasedCreditImpairedIndividuallyEvaluatedForImpairment
1691000 USD
CY2016Q2 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
581549000 USD
CY2016Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
39251000 USD
CY2015Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
564494000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
12323000 USD
CY2016Q2 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
14324000 USD
CY2016Q2 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
571803000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
559575000 USD
CY2016Q2 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
466000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
377000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
5201000 USD
CY2016Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
4911000 USD
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2859003 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2851417 shares
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
750 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2856938 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2850175 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
750 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
250000 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
67000 USD
CY2016Q2 nwin Sharebased Compensation Expense Estimated For Remainder Of Fiscal Year
SharebasedCompensationExpenseEstimatedForRemainderOfFiscalYear
76000 USD
CY2016Q2 nwin Sharebased Compensation Expense Estimated For Year Two
SharebasedCompensationExpenseEstimatedForYearTwo
152000 USD
CY2015Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
271000 USD
us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
0 USD
CY2016Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
271000 USD
CY2016Q2 nwin Minimum Percentage Of Defaults Rates On Above3 Years Issuer Average In Other Than Temporary Impairment Model Assumptions
MinimumPercentageOfDefaultsRatesOnAbove3YearsIssuerAverageInOtherThanTemporaryImpairmentModelAssumptions
0.0025 pure
CY2016Q2 nwin Maximum Percentage Of Defaults Rates On Above3 Years Issuer Average In Other Than Temporary Impairment Model Assumptions
MaximumPercentageOfDefaultsRatesOnAbove3YearsIssuerAverageInOtherThanTemporaryImpairmentModelAssumptions
0.0500 pure
CY2016Q2 nwin Minimum Percentage Of Recovery Assumptions On Other Than Temporary Impairment Model Assumptions
MinimumPercentageOfRecoveryAssumptionsOnOtherThanTemporaryImpairmentModelAssumptions
0 pure
CY2016Q2 nwin Maximum Percentage Of Recovery Assumptions On Other Than Temporary Impairment Model Assumptions
MaximumPercentageOfRecoveryAssumptionsOnOtherThanTemporaryImpairmentModelAssumptions
0.15 pure
CY2016Q2 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
4600000 USD
CY2015Q4 nwin Impaired Financing Receivable Reserve
ImpairedFinancingReceivableReserve
356000 USD
CY2016Q2 nwin Impaired Financing Receivable Fair Value
ImpairedFinancingReceivableFairValue
4200000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
7400000 USD
CY2015Q4 nwin Impaired Financing Receivable Fair Value
ImpairedFinancingReceivableFairValue
7000000 USD
CY2016Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
31325000 USD
CY2016Q2 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
1837000 USD
CY2016Q2 nwin Demand And Savings Deposits
DemandAndSavingsDeposits
99273000 USD
CY2016Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
39001000 USD
CY2016Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
40000 USD
CY2016Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
31325000 USD
CY2016Q2 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
1865000 USD
CY2016Q2 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
576960000 USD
CY2016Q2 us-gaap Investment In Federal Home Loan Bank Stock Fair Value Disclosure
InvestmentInFederalHomeLoanBankStockFairValueDisclosure
3000000 USD
CY2016Q2 nwin Interest Receivable Fair Value
InterestReceivableFairValue
3001000 USD
CY2016Q2 nwin Demand And Saving Deposits Fair Value Disclosure
DemandAndSavingDepositsFairValueDisclosure
99273000 USD
CY2016Q2 nwin Certificates Of Deposits Fair Value Disclosure
CertificatesOfDepositsFairValueDisclosure
649499000 USD
CY2016Q2 us-gaap Securities Loaned Or Sold Under Agreements To Repurchase Fair Value Disclosure
SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure
17584000 USD
CY2016Q2 nwin Interest Payable Fair Value
InterestPayableFairValue
40000 USD
CY2015Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
11533000 USD
CY2015Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
2435000 USD
CY2015Q4 nwin Demand And Savings Deposits
DemandAndSavingsDeposits
100031000 USD
CY2015Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
39493000 USD
CY2015Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
45000 USD
CY2015Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
11533000 USD
CY2015Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
2504000 USD
CY2015Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
561122000 USD
CY2015Q4 us-gaap Investment In Federal Home Loan Bank Stock Fair Value Disclosure
InvestmentInFederalHomeLoanBankStockFairValueDisclosure
3000000 USD
CY2015Q4 nwin Certificates Of Deposits Fair Value Disclosure
CertificatesOfDepositsFairValueDisclosure
614226000 USD
CY2015Q4 us-gaap Securities Loaned Or Sold Under Agreements To Repurchase Fair Value Disclosure
SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure
18476000 USD
CY2015Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
39504000 USD
CY2015Q4 nwin Interest Payable Fair Value
InterestPayableFairValue
45000 USD
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
10000000 shares
CY2015Q4 us-gaap Common Stock Shares Authorized
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CY2016Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
2907455 shares
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
ProceedsFromSaleOfFederalHomeLoanBankStock
0 USD
us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
ProceedsFromSaleOfFederalHomeLoanBankStock
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CY2016Q2 us-gaap Trading Securities Pledged As Collateral
TradingSecuritiesPledgedAsCollateral
31300000 USD
