2015 Q2 Form 10-Q Financial Statement

#000071660515000017 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $11.53M $11.36M
YoY Change 1.51% 13.37%
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 $890.0K $80.00K
YoY Change 1012.5% -69.23%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.307M $1.226M
YoY Change 6.61% -3.01%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.258M $4.338M
YoY Change -1.84% -8.65%
Income Tax $825.0K $875.0K
% Of Pretax Income 19.38% 20.17%
Net Earnings $3.430M $3.460M
YoY Change -0.87% -5.46%
Net Earnings / Revenue 29.75% 30.47%
Basic Earnings Per Share $0.72 $0.72
Diluted Earnings Per Share $478.4K $0.72
COMMON SHARES
Basic Shares Outstanding 4.780M shares 4.820M shares
Diluted Shares Outstanding 4.820M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $21.87M $24.87M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $20.82M $21.01M
YoY Change -0.91% 22.84%
Goodwill $17.10M $17.10M
YoY Change 0.0% 0.0%
Intangibles $1.294M $1.621M
YoY Change -20.17%
Long-Term Investments $1.200M $1.900M
YoY Change -36.84% -26.92%
Other Assets $8.800M $6.800M
YoY Change 29.41% -31.31%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.292B $1.223B
YoY Change 5.64% 1.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K $400.0K
YoY Change 0.0% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $59.03M $21.93M
YoY Change 169.21% -43.78%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $400.0K $400.0K
YoY Change 0.0% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $500.0K
YoY Change -20.0%
Other Long-Term Liabilities $14.50M $11.70M
YoY Change 23.93% -24.52%
Total Long-Term Liabilities $14.90M $12.20M
YoY Change 22.13% -21.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $400.0K $400.0K
Total Long-Term Liabilities $14.90M $12.20M
Total Liabilities $1.157B $1.087B
YoY Change 6.42% 0.56%
SHAREHOLDERS EQUITY
Retained Earnings $55.40M $49.96M
YoY Change 10.89% 10.17%
Common Stock $41.70M $41.68M
YoY Change 0.05% 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.860M $6.310M
YoY Change 40.41% 0.0%
Treasury Stock Shares 238.5K shares 180.6K shares
Shareholders Equity $135.0M $135.8M
YoY Change
Total Liabilities & Shareholders Equity $1.292B $1.223B
YoY Change 5.64% 1.32%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $3.430M $3.460M
YoY Change -0.87% -5.46%
Depreciation, Depletion And Amortization $890.0K $80.00K
YoY Change 1012.5% -69.23%
Cash From Operating Activities $3.780M $5.460M
YoY Change -30.77% 420.0%
INVESTING ACTIVITIES
Capital Expenditures -$350.0K -$960.0K
YoY Change -63.54% 405.26%
Acquisitions
YoY Change
Other Investing Activities -$28.38M -$23.66M
YoY Change 19.95% 15.64%
Cash From Investing Activities -$28.74M -$24.62M
YoY Change 16.73% 19.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.05M 4.360M
YoY Change 474.54% -87.53%
NET CHANGE
Cash From Operating Activities 3.780M 5.460M
Cash From Investing Activities -28.74M -24.62M
Cash From Financing Activities 25.05M 4.360M
Net Change In Cash 90.00K -14.80M
YoY Change -100.61% -196.29%
FREE CASH FLOW
Cash From Operating Activities $3.780M $5.460M
Capital Expenditures -$350.0K -$960.0K
Free Cash Flow $4.130M $6.420M
YoY Change -35.67% 417.74%

Facts In Submission

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539000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24606000 USD
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24867000 USD
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19908000 USD
CY2015Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21869000 USD
CY2014Q4 us-gaap Cash And Due From Banks
CashAndDueFromBanks
19403000 USD
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
8.33
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
8.33
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
15000000 shares
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
15000000 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5002649 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5003757 shares
CY2014Q4 us-gaap Common Stock Value
CommonStockValue
41688000 USD
CY2015Q2 us-gaap Common Stock Value
CommonStockValue
41698000 USD
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5735000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
12461000 USD
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1569000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5285000 USD
CY2014Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
8101000 USD
CY2015Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
8772000 USD
CY2014Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-53000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-105000 USD
CY2015Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-40000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-80000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
465000 USD
CY2015Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureBenefitPaymentsRemainderOfFiscalYear
400000 USD
CY2014Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
289000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
577000 USD
CY2015Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
210000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
491000 USD
CY2014Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
214000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
429000 USD
CY2015Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
189000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
378000 USD
CY2014Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
118000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
237000 USD
CY2015Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
35000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-1000 USD
CY2014Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
140000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
280000 USD
CY2015Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
16000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
32000 USD
CY2014 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInNextFiscalYear
600000 USD
CY2014Q4 us-gaap Deposits Domestic
DepositsDomestic
981419000 USD
CY2015Q2 us-gaap Deposits Domestic
DepositsDomestic
1007468000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4531000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4498000 USD
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.44
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
CY2014Q2 us-gaap Equipment Expense
EquipmentExpense
648000 USD
us-gaap Equipment Expense
EquipmentExpense
1319000 USD
CY2015Q2 us-gaap Equipment Expense
EquipmentExpense
643000 USD
us-gaap Equipment Expense
EquipmentExpense
1238000 USD
CY2014Q4 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
243430000 USD
CY2015Q2 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
241706000 USD
CY2014Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
201000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
379000 USD
CY2015Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
230000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
445000 USD
CY2014Q4 us-gaap Federal Home Loan Bank Advances Long Term
FederalHomeLoanBankAdvancesLongTerm
71176000 USD
CY2015Q2 us-gaap Federal Home Loan Bank Advances Long Term
FederalHomeLoanBankAdvancesLongTerm
75426000 USD
CY2014Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
607000 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
1202000 USD
CY2015Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
598000 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
1151000 USD
CY2014Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
8486000 USD
