2017 Q3 Form 10-Q Financial Statement

#000071456217000067 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $28.81M $28.13M $27.15M
YoY Change 4.94% 3.6% 0.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.080M $1.120M $1.230M
YoY Change -8.47% -8.94% -10.22%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.697M $1.568M $1.091M
YoY Change 54.41% 43.72% 3.61%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $12.18M $11.55M $11.08M
YoY Change 8.96% 4.22% 19.87%
Income Tax $3.385M $3.193M $2.846M
% Of Pretax Income 27.79% 27.66% 25.69%
Net Earnings $8.794M $8.352M $8.232M
YoY Change 7.74% 1.46% 18.91%
Net Earnings / Revenue 30.53% 29.69% 30.32%
Basic Earnings Per Share
Diluted Earnings Per Share $719.3K $683.3K $672.4K
COMMON SHARES
Basic Shares Outstanding 12.22M shares 12.22M shares 12.24M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $61.00M $55.38M $55.44M
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 $47.29M $48.30M $49.35M
YoY Change -4.83% -2.14% -1.98%
Goodwill $34.36M $34.36M $34.36M
YoY Change 0.0% 0.0% -13.0%
Intangibles $1.744M $1.857M $2.397M
YoY Change -22.59% -22.53% -32.89%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.982B $2.975B $2.958B
YoY Change -1.22% 0.56% -0.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $23.50M $51.90M $62.20M
YoY Change -25.16% -16.56% -26.65%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.50M $51.90M $62.20M
YoY Change -25.16% -16.56% -26.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $61.90M $60.50M $77.40M
YoY Change -18.77% -21.83% -3.97%
Total Long-Term Liabilities $61.90M $60.50M $77.40M
YoY Change -18.77% -21.83% -3.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.50M $51.90M $62.20M
Total Long-Term Liabilities $61.90M $60.50M $77.40M
Total Liabilities $2.539B $2.540B $2.545B
YoY Change -2.24% -0.18% -1.16%
SHAREHOLDERS EQUITY
Retained Earnings $442.2M $433.4M $411.4M
YoY Change 5.4% 5.35% 6.49%
Common Stock $76.88M $76.70M $75.56M
YoY Change 1.52% 1.51% 1.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $70.12M $70.12M $70.26M
YoY Change -0.58% -0.21% 46.93%
Treasury Stock Shares 2.372M shares 2.372M shares 2.386M shares
Shareholders Equity $443.6M $434.5M $413.2M
YoY Change
Total Liabilities & Shareholders Equity $2.982B $2.975B $2.958B
YoY Change -1.22% 0.56% -0.53%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $8.794M $8.352M $8.232M
YoY Change 7.74% 1.46% 18.91%
Depreciation, Depletion And Amortization $1.080M $1.120M $1.230M
YoY Change -8.47% -8.94% -10.22%
Cash From Operating Activities $21.87M $3.530M -$1.180M
YoY Change 41.1% -399.15% -117.13%
INVESTING ACTIVITIES
Capital Expenditures $40.00K -$730.0K -$30.00K
YoY Change -102.94% 2333.33% -94.34%
Acquisitions
YoY Change
Other Investing Activities -$7.360M -$3.710M -$30.38M
YoY Change -85.04% -87.79% 56.68%
Cash From Investing Activities -$7.330M -$4.430M -$30.41M
YoY Change -85.5% -85.43% 52.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $2.540M
YoY Change -100.0% -36.93%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.920M 5.770M 20.90M
YoY Change -118.97% -72.39% -240.84%
NET CHANGE
Cash From Operating Activities 21.87M 3.530M -1.180M
Cash From Investing Activities -7.330M -4.430M -30.41M
Cash From Financing Activities -8.920M 5.770M 20.90M
Net Change In Cash 5.620M 4.870M -10.69M
YoY Change -53.01% -145.56% -61.64%
FREE CASH FLOW
Cash From Operating Activities $21.87M $3.530M -$1.180M
Capital Expenditures $40.00K -$730.0K -$30.00K
Free Cash Flow $21.83M $4.260M -$1.150M
YoY Change 29.48% -470.43% -115.5%

Facts In Submission

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CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
108000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
758000 USD
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
19600000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
16578000 USD
CY2017Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
15673000 USD
CY2017Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
15963000 USD
CY2016Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
403000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
854000 USD
CY2017Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
228000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
461000 USD
CY2016Q4 us-gaap Federal Funds Purchased
FederalFundsPurchased
49982000 USD
CY2017Q2 us-gaap Federal Funds Purchased
FederalFundsPurchased
28662000 USD
CY2016Q4 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
80989000 USD
CY2017Q2 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
51880000 USD
CY2016Q4 us-gaap Federal Funds Sold
FederalFundsSold
6952000 USD
CY2017Q2 us-gaap Federal Funds Sold
FederalFundsSold
0 USD
CY2016Q4 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
132000 USD
CY2017Q2 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
132000 USD
CY2016Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
2601000 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
5105000 USD
CY2017Q2 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
3004000 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
5781000 USD
CY2016Q2 us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
1292000 USD
us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
2626000 USD
CY2017Q2 us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
1149000 USD
us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
2466000 USD
CY2016Q2 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
3149000 USD
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
6149000 USD
CY2017Q2 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
3114000 USD
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
6299000 USD
CY2016Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
18442000 USD
CY2017Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
19273000 USD
CY2016Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
331000 USD
CY2017Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
407000 USD
CY2016Q2 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
985000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1770000 USD
CY2017Q2 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1335000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
2635000 USD
CY2016Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
1842000 USD
CY2017Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
2090000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
4364000 USD
CY2016Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1831594000 USD
CY2017Q2 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1853044000 USD
CY2016Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
8600000 USD
CY2017Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
7371000 USD
CY2015Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
9860000 USD
CY2016Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
9509000 USD
CY2016Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
9155000 USD
CY2016Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
8565000 USD
CY2017Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
8158000 USD
CY2017Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
