2016 Q2 Form 10-Q Financial Statement

#000071660516000036 Filed on August 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $11.67M $11.53M
YoY Change 1.21% 1.51%
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 $840.0K $890.0K
YoY Change -5.62% 1012.5%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.381M $1.307M
YoY Change 5.66% 6.61%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.542M $4.258M
YoY Change 6.67% -1.84%
Income Tax $1.152M $825.0K
% Of Pretax Income 25.36% 19.38%
Net Earnings $3.390M $3.430M
YoY Change -1.17% -0.87%
Net Earnings / Revenue 29.05% 29.75%
Basic Earnings Per Share $0.72 $0.72
Diluted Earnings Per Share $477.5K $478.4K
COMMON SHARES
Basic Shares Outstanding 4.733M shares 4.780M shares
Diluted Shares Outstanding 4.733M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $69.48M $21.87M
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 $22.30M $20.82M
YoY Change 7.15% -0.91%
Goodwill $17.10M $17.10M
YoY Change 0.0% 0.0%
Intangibles $1.979M $1.294M
YoY Change 52.94% -20.17%
Long-Term Investments $700.0K $1.200M
YoY Change -41.67% -36.84%
Other Assets $7.400M $8.800M
YoY Change -15.91% 29.41%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.346B $1.292B
YoY Change 4.23% 5.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.0K $400.0K
YoY Change 25.0% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $17.44M $59.03M
YoY Change -70.45% 169.21%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $500.0K $400.0K
YoY Change 25.0% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $400.0K
YoY Change 0.0% -20.0%
Other Long-Term Liabilities $13.30M $14.50M
YoY Change -8.28% 23.93%
Total Long-Term Liabilities $13.70M $14.90M
YoY Change -8.05% 22.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $500.0K $400.0K
Total Long-Term Liabilities $13.70M $14.90M
Total Liabilities $1.207B $1.157B
YoY Change 4.34% 6.42%
SHAREHOLDERS EQUITY
Retained Earnings $60.05M $55.40M
YoY Change 8.41% 10.89%
Common Stock $41.72M $41.70M
YoY Change 0.05% 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.23M $8.860M
YoY Change 15.51% 40.41%
Treasury Stock Shares 272.5K shares 238.5K shares
Shareholders Equity $139.4M $135.0M
YoY Change
Total Liabilities & Shareholders Equity $1.346B $1.292B
YoY Change 4.23% 5.64%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $3.390M $3.430M
YoY Change -1.17% -0.87%
Depreciation, Depletion And Amortization $840.0K $890.0K
YoY Change -5.62% 1012.5%
Cash From Operating Activities $2.730M $3.780M
YoY Change -27.78% -30.77%
INVESTING ACTIVITIES
Capital Expenditures -$510.0K -$350.0K
YoY Change 45.71% -63.54%
Acquisitions
YoY Change
Other Investing Activities -$4.530M -$28.38M
YoY Change -84.04% 19.95%
Cash From Investing Activities -$5.030M -$28.74M
YoY Change -82.5% 16.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.66M 25.05M
YoY Change -1.56% 474.54%
NET CHANGE
Cash From Operating Activities 2.730M 3.780M
Cash From Investing Activities -5.030M -28.74M
Cash From Financing Activities 24.66M 25.05M
Net Change In Cash 22.36M 90.00K
YoY Change 24744.44% -100.61%
FREE CASH FLOW
Cash From Operating Activities $2.730M $3.780M
Capital Expenditures -$510.0K -$350.0K
Free Cash Flow $3.240M $4.130M
YoY Change -21.55% -35.67%

Facts In Submission

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CashAndCashEquivalentsAtCarryingValue
69475000 USD
CY2015Q4 us-gaap Cash And Due From Banks
CashAndDueFromBanks
22044000 USD
CY2016Q2 us-gaap Cash And Due From Banks
CashAndDueFromBanks
24088000 USD
CY2015Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.47
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.94
CY2016Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.47
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.94
CY2015Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
8.33
CY2016Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
8.33
CY2015Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
15000000 shares
CY2016Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
15000000 shares
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5004984 shares
CY2016Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5006036 shares
CY2016Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
31000 shares
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
41708000 USD
CY2016Q2 us-gaap Common Stock Value
CommonStockValue
41717000 USD
CY2015Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1569000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5285000 USD
CY2016Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3930000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
8099000 USD
CY2015Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
8990000 USD
CY2016Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
7400000 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
CY2016Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-39000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
500000 USD
CY2016Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureBenefitPaymentsRemainderOfFiscalYear
250000 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
CY2016Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
251000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
502000 USD
CY2015Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
189000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
378000 USD
CY2016Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
193000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
386000 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
CY2016Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-2000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-4000 USD
CY2015Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
16000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
32000 USD
CY2016Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
17000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
1187000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
34000 USD
CY2015 us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Next Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInNextFiscalYear
500000 USD
CY2015Q4 us-gaap Deposits Domestic
DepositsDomestic
1031880000 USD
CY2016Q2 us-gaap Deposits Domestic
DepositsDomestic
1084867000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4498000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4452000 USD
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.42
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.72
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.37
CY2015Q2 us-gaap Equipment Expense
EquipmentExpense
643000 USD
us-gaap Equipment Expense
EquipmentExpense
1238000 USD
CY2016Q2 us-gaap Equipment Expense
EquipmentExpense
679000 USD
us-gaap Equipment Expense
EquipmentExpense
1380000 USD
CY2015Q4 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
253245000 USD
CY2016Q2 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
262789000 USD
CY2015Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
230000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
445000 USD
CY2016Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
236000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
468000 USD
CY2015Q4 us-gaap Federal Home Loan Bank Advances Long Term
FederalHomeLoanBankAdvancesLongTerm
91025000 USD
CY2016Q2 us-gaap Federal Home Loan Bank Advances Long Term
FederalHomeLoanBankAdvancesLongTerm
91025000 USD
CY2015Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
598000 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
1151000 USD
CY2016Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
561000 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
1093000 USD
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
9940000 USD
CY2016Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
9892000 USD
CY2015Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
2104000 USD
CY2016Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
