2018 Q2 Form 10-Q Financial Statement

#000071660518000019 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $14.11M $12.21M
YoY Change 15.58% 4.63%
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 $930.0K $760.0K
YoY Change 22.37% -9.52%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.408M $1.385M
YoY Change 73.86% 0.29%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $4.213M $4.309M
YoY Change -2.23% -5.13%
Income Tax $733.0K $1.223M
% Of Pretax Income 17.4% 28.38%
Net Earnings $3.480M $3.086M
YoY Change 12.77% -8.97%
Net Earnings / Revenue 24.66% 25.28%
Basic Earnings Per Share $0.49 $0.65
Diluted Earnings Per Share $0.49 $0.65
COMMON SHARES
Basic Shares Outstanding 4.690M shares 4.711M shares
Diluted Shares Outstanding 4.703M shares 4.711M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $56.01M $38.20M
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 $27.39M $25.50M
YoY Change 7.4% 14.32%
Goodwill $17.10M $17.10M
YoY Change 0.0% 0.0%
Intangibles $1.304M $1.623M
YoY Change -19.65% -17.99%
Long-Term Investments
YoY Change
Other Assets $4.900M $8.100M
YoY Change -39.51% 9.46%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.603B $1.395B
YoY Change 14.9% 3.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $400.0K
YoY Change 125.0% -20.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $134.6M $15.74M
YoY Change 755.54% -9.76%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $900.0K $400.0K
YoY Change 125.0% -20.0%
LONG-TERM LIABILITIES
Long-Term Debt $124.0M $76.00M
YoY Change 63.16% 18900.0%
Other Long-Term Liabilities $13.60M $13.70M
YoY Change -0.73% 3.01%
Total Long-Term Liabilities $137.6M $89.70M
YoY Change 53.4% 554.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $900.0K $400.0K
Total Long-Term Liabilities $137.6M $89.70M
Total Liabilities $1.464B $1.257B
YoY Change 16.49% 4.13%
SHAREHOLDERS EQUITY
Retained Earnings $66.18M $62.95M
YoY Change 5.13% 4.83%
Common Stock $41.75M $41.74M
YoY Change 0.04% 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.12M $12.12M
YoY Change 0.0% 18.38%
Treasury Stock Shares 320.2K shares 320.2K shares
Shareholders Equity $139.1M $138.4M
YoY Change
Total Liabilities & Shareholders Equity $1.603B $1.395B
YoY Change 14.9% 3.63%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $3.480M $3.086M
YoY Change 12.77% -8.97%
Depreciation, Depletion And Amortization $930.0K $760.0K
YoY Change 22.37% -9.52%
Cash From Operating Activities $3.820M -$110.0K
YoY Change -3572.73% -104.03%
INVESTING ACTIVITIES
Capital Expenditures -$630.0K -$1.440M
YoY Change -56.25% 182.35%
Acquisitions
YoY Change
Other Investing Activities -$56.30M -$29.44M
YoY Change 91.24% 549.89%
Cash From Investing Activities -$56.92M -$30.88M
YoY Change 84.33% 513.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 71.72M -6.460M
YoY Change -1210.22% -126.2%
NET CHANGE
Cash From Operating Activities 3.820M -110.0K
Cash From Investing Activities -56.92M -30.88M
Cash From Financing Activities 71.72M -6.460M
Net Change In Cash 18.62M -37.45M
YoY Change -149.72% -267.49%
FREE CASH FLOW
Cash From Operating Activities $3.820M -$110.0K
Capital Expenditures -$630.0K -$1.440M
Free Cash Flow $4.450M $1.330M
YoY Change 234.59% -58.95%

Facts In Submission

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4689189 shares
CY2018Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
4690385 shares
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
41744000 USD
CY2018Q2 us-gaap Common Stock Value
CommonStockValue
41753000 USD
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3381000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6451000 USD
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
3196000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
5290000 USD
CY2017Q4 us-gaap Cumulative Effect Of New Accounting Principle In Period Of Adoption
CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption
0 USD
CY2017Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
4388000 USD
CY2018Q2 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
4941000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4430000 USD
CY2017Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-40000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-84000 USD
CY2018Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-42000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-84000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
250000 USD
CY2018Q2 us-gaap Defined Benefit Plan Expected Future Benefit Payments Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureBenefitPaymentsRemainderOfFiscalYear
250000 USD
CY2017Q4 us-gaap Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear
500000 USD
CY2017Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
263000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
525000 USD
CY2018Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
274000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
548000 USD
CY2017Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
189000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
378000 USD
CY2018Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
177000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
353000 USD
CY2017Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
8000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
20000 USD
CY2018Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-55000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-111000 USD
CY2017Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
42000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
83000 USD
CY2018Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 USD
CY2017Q4 us-gaap Deposits Domestic
DepositsDomestic
1146320000 USD
CY2018Q2 us-gaap Deposits Domestic
DepositsDomestic
1191019000 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
4409000 USD
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.22
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.74
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.43
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.22
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.74
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.43
CY2017Q2 us-gaap Equipment Expense
EquipmentExpense
664000 USD
us-gaap Equipment Expense
EquipmentExpense
1313000 USD
CY2018Q2 us-gaap Equipment Expense
EquipmentExpense
801000 USD
us-gaap Equipment Expense
EquipmentExpense
1548000 USD
CY2017Q4 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
280281000 USD
CY2018Q2 us-gaap Fair Value Disclosure Offbalance Sheet Risks Face Amount Liability
FairValueDisclosureOffbalanceSheetRisksFaceAmountLiability
328137000 USD
CY2017Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
150000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
320000 USD
CY2018Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
200000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
402000 USD
CY2017Q4 us-gaap Federal Home Loan Bank Advances Long Term
FederalHomeLoanBankAdvancesLongTerm
70970000 USD
CY2018Q2 us-gaap Federal Home Loan Bank Advances Long Term