7984000 USD
CY2016Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1829539000 USD
CY2017Q2 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1848498000 USD
CY2016Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
15501000 USD
CY2017Q2 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
13850000 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
481000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
885000 USD
CY2017Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
393000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
720000 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
10000 USD
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
13000 USD
CY2017Q2 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
15000 USD
us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
17000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-91000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-36000 USD
CY2016Q4 us-gaap Goodwill
Goodwill
34355000 USD
CY2017Q2 us-gaap Goodwill
Goodwill
34355000 USD
CY2016Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
8875000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
9157000 USD
CY2016 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
9343000 USD
CY2017Q2 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
7118000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
7610000 USD
CY2016Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2016 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2017Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2016Q2 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
CY2016 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
CY2017Q2 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
CY2016Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
8600000 USD
CY2017Q2 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
7371000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
331000 USD
CY2017Q2 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
407000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
9107000 USD
CY2017Q2 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
7572000 USD
CY2016Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
1387000 USD
CY2017Q2 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
959000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11078000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
35419000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11545000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
24928000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2846000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13512000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3193000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7207000 USD
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-48067000 USD
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-806000 USD
us-gaap Increase Decrease In Federal Funds Sold
IncreaseDecreaseInFederalFundsSold
4315000 USD
us-gaap Increase Decrease In Federal Funds Sold
IncreaseDecreaseInFederalFundsSold
6952000 USD
CY2016Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
33000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
2305000 USD
CY2017Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
36000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
58000 USD
CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2109000 USD
CY2017Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1857000 USD
CY2016Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
27150000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
54351000 USD
CY2017Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
28128000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
55974000 USD
CY2016Q2 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
21271000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
42455000 USD
CY2017Q2 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
22325000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
44266000 USD
CY2017Q2 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
1968958000 USD
CY2016Q4 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
43759000 USD
CY2017Q2 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
42820000 USD
CY2016Q2 us-gaap Interest Expense
InterestExpense
1091000 USD
us-gaap Interest Expense
InterestExpense
2135000 USD
CY2017Q2 us-gaap Interest Expense
InterestExpense
1568000 USD
us-gaap Interest Expense
InterestExpense
2907000 USD
CY2016Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1030000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
2017000 USD
CY2017Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1471000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
2746000 USD
CY2016Q2 us-gaap Interest Expense Other
InterestExpenseOther
35000 USD
us-gaap Interest Expense Other
InterestExpenseOther
69000 USD
CY2017Q2 us-gaap Interest Expense Other
InterestExpenseOther
24000 USD
us-gaap Interest Expense Other
InterestExpenseOther
44000 USD
CY2016Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
26000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
49000 USD
CY2017Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
73000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
117000 USD
CY2016Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
25624000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
50946000 USD
CY2017Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
25520000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
50431000 USD
CY2016Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
26059000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
52216000 USD
CY2017Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
26560000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
53067000 USD
CY2016Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1818000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
3640000 USD
CY2017Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1843000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
3670000 USD
CY2016Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
3694000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
7525000 USD
CY2017Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
3630000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
7387000 USD
CY2016Q4 us-gaap Interest Receivable
InterestReceivable
12311000 USD
CY2017Q2 us-gaap Interest Receivable
InterestReceivable
11564000 USD
CY2016Q4 us-gaap Interestbearing Domestic Deposit Other
InterestbearingDomesticDepositOther
1820675000 USD
CY2016Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
13142000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
26737000 USD
CY2017Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12519000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
25895000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
2574132000 USD
CY2017Q2 us-gaap Liabilities
Liabilities
2540234000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2988527000 USD
CY2017Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2974688000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19946000 USD
