2018 Q3 Form 10-Q Financial Statement

#000071456218000051 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $31.38M $32.90M $28.13M
YoY Change 8.92% 16.98% 3.6%
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 $1.050M $1.040M $1.120M
YoY Change -2.78% -7.14% -8.94%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.548M $2.219M $1.568M
YoY Change 50.15% 41.52% 43.72%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $13.97M $19.61M $11.55M
YoY Change 14.7% 69.83% 4.22%
Income Tax $2.656M $4.346M $3.193M
% Of Pretax Income 19.01% 22.17% 27.66%
Net Earnings $11.31M $15.26M $8.352M
YoY Change 28.64% 82.72% 1.46%
Net Earnings / Revenue 36.06% 46.38% 29.69%
Basic Earnings Per Share
Diluted Earnings Per Share $922.5K $1.245M $683.3K
COMMON SHARES
Basic Shares Outstanding 12.26M shares 12.26M shares 12.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $50.02M $50.08M $55.38M
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 $46.99M $47.37M $48.30M
YoY Change -0.64% -1.91% -2.14%
Goodwill $34.36M $34.36M $34.36M
YoY Change 0.0% 0.0% 0.0%
Intangibles $1.310M $1.424M $1.857M
YoY Change -24.89% -23.32% -22.53%
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 $2.981B $2.968B $2.975B
YoY Change -0.05% -0.22% 0.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $58.70M $32.60M $51.90M
YoY Change 149.79% -37.19% -16.56%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.70M $32.60M $51.90M
YoY Change 149.79% -37.19% -16.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $52.40M $60.00M $60.50M
YoY Change -15.35% -0.83% -21.83%
Total Long-Term Liabilities $52.40M $60.00M $60.50M
YoY Change -15.35% -0.83% -21.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.70M $32.60M $51.90M
Total Long-Term Liabilities $52.40M $60.00M $60.50M
Total Liabilities $2.553B $2.548B $2.540B
YoY Change 0.57% 0.32% -0.18%
SHAREHOLDERS EQUITY
Retained Earnings $451.9M $440.6M $433.4M
YoY Change 2.19% 1.65% 5.35%
Common Stock $78.01M $77.82M $76.70M
YoY Change 1.47% 1.46% 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $69.84M $69.84M $70.12M
YoY Change -0.39% -0.39% -0.21%
Treasury Stock Shares 2.357M shares 2.357M shares 2.372M shares
Shareholders Equity $427.8M $419.7M $434.5M
YoY Change
Total Liabilities & Shareholders Equity $2.981B $2.968B $2.975B
YoY Change -0.05% -0.22% 0.56%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $11.31M $15.26M $8.352M
YoY Change 28.64% 82.72% 1.46%
Depreciation, Depletion And Amortization $1.050M $1.040M $1.120M
YoY Change -2.78% -7.14% -8.94%
Cash From Operating Activities $19.04M $13.45M $3.530M
YoY Change -12.94% 281.02% -399.15%
INVESTING ACTIVITIES
Capital Expenditures -$540.0K -$550.0K -$730.0K
YoY Change -1450.0% -24.66% 2333.33%
Acquisitions
YoY Change
Other Investing Activities -$30.98M $210.0K -$3.710M
YoY Change 320.92% -105.66% -87.79%
Cash From Investing Activities -$31.53M -$330.0K -$4.430M
YoY Change 330.15% -92.55% -85.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.41M -4.190M 5.770M
YoY Change -239.13% -172.62% -72.39%
NET CHANGE
Cash From Operating Activities 19.04M 13.45M 3.530M
Cash From Investing Activities -31.53M -330.0K -4.430M
Cash From Financing Activities 12.41M -4.190M 5.770M
Net Change In Cash -80.00K 8.930M 4.870M
YoY Change -101.42% 83.37% -145.56%
FREE CASH FLOW
Cash From Operating Activities $19.04M $13.45M $3.530M
Capital Expenditures -$540.0K -$550.0K -$730.0K
Free Cash Flow $19.58M $14.00M $4.260M
YoY Change -10.31% 228.64% -470.43%

Facts In Submission

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1066000 USD
CY2018Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
15152000 USD
CY2018Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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16578000 USD
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
18285000 USD
CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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18665000 USD
CY2018Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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6585000 USD
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228000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
461000 USD
CY2018Q2 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
223000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
450000 USD
CY2017Q4 us-gaap Federal Funds Purchased
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30165000 USD
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8848000 USD
CY2017Q4 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
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57686000 USD
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32589000 USD
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0 USD
CY2018Q2 us-gaap Federal Funds Sold
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0 USD
CY2017Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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19284000 USD
CY2018Q2 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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19840000 USD
CY2017Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
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625000 USD
CY2018Q2 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
231000 USD
CY2017Q2 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1335000 USD
CY2018Q2 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
745000 USD
CY2017Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
2090000 USD
CY2018Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
2271000 USD
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1901080000 USD
CY2018Q2 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1921169000 USD
CY2017Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
10082000 USD
CY2018Q2 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
11976000 USD
CY2017Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
8158000 USD
CY2017Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
7984000 USD
CY2018Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
6919000 USD
CY2018Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
6819000 USD
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1891717000 USD
CY2018Q2 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1918153000 USD
CY2017Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
21305000 USD
CY2018Q2 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