CY2015Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
9598000 USD
CY2014Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
2093000 USD
CY2015Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1667000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
781000 USD
CY2014Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
899193000 USD
CY2015Q2 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
961379000 USD
CY2014Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
17227000 USD
CY2015Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
17344000 USD
CY2014Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
11810000 USD
CY2015Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
9666000 USD
us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
3 contract
CY2014Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
387000 USD
CY2015Q2 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
890000 USD
CY2014Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
895468000 USD
CY2015Q2 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
962889000 USD
CY2014Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
11861000 USD
CY2015Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
8799000 USD
CY2014Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
487000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
880000 USD
CY2015Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
526000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
1187000 USD
CY2014Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
421000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
711000 USD
CY2015Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
482000 USD
CY2014Q4 us-gaap Goodwill
Goodwill
17104000 USD
CY2015Q2 us-gaap Goodwill
Goodwill
17104000 USD
CY2015Q2 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
198882000 USD
CY2014Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
13560000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
12702000 USD
CY2015Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
18167000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
18087000 USD
CY2014Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
29000 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
90000 USD
CY2015Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
98000 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
186000 USD
CY2014Q2 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
5000 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
29000 USD
CY2015Q2 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
55000 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
99000 USD
CY2014Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
17576000 USD
CY2015Q2 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
17691000 USD
CY2014Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
2093000 USD
CY2015Q2 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1667000 USD
CY2014Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
17842000 USD
CY2015Q2 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
17841000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
4522000 USD
CY2015Q2 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
6032000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
4522000 USD
CY2015Q2 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
6032000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
13054000 USD
CY2015Q2 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
11659000 USD
CY2014Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
13320000 USD
CY2015Q2 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
11809000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4338000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8508000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4258000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8461000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
875000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1576000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
825000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1673000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1665000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1600000 USD
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
21292000 USD
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
27170000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
1246000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
1672000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-233000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-131000 USD
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2014Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
283000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
703000 USD
CY2015Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
204000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
438000 USD
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1456000 USD
CY2015Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1294000 USD
CY2014Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
11357000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
22686000 USD
CY2015Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
11529000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
22926000 USD
CY2014Q2 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
8912000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
17725000 USD
CY2015Q2 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
9752000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
19075000 USD
CY2014Q4 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
738041000 USD
CY2015Q2 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
762966000 USD
CY2014Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
505000 USD
CY2015Q2 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
1441000 USD
CY2014Q2 us-gaap Interest Expense
InterestExpense
1226000 USD
us-gaap Interest Expense
InterestExpense
2468000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
1307000 USD
us-gaap Interest Expense
InterestExpense
2593000 USD
CY2014Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
741000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
1499000 USD
CY2015Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
785000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
1528000 USD
CY2014Q2 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
473000 USD
us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
942000 USD
CY2015Q2 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
494000 USD
us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
1018000 USD
CY2014Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
12000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
27000 USD
CY2015Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
28000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
47000 USD
CY2014Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
9831000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
19433000 USD
CY2015Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
9622000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
19033000 USD
CY2014Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
10131000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
20218000 USD
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
10222000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
20333000 USD
CY2014Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
892000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1823000 USD
CY2015Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