CY2016Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19926000 USD
CY2016Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19504000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
18773000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19395000 USD
CY2017Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19680000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-3206000 USD
CY2017Q2 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-3003000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1835974000 USD
CY2017Q2 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1854027000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
5602000 USD
CY2016Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
5503000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
4881000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
2009000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1820407000 USD
CY2017Q2 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1837350000 USD
CY2016Q4 us-gaap Loans Receivable Commercial And Industrial
LoansReceivableCommercialAndIndustrial
1106182000 USD
CY2017Q2 us-gaap Loans Receivable Commercial And Industrial
LoansReceivableCommercialAndIndustrial
1107658000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-33257000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-19633000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-46725000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-36526000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
1558000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-126000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
11910000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
17019000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
8232000 USD
us-gaap Net Income Loss
NetIncomeLoss
21907000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
8352000 USD
us-gaap Net Income Loss
NetIncomeLoss
17721000 USD
CY2016Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
564092000 USD
CY2017Q2 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
415945000 USD
CY2016Q2 us-gaap Noninterest Expense
NoninterestExpense
22760000 USD
us-gaap Noninterest Expense
NoninterestExpense
46107000 USD
CY2017Q2 us-gaap Noninterest Expense
NoninterestExpense
22088000 USD
us-gaap Noninterest Expense
NoninterestExpense
44665000 USD
CY2016Q2 us-gaap Noninterest Income
NoninterestIncome
8214000 USD
us-gaap Noninterest Income
NoninterestIncome
30580000 USD
CY2017Q2 us-gaap Noninterest Income
NoninterestIncome
8113000 USD
us-gaap Noninterest Income
NoninterestIncome
19162000 USD
CY2016Q2 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
648000 USD
us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
476000 USD
CY2017Q2 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
402000 USD
us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
3821000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2016Q2 us-gaap Occupancy Net
OccupancyNet
1722000 USD
us-gaap Occupancy Net
OccupancyNet
3453000 USD
CY2017Q2 us-gaap Occupancy Net
OccupancyNet
1761000 USD
us-gaap Occupancy Net
OccupancyNet
3529000 USD
CY2016Q4 us-gaap Other Assets
OtherAssets
37789000 USD
CY2017Q2 us-gaap Other Assets
OtherAssets
37214000 USD
CY2016Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
1262000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
5300000 USD
CY2017Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
5045000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
8233000 USD
CY2016Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent
-304000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent
-608000 USD
CY2017Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent
-184000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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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;text-decoration:underline;">New accounting standards</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounting Pronouncements Adopted:</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">ASU No. 2016-09, "Improvements to Employee Share-Based Payment Accounting&#8221; includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements. Some of the key provisions of this new ASU include: (1) companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in capital (&#8220;APIC&#8221;). Instead, they will record all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement, and APIC pools will be eliminated. The guidance also eliminates the requirement that excess tax benefits be realized before companies can recognize them. In addition, the guidance requires companies to present excess tax benefits as an operating activity on the statement of cash flows rather than as a financing activity; (2) increase the amount an employer can withhold to cover income taxes on awards and still qualify for the exception to liability classification for shares used to satisfy the employer&#8217;s statutory income tax withholding obligation. The new guidance will also require an employer to classify the cash paid to a tax authority when shares are withheld to satisfy its statutory income tax withholding obligation as a financing activity on its statement of cash flows (current guidance did not specify how these cash flows should be classified); and (3) permit companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards. Forfeitures can be estimated, as required today, or recognized when they occur. The Corporation adopted ASU 2016-09 in the first quarter of 2017. The adoption of ASU No. 2016-09 did not have a material impact 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;">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%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued an update (ASU No. 2014-09, Revenue from Contracts with Customers) creating FASB Topic 606, Revenue from Contracts with Customers. The guidance in this update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides steps to follow to achieve the core principle. An entity should disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. We do not expect the new standard to result in a material change from our current accounting for revenue because the majority of the Corporation&#8217;s revenue is not within the scope of Topic 606, but it will result in new disclosure requirements.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, amending ASU Subtopic 825-10. The amendments in this update make targeted improvements to generally accepted accounting principles (GAAP) as follows: 1) Require equity investments to be measured at fair value with changes in fair value recognized in net income.; 2) Simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment.; 3) Eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities.; 4) Eliminate 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.; 5) Require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes.; 6) Require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments.; 7) Require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements.; and 8) Clarify 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. The amendments in this update are effective for fiscal years beginning after December 15, 2017. The impact is not expected to be material to the financial statements. However, the fair value disclosures for our loan portfolio will consider the exit price upon adoption.