16553000 USD
CY2017Q2 us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
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55000 USD
CY2018Q2 us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
40000 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
CY2018Q2 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
500000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
840000 USD
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-36000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
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16000 USD
CY2017Q4 us-gaap Goodwill
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34355000 USD
CY2018Q2 us-gaap Goodwill
Goodwill
34355000 USD
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7118000 USD
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8663000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
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11877000 USD
CY2017Q2 us-gaap Impaired Financing Receivable Interest Income Accrual Method
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0 USD
CY2017 us-gaap Impaired Financing Receivable Interest Income Accrual Method
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0 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
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0 USD
CY2017Q2 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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0 USD
CY2017 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
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0 USD
us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
CY2017Q4 us-gaap Impaired Financing Receivable Recorded Investment
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10082000 USD
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11976000 USD
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625000 USD
CY2018Q2 us-gaap Impaired Financing Receivable Related Allowance
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231000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
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10283000 USD
CY2018Q2 us-gaap Impaired Financing Receivable Unpaid Principal Balance
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12177000 USD
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3882000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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24928000 USD
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2563000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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11545000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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19607000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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30499000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3193000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7207000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4346000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6285000 USD
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-806000 USD
us-gaap Increase Decrease In Deposits
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-4318000 USD
us-gaap Increase Decrease In Federal Funds Sold
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6952000 USD
us-gaap Increase Decrease In Federal Funds Sold
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0 USD
CY2017Q2 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
0 USD
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1630000 USD
CY2018Q2 us-gaap Intangible Assets Net Excluding Goodwill
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1424000 USD
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28128000 USD
us-gaap Interest And Dividend Income Operating
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55974000 USD
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InterestAndDividendIncomeOperating
32903000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
62280000 USD
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InterestAndFeeIncomeLoansAndLeases
22325000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
44266000 USD
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InterestAndFeeIncomeLoansAndLeases
24778000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
48401000 USD
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CY2017Q4 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
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43178000 USD
CY2018Q2 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
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40279000 USD
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1568000 USD
us-gaap Interest Expense
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2907000 USD
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InterestExpense
2219000 USD
us-gaap Interest Expense
InterestExpense
4123000 USD
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InterestExpenseDeposits
1471000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
2746000 USD
CY2018Q2 us-gaap Interest Expense Deposits
InterestExpenseDeposits
2125000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
3889000 USD
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24000 USD
us-gaap Interest Expense Other
InterestExpenseOther
44000 USD
CY2018Q2 us-gaap Interest Expense Other
InterestExpenseOther
6000 USD
us-gaap Interest Expense Other
InterestExpenseOther
47000 USD
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73000 USD
us-gaap Interest Expense Short Term Borrowings
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117000 USD
CY2018Q2 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
88000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
187000 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
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50431000 USD
CY2018Q2 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
29329000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
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55329000 USD
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26560000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
53067000 USD
CY2018Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
30684000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