CY2015Q4 us-gaap Trading Securities Pledged As Collateral
TradingSecuritiesPledgedAsCollateral
31100000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
47000 USD
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
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us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
7250 shares
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
1974000 USD
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
25343000 USD
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
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34553000 USD
CY2016Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
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71827000 USD
CY2016Q2 nwin Available For Sale Securities Debt Maturities Within One Year Tax Equivalent Yield Rate
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0.0684 pure
CY2016Q2 nwin Available For Sale Securities Debt Maturities After One Through Five Years Tax Equivalent Yield Rate
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0.0230 pure
CY2016Q2 nwin Available For Sale Securities Debt Maturities After Five Through Ten Years Tax Equivalent Yield Rate
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0.0426 pure
CY2016Q2 nwin Available For Sale Securities Debt Maturities After Ten Years Tax Equivalent Yield Rate
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsTaxEquivalentYieldRate
0.0449 pure
CY2016Q2 nwin Available For Sale Securities Tax Equivalent Yield Rate
AvailableForSaleSecuritiesTaxEquivalentYieldRate
0.0330 pure
CY2016Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
3800000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
6699000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
6361000 USD
us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
224000 USD
us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
174000 USD
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
24000 USD
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
AllowanceForLoanAndLeaseLossRecoveryOfBadDebts
27000 USD
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
584000 USD
us-gaap Provision For Loan And Lease Losses
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485000 USD
CY2016Q2 nwin Impaired Financing Receivable Reserve
ImpairedFinancingReceivableReserve
416000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
586717000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
572149000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2859753 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2851417 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2857688 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2850175 shares
CY2016Q2 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
172000 USD
CY2016Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
2000000 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Common Stock Value
CommonStockValue
0 USD
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
0 USD
us-gaap Goodwill Transfers
GoodwillTransfers
231000 USD
us-gaap Goodwill Transfers
GoodwillTransfers
0 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"><b>Note 1 - Basis of Presentation</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal">The consolidated financial statements include the accounts of NorthWest Indiana Bancorp (the &#8220;Bancorp&#8221;), its wholly-owned subsidiaries NWIN Risk Management, Inc. (a captive insurance subsidiary) and Peoples Bank SB (the &#8220;Bank&#8221;), and the Bank&#8217;s wholly-owned subsidiaries, Peoples Service Corporation, NWIN, LLC, NWIN Funding, Incorporated, and Columbia Development Company, LLC. The Bancorp&#8217;s business activities include being a holding company for the Bank as well as a holding company for NWIN Risk Management, Inc. The Bancorp&#8217;s earnings are primarily dependent upon the earnings of the Bank. The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by U.S. generally accepted accounting principles for complete presentation of consolidated financial statements. In the opinion of management, the consolidated financial statements contain all adjustments necessary to present fairly the consolidated balance sheets of the Bancorp as of June 30, 2016 and December 31, 2015, and the consolidated statements of income, comprehensive income, and changes in stockholders&#8217; equity for the three and six months ended June 30, 2016 and 2015 and consolidated statements of cash flows for the six months ended June 30, 2016 and 2015. The income reported for the six month period ended June 30, 2016 is not necessarily indicative of the results to be expected for the full year.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> <b>Note 10 - Adoption of New Accounting Standards</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> <b>&#160;</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> <i>Update Number 2014-09 &#150; Revenue from Contracts with Customers (Topic 606).</i> This accounting standard update adopts a standardized approach for revenue recognition and was a joint effort with the International Accounting Standards Board (IASB). The new revenue recognition standard is based on a core principle of recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update does not apply to financial instruments. The Financial Accounting Standards Board (FASB) also issued ASU 2015-14, <i>Revenue from Contracts with Customers (Topic 606)</i>, to defer the effective date of ASU 2014-09<i>.</i> The ASU is now effective for public business entities for annual reporting periods beginning after December 15, 2017 (therefore, for the year ending December 31, 2018 for the Bancorp). Early adoption is permitted for public business entities with certain caveats. Management does not believe the adoption of this update will have a material effect on the Bancorp&#8217;s consolidated financial statements.</div> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> <i>Update Number 2016-01 &#150; Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.