2625000 USD
CY2015Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1030736000 USD
CY2016Q2 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1039653000 USD
CY2015Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
15542000 USD
CY2016Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
15595000 USD
CY2015Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
9647000 USD
CY2016Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
10245000 USD
CY2016 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
5 contract
CY2016Q2 us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
3 contract
CY2015Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
979000 USD
CY2016Q2 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
510000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1028966000 USD
CY2016Q2 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1039162000 USD
CY2015Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
8467000 USD
CY2016Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
11114000 USD
CY2015Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
526000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
921000 USD
CY2016Q2 us-gaap Gain Loss On Investments
GainLossOnInvestments
486000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
2822000 USD
CY2015Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
482000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
781000 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
566000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
1033000 USD
CY2015Q4 us-gaap Goodwill
Goodwill
17104000 USD
CY2016Q2 us-gaap Goodwill
Goodwill
17104000 USD
CY2016Q2 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
133924000 USD
CY2015Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
18167000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
18087000 USD
CY2016Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
15395000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
16302000 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
CY2016Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
108000 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
216000 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
CY2016Q2 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
29000 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
108000 USD
CY2015Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
15883000 USD
CY2016Q2 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
15928000 USD
CY2015Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
2104000 USD
CY2016Q2 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
2625000 USD
CY2015Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
16063000 USD
CY2016Q2 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
16078000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
3408000 USD
CY2016Q2 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
4159000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
3458000 USD
CY2016Q2 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
4209000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
12475000 USD
CY2016Q2 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
11769000 USD
CY2015Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
12605000 USD
CY2016Q2 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
11869000 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
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4542000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8502000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
825000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1673000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1152000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2034000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1600000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
2750000 USD
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
27170000 USD
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
30946000 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
-131000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-776000 USD
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2015Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
204000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
438000 USD
CY2016Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
200000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
405000 USD
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1240000 USD
CY2016Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1979000 USD
CY2015Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
11529000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
22926000 USD
CY2016Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
11669000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
23395000 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
CY2016Q2 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
10466000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
20821000 USD
CY2015Q4 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
751797000 USD
CY2016Q2 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
810865000 USD
CY2015Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
752000 USD
CY2016Q2 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
45387000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
1307000 USD
us-gaap Interest Expense
InterestExpense
2593000 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
1381000 USD
us-gaap Interest Expense
InterestExpense
2733000 USD
CY2015Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
785000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
1528000 USD
CY2016Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
881000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
1716000 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
CY2016Q2 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
492000 USD
us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
983000 USD
CY2015Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
28000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
47000 USD
CY2016Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
8000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
34000 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
CY2016Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
10030000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
20054000 USD
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
10222000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
20333000 USD
CY2016Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
10288000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
20662000 USD
CY2015Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
744000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1511000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1033163000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1041602000 USD
CY2015Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
757000 USD
CY2016Q2 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
1349000 USD
CY2016Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
398000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
874000 USD
CY2015Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
885000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1899000 USD
CY2016Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
601000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1223000 USD
us-gaap Interest Paid
InterestPaid
2564000 USD
us-gaap Interest Paid
InterestPaid
2703000 USD
CY2015Q4 us-gaap Interest Receivable
InterestReceivable
3686000 USD
CY2016Q2 us-gaap Interest Receivable
InterestReceivable
3490000 USD
CY2015Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4301000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
8771000 USD
CY2016Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4346000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