58157000 USD
CY2017Q2 us-gaap Interest Income Securities Tax Exempt
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1843000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
3670000 USD
CY2018Q2 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1860000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
3700000 USD
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InterestIncomeSecuritiesTaxable
3630000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
7387000 USD
CY2018Q2 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
5947000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
9540000 USD
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12913000 USD
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InterestReceivable
12345000 USD
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12218000 USD
us-gaap Labor And Related Expense
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25293000 USD
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LaborAndRelatedExpense
12578000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
25543000 USD
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Liabilities
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CY2018Q2 us-gaap Liabilities
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2548353000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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3000668000 USD
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CY2017Q1 us-gaap Loans And Leases Receivable Allowance
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19395000 USD
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LoansAndLeasesReceivableAllowance
19680000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19909000 USD
CY2018Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20242000 USD
CY2018Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20071000 USD
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1903609000 USD
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LoansAndLeasesReceivableGrossCarryingAmount
1925822000 USD
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LoansAndLeasesReceivableGrossCarryingAmountCovered
2009000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
1860000 USD
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1886852000 USD
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LoansAndLeasesReceivableNetReportedAmount
1908501000 USD
CY2017Q4 us-gaap Loans Receivable Commercial And Industrial
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1139490000 USD
CY2018Q2 us-gaap Loans Receivable Commercial And Industrial
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us-gaap Net Cash Provided By Used In Continuing Operations
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us-gaap Net Cash Provided By Used In Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-36526000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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2935000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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13958000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
22480000 USD
CY2017Q2 us-gaap Net Income Loss
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8352000 USD
us-gaap Net Income Loss
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17721000 USD
CY2018Q2 us-gaap Net Income Loss
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15261000 USD
us-gaap Net Income Loss
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24214000 USD
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425001000 USD
CY2018Q2 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
430382000 USD
CY2017Q2 us-gaap Noninterest Expense
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22088000 USD
us-gaap Noninterest Expense
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44665000 USD
CY2018Q2 us-gaap Noninterest Expense
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22683000 USD
us-gaap Noninterest Expense
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45894000 USD
CY2017Q2 us-gaap Noninterest Income
NoninterestIncome
8113000 USD
us-gaap Noninterest Income
NoninterestIncome
19162000 USD
CY2018Q2 us-gaap Noninterest Income
NoninterestIncome
12961000 USD
us-gaap Noninterest Income
NoninterestIncome
21064000 USD
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438000 USD
us-gaap Noninterest Income Other Operating Income
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818000 USD
CY2018Q2 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
768000 USD
us-gaap Noninterest Income Other Operating Income
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1087000 USD
us-gaap Number Of Reportable Segments
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1 segment
CY2017Q2 us-gaap Occupancy Net
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1761000 USD
us-gaap Occupancy Net
OccupancyNet
3529000 USD
CY2018Q2 us-gaap Occupancy Net
OccupancyNet
1633000 USD
us-gaap Occupancy Net
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3414000 USD
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OtherAssets
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CY2018Q2 us-gaap Other Assets
OtherAssets
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5045000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
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8233000 USD
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OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-4682000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
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-11883000 USD
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-184000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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-367000 USD
CY2018Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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-281000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent
2302000 USD
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5055000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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5229000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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5229000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-4401000 USD
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OtherInterestAndDividendIncome