744000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1511000 USD
CY2014Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1406000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
2864000 USD
CY2015Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
885000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1899000 USD
us-gaap Interest Paid
InterestPaid
2474000 USD
us-gaap Interest Paid
InterestPaid
2564000 USD
CY2014Q4 us-gaap Interest Receivable
InterestReceivable
3912000 USD
CY2015Q2 us-gaap Interest Receivable
InterestReceivable
3706000 USD
CY2014Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4167000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
8670000 USD
CY2015Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4301000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
8771000 USD
CY2014Q4 us-gaap Liabilities
Liabilities
1109044000 USD
CY2015Q2 us-gaap Liabilities
Liabilities
1156814000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1245011000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1291812000 USD
CY2013Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
10144000 USD
CY2014Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
8520000 USD
CY2014Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
8811000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
10579000 USD
CY2015Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
10826000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
11265000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
1190000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
1192000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
916769000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
979070000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
915579000 USD
us-gaap Noninterest Income
NoninterestIncome
6140000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
977878000 USD
CY2014Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
905000000 USD
CY2015Q2 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
966613000 USD
CY2014Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
550000 USD
CY2015Q2 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
2107000 USD
CY2014Q2 us-gaap Marketing Expense
MarketingExpense
126000 USD
us-gaap Marketing Expense
MarketingExpense
236000 USD
CY2015Q2 us-gaap Marketing Expense
MarketingExpense
145000 USD
us-gaap Marketing Expense
MarketingExpense
274000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
261000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
1961000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-440000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
42253000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6478000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-45801000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. </font><font style="font-family:inherit;font-size:10pt;"> The amendments in this update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments in this update should be applied retrospectively to all periods presented. A reporting entity that uses the effective yield method to account for its investments in qualified affordable housing projects before the date of adoption may continue to apply the effective yield method for those preexisting investments. The amendments in this update are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014. Early adoption is permitted. This ASU did not have an impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:10pt;">In January 2014, the FASB issued ASU 2014-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. </font><font style="font-family:inherit;font-size:10pt;">The amendments in this update clarify that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor, and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:11pt;"> </font><font style="font-family:inherit;font-size:10pt;">The amendments in this update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. An entity can elect to adopt the amendments in this update using either a modified retrospective transition method or a prospective transition method. The Company has provided the necessary disclosures in Note 7. Loans.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May&#160;2014, the FASB issued ASU 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;"> (a new revenue recognition standard). The update&#8217;s core principle is that a company will recognize revenue to depict the transfer of 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. In addition, this update specifies the accounting for certain costs to obtain or fulfill a contract with a customer and expands disclosure requirements for revenue recognition. This update is effective for annual reporting periods beginning after December&#160;15, 2016, including interim periods within that reporting period. The Company is currently evaluating the impact the adoption of the standard will have on the Company's financial position or results of operation. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the FASB issued ASU 2014-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures</font><font style="font-family:inherit;font-size:10pt;">. The amendments in this update change the accounting for repurchase-to-maturity transactions to secured borrowing accounting. For repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. The amendments also require enhanced disclosures. The accounting changes in this update are effective for the first interim or annual period beginning after December 15, 2014. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. Earlier application is prohibited. The disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014, and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The disclosures are not required to be presented for comparative periods before the effective date. This ASU did not have an impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2014, the FASB issued ASU 2014-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period</font><font style="font-family:inherit;font-size:10pt;">. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. </font><font style="font-family:inherit;font-size:10pt;color:#252525;">The amendments in this update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Earlier adoption is permitted. Entities may apply the amendments in this update either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. If retrospective transition is adopted, the cumulative effect of applying this update as of the beginning of the earliest annual period presented in the financial statements should be </font><font style="font-family:inherit;font-size:10pt;">recognized as an adjustment to the opening retained earnings balance at that date. Additionally, if retrospective transition is adopted, an entity may use hindsight in measuring and recognizing the compensation cost. This ASU is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014, the FASB issued ASU 2014-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40)</font><font style="font-family:inherit;font-size:10pt;">. The amendments in this update require that a mortgage loan be de-recognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure, (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. This ASU did not have an impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2014, the FASB issued ASU 2014-15, </font><font style="font-family:inherit;font-size:10pt;color:#252525;font-style:italic;">Presentation of Financial Statements - Going Concern (Subtopic </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">205-40)</font><font