8926000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
1183778000 USD
CY2016Q2 us-gaap Liabilities
Liabilities
1207063000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1320057000 USD
CY2016Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1346457000 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
CY2015Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
12044000 USD
CY2016Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
12382000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
12517000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
1412000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
1462000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1046619000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1055581000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1045207000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1054119000 USD
CY2015Q2 us-gaap Marketing Expense
MarketingExpense
145000 USD
us-gaap Marketing Expense
MarketingExpense
274000 USD
CY2016Q2 us-gaap Marketing Expense
MarketingExpense
185000 USD
us-gaap Marketing Expense
MarketingExpense
395000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
1961000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
46679000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
42253000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
18805000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-45801000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
22407000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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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 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 core principle of the update 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 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 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2015, the FASB issued ASU 2015-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contract with Customers</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">(Topic 606)</font><font style="font-family:inherit;font-size:10pt;">. The amendments in this update defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is evaluating the effect of adopting this new accounting update.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2015, the FASB issued ASU 2015-17, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. 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 2016, the FASB issued ASU 2016-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.</font><font style="font-family:inherit;font-size:10pt;"> This update applies to all entities that hold financial assets or owe financial liabilities and is intended to provide more useful information on the recognition, measurement, presentation, and disclosure of financial instruments. Among other things, this update (a) requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; (b) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (c) eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities; (d) eliminates the requirement for public business entities 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; (e) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (f) requires 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; (g) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and (h) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity&#8217;s other deferred tax assets. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all other entities including not-for-profit entities and employee benefit plans within the scope of Topics 960 through 965 on plan accounting, the amendments in this update are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. All entities that are not public business entities may adopt the amendments in this update earlier as of the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. 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%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;">. The standard requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet.&#160; A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term.&#160; A short-term lease is defined as one in which: (a) the lease term is 12 months or less, and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect to recognize lease payments over the lease term on a straight-line basis. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those years. For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and for interim periods within fiscal years beginning after December 15, 2020. The amendments should be applied at the beginning of the earliest period presented using a modified retrospective approach with earlier application permitted as of the beginning of an interim or annual reporting period. 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;">In March 2016, the FASB issued ASU 2016-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Liabilities </font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">- </font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> Extinguishments of Liabilities (Subtopic 405-20). </font><font style="font-family:inherit;font-size:10pt;">The standard provides that liabilities related to the sale of prepaid stored-value products within the scope of this Update are financial liabilities. The amendments in the Update provide a narrow scope exception to the guidance in Subtopic 405-20 to require that breakage for those liabilities be accounted for consistent with the breakage guidance in Topic 606. The amendments in this update are effective for public business entities, certain not-for-profit entities, and certain employee benefit plans for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Earlier application is permitted, including adoption in an interim period. 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 March 2016, the FASB issued ASU 2016-05, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging (Topic 815)</font><font style="font-family:inherit;font-size:10pt;">. The amendments in this update apply to all reporting entities for which there is a change in the counterparty to a derivative instrument that has been designated as a heading instrument under Topic 815</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">.</font><font style="font-family:inherit;font-size:10pt;"> The standards in this update clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under&#160;Topic 815</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria&#160;continue to be met. </font><font style="font-family:inherit;font-size:10pt;color:#252525;">For public business entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. An entity has an option to apply the amendments in this update on e</font><font style="font-family:inherit;font-size:10pt;">ither a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. 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 2016, the FASB issued ASU 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2016-13&#8221;), which changes the impairment model for most financial assets. This ASU is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The underlying premise of the ASU is that financial assets measured at amortized cost should be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should reflect management&#8217;s current estimate of credit losses that are expected to occur over the remaining life of a financial asset. The income statement will be effected for the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is permitted for annual and interim periods beginning after December 15, 2018. With certain exceptions, transition to the new requirements will be through a cumulative effect adjustment to opening retained earnings as of the beginning of the first reporting period in which the guidance is adopted. 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>

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