FederalHomeLoanBankAdvancesLongTerm
123970000 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
73000 USD
CY2018Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
8830000 USD
us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
FinancingReceivableModificationsSubsequentDefaultNumberOfContracts1
1 contract
CY2017Q4 us-gaap Federal Reserve Bank Stock
FederalReserveBankStock
13332000 USD
CY2018Q2 us-gaap Federal Reserve Bank Stock
FederalReserveBankStock
16716000 USD
CY2017Q2 us-gaap Fees And Commissions Debit Cards
FeesAndCommissionsDebitCards
501000 USD
us-gaap Fees And Commissions Debit Cards
FeesAndCommissionsDebitCards
935000 USD
CY2018Q2 us-gaap Fees And Commissions Debit Cards
FeesAndCommissionsDebitCards
373000 USD
us-gaap Fees And Commissions Debit Cards
FeesAndCommissionsDebitCards
706000 USD
CY2017Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
559000 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
1087000 USD
CY2018Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
592000 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
1143000 USD
CY2017Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
10674000 USD
CY2018Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
11170000 USD
CY2017Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
2184000 USD
CY2018Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1864000 USD
CY2017Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1231896000 USD
CY2018Q2 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1316456000 USD
CY2017Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
14446000 USD
CY2018Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
13974000 USD
CY2017Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
9048000 USD
CY2017Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
509000 USD
CY2018Q2 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
463000 USD
CY2017Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1229330000 USD
CY2018Q2 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1317131000 USD
CY2017Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
6759000 USD
CY2018Q2 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
6669000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
185000 USD
us-gaap Gain Loss On Investments
GainLossOnInvestments
5000 USD
CY2017Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
503000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
861000 USD
CY2018Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
400000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
655000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
17104000 USD
CY2018Q2 us-gaap Goodwill
Goodwill
17104000 USD
CY2018Q2 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
118876000 USD
CY2017Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
16488000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
16179000 USD
CY2018Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
14652000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
14532000 USD
CY2017Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
69000 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
128000 USD
CY2018Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
82000 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
195000 USD
CY2017Q2 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
47000 USD
CY2018Q2 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
47000 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
75000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
14446000 USD
CY2018Q2 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
13974000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
2184000 USD
CY2018Q2 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1864000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
14545000 USD
CY2018Q2 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
14023000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
3926000 USD
CY2018Q2 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceRecordedInvestment
4437000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
3926000 USD
CY2018Q2 us-gaap Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithNoRelatedAllowanceUnpaidPrincipalBalance
4437000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
10520000 USD
CY2018Q2 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
9537000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
10619000 USD
CY2018Q2 us-gaap Impaired Financing Receivable With Related Allowance Unpaid Principal Balance
ImpairedFinancingReceivableWithRelatedAllowanceUnpaidPrincipalBalance
9586000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4309000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
7981000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
4213000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8010000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1223000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2209000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
733000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1322000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
2350000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1500000 USD
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
26087000 USD
us-gaap Increase Decrease In Loans Held For Sale
IncreaseDecreaseInLoansHeldForSale
23436000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
3461000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
94000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
63000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
163000 USD
CY2017Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
13407 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0 shares
CY2017Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
99000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
290000 USD
CY2018Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
64000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
181000 USD
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1462000 USD
CY2018Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1304000 USD
CY2017Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
12209000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
23891000 USD
CY2018Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
14111000 USD
CY2018Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1490000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
2712000 USD
CY2017Q2 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
373000 USD
us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
813000 USD
CY2018Q2 us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
666000 USD
us-gaap Interest Expense Federal Home Loan Bank And Federal Reserve Bank Advances Long Term
InterestExpenseFederalHomeLoanBankAndFederalReserveBankAdvancesLongTerm
1268000 USD
CY2017Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
4000 USD
CY2018Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
252000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