style="font-family:inherit;font-size:10pt;">. The amendments in this update provide guidance in accounting principles generally accepted in the United States of America about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The amendments in this update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. This ASU is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2014, the FASB issued ASU 2014-17, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business Combinations (Topic 805): Pushdown Accounting</font><font style="font-family:inherit;font-size:10pt;">. The amendments in this update apply to the separate financial statements of an acquired entity and its subsidiaries that are a business or nonprofit activity (either public or nonpublic) upon the occurrence of an event in which an acquirer (an individual or an entity) obtains control of the acquired entity. An acquired entity may elect the option to apply pushdown accounting in the reporting period in which the change-in-control event occurs. If pushdown accounting is not applied in the reporting period in which the change-in-control event occurs, an acquired entity will have the option to elect to apply pushdown accounting in a subsequent reporting period to the acquired entity's most recent change-in-control event. The amendments in this update are effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. This update is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the FASB issued ASU 2015-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Statement -Extraordinary and Unusual Items</font><font style="font-family:inherit;font-size:10pt;">, as part of its initiative to reduce complexity in accounting standards. This update eliminates from GAAP the concept of extraordinary items. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. This update is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued ASU 2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation (Topic 810)</font><font style="font-family:inherit;font-size:10pt;">. The amendments in this update affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments (1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities; (2) Eliminate the presumption that a general partner should consolidate a limited partnership; (3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; (4) Provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments in this update are effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company is currently evaluating the impact the adoption of the standard will have on the Company&#8217;s financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU 2015-03, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Interest-Imputation of Interest (Subtopic 835-30)</font><font style="font-family:inherit;font-size:10pt;">, as part of its initiative to reduce complexity in accounting standards. To simplify presentation of debt issuance costs, the amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. This update is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU 2015-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation-Retirement Benefits (Topic 715),</font><font style="font-family:inherit;font-size:10pt;"> as part of its initiative to reduce complexity in accounting standards. For an entity with a fiscal year-end that does not coincide with a month-end, the amendments in this update provide a practical expedient that permits the entity to measure defined benefit plan assets and obligations using the month-end that is closest to the entity's fiscal year-end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if an entity has more than one plan. The amendments in this update are effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted. This update is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued ASU 2015-05, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangible - Goodwill and Other Internal Use Software (Topic 350-40)</font><font style="font-family:inherit;font-size:10pt;">, as part of its initiative to reduce complexity in accounting standards. This guidance will help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The amendments in this update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. For public business entities, the Board decided that the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted for all entities. This update is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2015, the FASB issued ASU 2015-07, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)</font><font style="font-family:inherit;font-size:10pt;">. The update applies to reporting entities that elect to measure the fair value of an investment using the net asset value per share (or its equivalent) practical expedient. Under the amendments in this update, investments for which fair value is measured at net asset value per share (or its equivalent) using the practical expedient should not be categorized in the fair value hierarchy. Removing those investments from the fair value hierarchy not only eliminates the diversity in practice resulting from the way in which investments measured at net asset value per share (or its equivalent) with future redemption dates are classified, but also ensures that all investments categorized in the fair value hierarchy are classified using a consistent approach. Investments that calculate net asset value per share (or its equivalent), but for which the practical expedient is not applied will continue to be included in the fair value hierarchy. A reporting entity should continue to disclose information on investments for which fair value is measured at net asset value (or its equivalent) as a practical expedient to help users understand the nature and risks of the investments and whether the investments, if sold, are probable of being sold at amounts different from net asset value. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented. The retrospective approach requires that an investment for which fair value is measured using the net asset value per share practical expedient be removed from the fair value hierarchy in all periods presented in an entity's financial statements. Earlier application is permitted.</font><font style="font-family:inherit;font-size:10pt;color:#ff0000;"> </font><font style="font-family:inherit;font-size:10pt;">This update is not expected to have a significant impact on the Company&#8217;s financial statements. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2015, the FASB issued ASU 2015-08</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, Business Combinations - Pushdown Accounting - Amendment to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115</font><font style="font-family:inherit;font-size:10pt;">. This ASU was issued to amend various SEC paragraphs pursuant to the issuance of Staff Accounting Bulletin No. 115. This update is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2015, the FASB issued ASU 2015-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Technical Corrections and Improvements</font><font style="font-family:inherit;font-size:10pt;">. The amendments in this update represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Transition guidance varies based on the amendments in this update. The amendments in this update that require transition guidance are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. All other amendments will be effective upon the issuance of this update. This Update is not expected to have a significant impact on the Company&#8217;s financial statements.</font></div></div>

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