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, "Leases." Under the new guidance, lessees will be required to recognize the following for all leases (with the exception of short-term leases): 1) a lease liability, which is the present value of a lessee's obligation to make lease payments, and 2) a right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. Lessor accounting under the new guidance remains largely unchanged as it is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. Leveraged leases have been eliminated, although lessors can continue to account for existing leveraged leases using the current accounting guidance. Other limited changes were made to align lessor accounting with the lessee accounting model and the new revenue recognition standard. All entities will classify leases to determine how to recognize lease-related revenue and expense. Quantitative and qualitative disclosures will be required by lessees and lessors to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The intention is to require enough information to supplement the amounts recorded in the financial statements so that users can understand more about the nature of an entity&#8217;s leasing activities. ASU No. 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. All entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. They have the option to use certain relief; full retrospective application is prohibited. The Corporation is currently evaluating the provisions of ASU No. 2016-02 and will be closely monitoring developments and additional guidance to determine the potential impact the new standard will have on the Corporation's Consolidated Financial Statements. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016 ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), was issued and requires entities to use a current expected credit loss ("CECL") model which is a new impairment model based on expected losses rather than incurred losses. Under this model an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events, current conditions, and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses upon loan origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. Management has initiated an implementation committee to assist in assessing data and system needs for the new standard. Management anticipates the effect will be an increase to the allowance for loan losses upon adoption, however, the overall increase is uncertain at this time.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August of 2016 ASU 2016-15 "Statement of Cash Flows (Topic 230)" ("ASU 2016-15") was issued and is intended to reduce the diversity in practice around how certain transactions are classified within the statement of cash flows. ASU 2016-15 is effective for public companies for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted with retrospective application. The Corporation is assessing ASU 2016-15 but does not expect a significant impact on its accounting and disclosures.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU No. 2017-04, &#8220;Simplifying the Test for Goodwill Impairment.&#8221; The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which a reporting unit&#8217;s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. ASU No. 2017-04 is effective for interim and annual reporting periods beginning after December 15, 2019, applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. The Corporation is assessing ASU 2017-04 but does not expect a significant impact on its accounting and disclosures.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU No. 2017-07, &#8220;Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.&#8221; Under the new guidance, employers will present the service cost component of the net periodic benefit cost in the same income statement line item (e.g., Salaries and Benefits) as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Employers will present the other components separately (e.g., Other Noninterest Expense) from the line item that includes the service cost. ASU No. 2017-07 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, however, the Corporation has decided not to early adopt. Employers will apply the guidance on the presentation of the components of net periodic benefit cost in the income statement retrospectively. The guidance limiting the capitalization of net periodic benefit cost in assets to the service cost component will be applied prospectively. The Corporation is assessing ASU 2017-07 but does not expect a significant impact on its accounting and disclosures.</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU No. 2017-08, &#8220;Premium Amortization on Purchased Callable Debt Securities.&#8221; This ASU shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount; the discount continues to be amortized to maturity. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The impact is not expected to be material on the financial statements of the provisions of ASU No. 2017-08 as the Corporation is already amortizing to call date.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification&#8221;. ASU 2017-09 was issued to provide clarity and reduce both 1) diversity in practice and 2) cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation, to a change to the terms or conditions of a share-based payment award. Diversity in practice has arisen in part because some entities apply modification accounting under Topic 718 for modifications to terms and conditions that they consider substantive, but do not when they conclude that particular modifications are not substantive. Others apply modification accounting for any change to an award, except for changes that they consider purely administrative in nature. Still others apply modification accounting when a change to an award changes the fair value, the vesting, or the classification of the award. In practice, it appears that the evaluation of a change in fair value, vesting, or classification may be used to evaluate whether a change is substantive. ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. ASU 2017-09 is effective for the annual period, and interim periods within the annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period for: (a) public business entities for reporting periods for which financial statements have not yet been issued, and (b) all other entities for reporting periods for which financial statements have not yet been made available for issuance. ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. The Corporation is currently in the process of evaluating the impact of ASU 2017-09 on its consolidated financial statements, but does not expect the adoption of ASU 2017-09 to have material impact on it consolidated financial statements.</font></div></div>

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