476000 USD
CY2017Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
10609000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
20615000 USD
CY2017Q2 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
11109000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
21736000 USD
CY2018Q2 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
12997000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
25190000 USD
CY2017Q4 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
843004000 USD
CY2018Q2 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
879825000 USD
CY2017Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
1551000 USD
CY2018Q2 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
29873000 USD
CY2017Q2 us-gaap Interest Expense
InterestExpense
1385000 USD
us-gaap Interest Expense
InterestExpense
2731000 USD
CY2018Q2 us-gaap Interest Expense
InterestExpense
2408000 USD
us-gaap Interest Expense
InterestExpense
4456000 USD
CY2017Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1008000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
1910000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
8000 USD
CY2018Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
11368000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
22361000 USD
CY2017Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
10824000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
21160000 USD
CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
11703000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
22856000 USD
CY2017Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
323000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
621000 USD
CY2018Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
230000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
471000 USD
CY2017Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
570000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1112000 USD
CY2018Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
639000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
1185000 USD
us-gaap Interest Paid
InterestPaid
2772000 USD
us-gaap Interest Paid
InterestPaid
4062000 USD
CY2017Q4 us-gaap Interest Receivable
InterestReceivable
4321000 USD
CY2018Q2 us-gaap Interest Receivable
InterestReceivable
4618000 USD
CY2017Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4608000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
9378000 USD
CY2018Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
4919000 USD
CY2017Q2 us-gaap Marketing Expense
MarketingExpense
204000 USD
us-gaap Marketing Expense
MarketingExpense
375000 USD
CY2018Q2 us-gaap Minority Interest
MinorityInterest
1000 USD
CY2018Q2 us-gaap Marketing Expense
MarketingExpense
268000 USD
us-gaap Marketing Expense
MarketingExpense
519000 USD
CY2017Q4 us-gaap Minority Interest
MinorityInterest
2000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
9967000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
1336298000 USD
CY2018Q2 us-gaap Liabilities
Liabilities
1464138000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1474492000 USD
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1603273000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
12896000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
12905000 USD
CY2017Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
13109000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
12858000 USD
CY2018Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
12836000 USD
CY2018Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
13034000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-272000 USD
CY2018Q2 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-643000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1246342000 USD
CY2018Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1330430000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1246614000 USD
CY2018Q2 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
1331073000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1233756000 USD
CY2018Q2 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1318039000 USD
CY2017Q4 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
1196000 USD
CY2018Q2 us-gaap Loans Receivable Held For Sale Net Not Part Of Disposal Group Mortgage
LoansReceivableHeldForSaleNetNotPartOfDisposalGroupMortgage
2118000 USD
CY2017Q4 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
378000 USD
CY2018Q2 us-gaap Mortgage Loans In Process Of Foreclosure Amount
MortgageLoansInProcessOfForeclosureAmount
78000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-5469000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
28764000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
42132000 USD
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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4420000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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7441000 USD
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59119000 USD
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us-gaap Net Change Noninterest Bearing Deposits Domestic
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0 USD
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us-gaap Noninterest Expense
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2763000 USD
us-gaap Noninterest Income
NoninterestIncome
5414000 USD
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us-gaap Noninterest Income
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591000 USD
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1029000 USD
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779000 USD
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1252000 USD
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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679000 USD
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-84000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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185000 USD
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14000 USD
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1244000 USD
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1700000 USD
us-gaap Other Noninterest Expense
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1394000 USD
us-gaap Other Noninterest Expense
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2694000 USD
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0 USD
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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0 USD
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us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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18434000 USD
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21160000 USD
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us-gaap Payments To Acquire Loans And Leases Held For Investment
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85338000 USD
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2004000 USD