</i> The amendments in this accounting standard update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee). The amendments in this accounting standard update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this accounting standard update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. This accounting standard update is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Management is in the process of evaluating the impact of this update on the Bancorp&#8217;s consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> <i>Update Number 2016-02 &#150; Leases (Topic 842)</i> Lessees As a result of a joint effort by the FASB and the IASB to improve financial reporting, the FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842), which finalizes (1) Discussion Paper No. 1680-100, Leases&#151;Preliminary Views, (2) Proposed ASU No. 1850-100, Leases (Topic 840), and (3) Proposed ASU No. 2013-270, Leases (Topic 842)&#151;a revision of the 2010 proposed FASB Accounting Standards Update, Leases (Topic 840). Moreover, ASU No. 2016-02 seeks to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and by disclosing key information about leasing arrangements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> To satisfy the foregoing objective, the FASB has created Topic 842, Leases, which supersedes Topic 840. In fact, current GAAP requires lessees and lessors to classify their leases as either capital leases or operating leases and to account for those leases differently, but those accounting models have been criticized for failing to meet the needs of users of financial statements because they do not always provide a faithful representation of leasing transactions. Thus, under the new guidance, Topic 842, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend primarily on its classification as a finance or an operating lease (i.e., the classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases under the previous guidance).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> However, unlike current GAAP, which requires only capital leases to be recognized on the balance sheet, ASU No. 2016-02 will require both operating and finance leases to be recognized on the balance sheet. Additionally, the ASU will require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases, including qualitative and quantitative requirements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> Notably, lessor accounting will remain largely unchanged from current GAAP. However, the ASU contains some targeted improvements that are intended to align, where necessary, lessor accounting with the lessee accounting model and with the updated revenue recognition guidance issued in 2014.This ASU is effective for Public business entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management does not believe the adoption of this update will have a material effect on the Bancorp&#8217;s consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> <i>Update Number 2016-09 &#150; Compensation- Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.</i> This ASU provides for the simplification of several aspects of the accounting for share based payment transactions, including the income tax consequences, classification of the awards as either equity or liabilities, and classification on the statement of cash flows. Some of these simplifications only apply to nonpublic entities. Public business entities must apply the amendments in this Update for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Management does not believe the adoption of this update will have a material effect on the Bancorp&#8217;s consolidated financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> <i>Update Number 2016-13, Financial Instruments&#151;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i>. This ASU finalizes Proposed ASU No. 2012-260, <i> Financial Instruments&#151;Credit Losses (Subtopic 825-15)</i>, and adds Topic 326, <i>Financial Instruments&#151;Credit Losses</i>, to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date by replacing the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> Prior GAAP included multiple credit impairment objectives that generally delayed recognition of the full amount of credit losses until it was probable that the loss would occur. The new guidance eliminates the probable initial recognition threshold and, instead, reflects an entity&#8217;s current estimate of all expected credit losses. The new guidance broadens the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually to include forecasted information, as well as past events and current conditions. There is no specified method for measuring expected credit losses, and an entity is allowed to apply methods that reasonably reflect its expectations of the credit loss estimate. Although an entity may still use its current systems and methods for recording the allowance for credit losses, under the new rules, the inputs used to record the allowance for credit losses generally will need to change to appropriately reflect an estimate of all expected credit losses and the use of reasonable and supportable forecasts. The accounting for purchased credit impaired financial assets under the amendments will make the allowance for credit losses more comparable between originated assets and purchased financial assets, as well as reduce complexity with the accounting for interest income.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> Additionally, credit losses on available-for-sale debt securities will now have to be presented as an allowance rather than as a write-down. This approach is an improvement to current GAAP, because unlike current GAAP, which prohibits reflecting reversals of credit losses, an entity will be able to record reversals of credit losses in current-period net income in situations in which the estimate of credit losses declines, thereby aligning the income statement recognition of credit losses with the reporting period in which the changes occur.</div> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.25in; MARGIN: 0pt 0px; FONT: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal"> This ASU is effective for public entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Management is in the process of evaluating the impact adoption of this update will have on the Bancorp&#8217;s consolidated financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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