330000 USD
us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
651000 USD
CY2018Q2 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
318000 USD
us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
639000 USD
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CY2018Q2 us-gaap Other Liabilities
OtherLiabilities
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us-gaap Other Noninterest Expense
OtherNoninterestExpense
11750000 USD
CY2018Q2 us-gaap Other Noninterest Expense
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6599000 USD
us-gaap Other Noninterest Expense
OtherNoninterestExpense
13144000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
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us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
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us-gaap Other Operating Income
OtherOperatingIncome
3061000 USD
CY2018Q2 us-gaap Other Operating Income
OtherOperatingIncome
4158000 USD
us-gaap Other Operating Income
OtherOperatingIncome
4158000 USD
CY2017Q4 us-gaap Other Real Estate
OtherRealEstate
1880000 USD
CY2018Q2 us-gaap Other Real Estate
OtherRealEstate
497000 USD
CY2017Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
0 USD
CY2018Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
0 USD
CY2016Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
7132000 USD
CY2017Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
7132000 USD
CY2017Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
7132000 USD
CY2018Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
2974000 USD
CY2017Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsCashFlows
0 USD
CY2018Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsCashFlows
0 USD
CY2017Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;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%;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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2018, the Corporation adopted ASU 2014-09, Revenue from Contracts with Customers and all subsequent amendments to the ASU (collectively, "ASC 606"), which (i) creates a single framework for recognizing revenue from contracts with customers that fall within its scope and (ii) revises when it is appropriate to recognize a gain (loss) from the transfer of nonfinancial assets, such as OREO. The majority of the Corporation's revenues come from interest income and other sources, including loans, leases, securities and derivatives, that are outside the scope of ASC 606. The Corporation's services that fall within the scope of ASC 606 are presented within Non-Interest Income and are recognized as revenue as the Corporation satisfies its obligation to the customer. Services within the scope of ASC 606 include service charges on deposits, asset management fees, interchange income, and the sale of OREO. Refer to Note 8 Revenue from Contracts with Customers for further discussion on the Corporation's accounting policies for revenue sources within the scope of ASC 606. The Corporation adopted ASC 606 using the modified retrospective method applied to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606 while prior period amounts continue to be reported in accordance with legacy GAAP. The adoption of ASC 606 did not result in a change to the accounting for any of the in-scope revenue streams; as such, no cumulative effect adjustment was recorded.</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 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 Corporation adopted ASU 2016-01 on January 1, 2018 and did not have a significant impact on the financial statements. However, the fair value disclosures for our loan portfolio considers the exit price.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 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 adopted ASU 2016-15 on January 1, 2018 and did not have a significant impact on its accounting and disclosures.</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 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 was permitted. 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 adopted ASU 2017-07 on January 1, 2018, and did not have a significant impact on its accounting and disclosures.</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: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 was 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 adopted ASU 2017-09 on January 1, 2018 on its consolidated financial statements, and did not have a significant impact on its consolidated 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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2018, the FASB issued ASU 2018-02, &#8220;Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.&#8221; ASU 2018-02 was issued to address the income tax accounting treatment of the stranded tax effects within other comprehensive income due to the prohibition of backward tracing due to an income tax rate change that was initially recorded in other comprehensive income. This issue came about from the enactment of the Tax Cuts and Jobs Act on December 22, 2017 that changed the Company&#8217;s income tax rate from 35% to 21%. The ASU changed current accounting whereby an entity may elect to reclassify the stranded tax effect from</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">accumulated other comprehensive income to retained earnings. The ASU is effective for periods beginning after December 15, </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2018 although early adoption is permitted. The Corporation early adopted the standard in the first quarter of 2018 and reclassified $2.4 million from accumulated other comprehensive income to retained earnings.</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;">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 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 continues to evaluate the provision of the new lease standard, but due to the small number of lease agreements presently in effect for the Corporation, does not expect the new guidance will have a significant impact on the Corporation's financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016 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%;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 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>

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