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948000 USD
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49000 USD
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3961000 USD
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us-gaap Proceeds From Sale Of Available For Sale Securities
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9130000 USD
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1120000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
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4483000 USD
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587000 USD
us-gaap Proceeds From Sale Of Foreclosed Assets
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181000 USD
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23169000 USD
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332000 USD
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254000 USD
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us-gaap Profit Loss
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215000 USD
us-gaap Provision For Loan And Lease Losses
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545000 USD
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335000 USD
us-gaap Provision For Loan And Lease Losses
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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66181000 USD
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P5Y
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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0 shares
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26500 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
115000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
24500 shares
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4703339 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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0.00
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
42.96
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
42.03
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
44.21
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Treasury Stock
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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%;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 assessing the practical expedients it may elect at adoption, but does not anticipate the amendments will have a significant impact on the financial statements. Based on the Company&#8217;s preliminary analysis of its current portfolio, the impact to the Company&#8217;s balance sheet is estimated to result in less than a </font><font style="font-family:inherit;font-size:10pt;">1</font><font style="font-family:inherit;font-size:10pt;"> percent increase in assets and liabilities. The Company also anticipates additional disclosures to be provided at adoption.</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;">, which changes the impairment model for most financial assets. This Update 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 Update 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. We expect to recognize a one-time cumulative effect adjustment to the allowance for loan losses as of the beginning of the first reporting period in which the new standard is effective, but cannot yet determine the magnitude of any such one-time adjustment or the overall impact of the new guidance on the consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Test for Goodwill Impairment</font><font style="font-family:inherit;font-size:10pt;">. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (SEC) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. A public business entity that is not an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. All other entities, including not-for-profit entities, that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. 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%;padding-bottom:13px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2017, the FASB issued ASU 2017-06</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965)</font><font style="font-family:inherit;font-size:10pt;">. </font><font style="font-family:inherit;font-size:10pt;color:#252525;">This Update relates primarily to the reporting by an employee benefit plan for its interest in a master trust, which is a trust for which a regulated financial institution serves as a trustee or custodian and in which assets of more than one plan sponsored by a single employer or by a group of employers under common control are held. For each master trust in which a plan holds an interest, the amendments in this Update require a plan's interest in that master trust and any change in that interest to be presented in separate line items in the statement of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively. The amendments in this Update remove the requirement to disclose the percentage interest in the master trust for plans with divided interests and require that all plans disclose the dollar amount of their interest in each of those general types of investments, which supplements the existing requirement to disclose the master trusts balances in each general type of investments. There are also increased disclosure requirements for investments in master trusts. The amendments in this Update are effective for fiscal years beginning after December 15, 2018. Early adoption is permitte</font><font style="font-family:inherit;font-size:10pt;">d. 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;">In March 2017, the FASB issued ASU 2017-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20).</font><font style="font-family:inherit;font-size:10pt;"> The amendments in this Update shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity should apply the amendments in this Update on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. 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 July 2017, the FASB issued ASU 2017-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), and Derivative and Hedging (Topic 815)</font><font style="font-family:inherit;font-size:10pt;">. The amendments in Part I of this Update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down-round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down-round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity&#8217;s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down-round feature. For freestanding equity classified financial instruments, the amendments require entities that present earnings per share (EPS) in accordance with Topic 260 to recognize the effect of the down-round feature when it is triggered. That effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS. Convertible instruments with embedded conversion options that have down- round features are now subject to the specialized guidance for contingent beneficial conversion features (in Subtopic 470-20, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Debt-Debt with Conversion and Other Options</font><font style="font-family:inherit;font-size:10pt;">), including related EPS guidance (in Topic 260). The amendments in Part II of this Update recharacterize the indefinite deferral of certain provisions of Topic 480 that now are presented as pending content in the Accounting Standards Codification, to a scope exception. Those amendments do not have an accounting effect. For public business entities, the amendments in Part I of this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments in Part I of this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted for all entities, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in Part I of this Update should be applied either retrospectively to outstanding financial instruments with a down-round feature by means of a cumulative-effect adjustment to the statement of financial position as of the beginning of the first fiscal year and interim period(s) in which the pending content that links to this paragraph is effective or retrospectively to outstanding financial instruments with a down-round feature for each prior reporting period presented in accordance with the guidance on accounting changes in paragraphs 250-10-45-5 through 45-10. The amendments in Part II of this Update do not require any transition guidance because those amendments do not have an accounting effect. 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:left;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 2017, the FASB issued ASU 2017-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging (Topic 850)</font><font style="font-family:inherit;font-size:10pt;">, the objective of which is to improve the financial reporting of hedging relationships to better portray the economic results of an entity&#8217;s risk management activities in its financial statements. In addition, the amendments in this Update make certain targeted improvements to simplify the application and disclosure of the hedge accounting guidance in current general accepted accounting principles. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods beginning after December 15, 2020. Early application is permitted in any period after issuance. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this Update. The amended presentation and disclosure guidance is required only prospectively. 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 2018, the FASB issued ASU 2018-01, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;">, which provides an optional transition practical expedient to not evaluate under Topic 842 existing or expired land easements that were not previously accounted for as leases under the current lease guidance in Topic 840. An entity that elects this practical expedient should evaluate new or modified land easements under Topic 842 beginning at the date the entity adopts Topic 842; otherwise, an entity should evaluate all existing or expired land easements in connection with the adoption of the new lease requirements in Topic 842 to assess whether they meet the definition of a lease. The effective date and transition requirements for the amendments are the same as the effective date and transition requirements in ASU 2016-02. 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 2018, the FASB issued ASU 2018-03, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10)</font><font style="font-family:inherit;font-size:10pt;">, to clarify certain aspects of the guidance issued in ASU 2016-01. (1) An entity measuring an equity security using the measurement alternative may change its measurement approach to a fair value method in accordance with Topic 820, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement</font><font style="font-family:inherit;font-size:10pt;">, through an irrevocable election that would apply to that security and all identical or similar investments of the same issuer. Once an entity makes this election, the entity should measure all future purchases of identical or similar investments of the same issuer using a fair value method in accordance with Topic 820. (2) Adjustments made under the measurement alternative are intended to reflect the fair value of the security as of the date that the observable transaction for a similar security took place. (3) Remeasuring the entire value of forward contracts and purchased options is required when observable transactions occur on the underlying equity securities. (4) When the fair value option is elected for a financial liability, the guidance in paragraph 825-10-45-5 should be applied, regardless of whether the fair value option was elected under either Subtopic 815-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging-Embedded Derivatives</font><font style="font-family:inherit;font-size:10pt;">, or 825-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments-Overall</font><font style="font-family:inherit;font-size:10pt;">. (5) Financial liabilities for which the fair value option is elected, the amount of change in fair value that relates to the instrument specific credit risk should first be measured in the currency of denomination when presented separately from the total change in fair value of the financial liability. Then, both components of the change in the fair value of the liability should be remeasured into the functional currency of the reporting entity using end-of-period spot rates. (6) The prospective transition approach for equity securities without a readily determinable fair value in the amendments in Update 2016-01 is meant only for instances in which the measurement alternative is applied. An insurance entity subject to the guidance in Topic 944, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Services- Insurance</font><font style="font-family:inherit;font-size:10pt;">, should apply a prospective transition method when applying the amendments related to equity securities without readily determinable fair values. An insurance entity should apply the selected prospective transition method consistently to the entity&#8217;s entire population of equity securities for which the measurement alternative is elected. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017, and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01. For all other entities, the effective date is the same as the effective date in Update 2016-01. All entities may early adopt these amendments for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, as long as they have adopted Update 2016-01. 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 March 2018, the FASB issued ASU 2018-04, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Investments - Debt Securities (Topic 320)</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Regulated Operations (Topic 980) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 117 and SEC Release No. 33-9273,</font><font style="font-family:inherit;font-size:10pt;"> ASU 2018-04 supersedes various SEC paragraphs and adds an SEC paragraph pursuant to the issuance of Staff Accounting Bulletin No. 117.</font></div></div>

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