2018 Q4 Form 10-Q Financial Statement

#000071456218000063 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $31.38M $28.81M
YoY Change 8.92% 4.94%
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 $1.030M $1.050M $1.080M
YoY Change -4.63% -2.78% -8.47%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.974M $2.548M $1.697M
YoY Change 71.51% 50.15% 54.41%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $13.26M $13.97M $12.18M
YoY Change 4.82% 14.7% 8.96%
Income Tax $2.200M $2.656M $3.385M
% Of Pretax Income 16.59% 19.01% 27.79%
Net Earnings $11.06M $11.31M $8.794M
YoY Change 322.63% 28.64% 7.74%
Net Earnings / Revenue 36.06% 30.53%
Basic Earnings Per Share
Diluted Earnings Per Share $901.4K $922.5K $719.3K
COMMON SHARES
Basic Shares Outstanding 12.26M shares 12.26M shares 12.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $74.39M $50.02M $61.00M
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 $46.55M $46.99M $47.29M
YoY Change -3.56% -0.64% -4.83%
Goodwill $34.36M $34.36M $34.36M
YoY Change 0.0% 0.0% 0.0%
Intangibles $1.197M $1.310M $1.744M
YoY Change -26.56% -24.89% -22.59%
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 $3.009B $2.981B $2.982B
YoY Change 0.27% -0.05% -1.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $69.70M $58.70M $23.50M
YoY Change 20.8% 149.79% -25.16%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.70M $58.70M $23.50M
YoY Change 20.8% 149.79% -25.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $59.60M $52.40M $61.90M
YoY Change -15.82% -15.35% -18.77%
Total Long-Term Liabilities $59.60M $52.40M $61.90M
YoY Change -15.82% -15.35% -18.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.70M $58.70M $23.50M
Total Long-Term Liabilities $59.60M $52.40M $61.90M
Total Liabilities $2.566B $2.553B $2.539B
YoY Change -0.81% 0.57% -2.24%
SHAREHOLDERS EQUITY
Retained Earnings $456.7M $451.9M $442.2M
YoY Change 8.67% 2.19% 5.4%
Common Stock $78.60M $78.01M $76.88M
YoY Change 1.49% 1.47% 1.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $69.16M $69.84M $70.12M
YoY Change -0.42% -0.39% -0.58%
Treasury Stock Shares 2.334M shares 2.357M shares 2.372M shares
Shareholders Equity $442.7M $427.8M $443.6M
YoY Change
Total Liabilities & Shareholders Equity $3.009B $2.981B $2.982B
YoY Change 0.27% -0.05% -1.22%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $11.06M $11.31M $8.794M
YoY Change 322.63% 28.64% 7.74%
Depreciation, Depletion And Amortization $1.030M $1.050M $1.080M
YoY Change -4.63% -2.78% -8.47%
Cash From Operating Activities $15.93M $19.04M $21.87M
YoY Change 11.32% -12.94% 41.1%
INVESTING ACTIVITIES
Capital Expenditures -$490.0K -$540.0K $40.00K
YoY Change -74.74% -1450.0% -102.94%
Acquisitions
YoY Change
Other Investing Activities $3.300M -$30.98M -$7.360M
YoY Change -116.22% 320.92% -85.04%
Cash From Investing Activities $2.810M -$31.53M -$7.330M
YoY Change -112.61% 330.15% -85.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.650M 12.41M -8.920M
YoY Change -73.2% -239.13% -118.97%
NET CHANGE
Cash From Operating Activities 15.93M 19.04M 21.87M
Cash From Investing Activities 2.810M -31.53M -7.330M
Cash From Financing Activities 5.650M 12.41M -8.920M
Net Change In Cash 24.39M -80.00K 5.620M
YoY Change 86.04% -101.42% -53.01%
FREE CASH FLOW
Cash From Operating Activities $15.93M $19.04M $21.87M
Capital Expenditures -$490.0K -$540.0K $40.00K
Free Cash Flow $16.42M $19.58M $21.83M
YoY Change 1.05% -10.31% 29.48%

Facts In Submission

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us-gaap Equipment Expense
EquipmentExpense
5016000 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
0 USD
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
0 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
2773000 USD
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
13000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
4158000 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
1066000 USD
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
40000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
15885000 USD
CY2018Q3 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
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
16578000 USD
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
18285000 USD
CY2018Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
6585000 USD
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
6558000 USD
CY2017Q3 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
228000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
689000 USD
CY2018Q3 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
223000 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
673000 USD
CY2017Q4 us-gaap Federal Funds Purchased
FederalFundsPurchased
30165000 USD
CY2018Q3 us-gaap Federal Funds Purchased
FederalFundsPurchased
33000000 USD
CY2017Q4 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
57686000 USD
CY2018Q3 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
58680000 USD
CY2017Q4 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
0 USD
CY2018Q3 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
35000000 USD
CY2017Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
19284000 USD
CY2018Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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20267000 USD
CY2017Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
625000 USD
CY2018Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
34000 USD
CY2017Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
901000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
3536000 USD
CY2018Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1108000 USD
us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
2786000 USD
CY2017Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
1964000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
6328000 USD
CY2018Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
2348000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
6692000 USD
CY2017Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1901080000 USD
CY2018Q3 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
1938625000 USD
CY2017Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
10082000 USD
CY2018Q3 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
9435000 USD
CY2016Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
8565000 USD
CY2017Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
7984000 USD
CY2017Q3 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
7424000 USD
CY2017Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
7034000 USD
CY2018Q2 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
6819000 USD
CY2018Q3 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
4847000 USD
CY2017Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1891717000 USD
CY2018Q3 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
1934699000 USD
CY2017Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
21305000 USD
CY2018Q3 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
14888000 USD
CY2017Q3 us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
172000 USD
us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
283000 USD
CY2018Q3 us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
7000 USD
CY2017Q3 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
535000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
1255000 USD
CY2018Q3 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
618000 USD
us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
1458000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-61000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-101000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
34355000 USD
CY2018Q3 us-gaap Goodwill
Goodwill
34355000 USD
CY2017Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
9388000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
8309000 USD
CY2017 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
8663000 USD
CY2018Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
10707000 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
11269000 USD
CY2017Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2017 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2018Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2017Q3 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
CY2017 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
CY2018Q3 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
CY2017Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
10082000 USD
CY2018Q3 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
9435000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
625000 USD
CY2018Q3 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
34000 USD
CY2017Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
10283000 USD
CY2018Q3 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
9635000 USD
CY2017Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
3882000 USD
CY2018Q3 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
140000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
12179000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
37107000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13969000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
44468000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3385000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10592000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2656000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8941000 USD
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
24880000 USD
us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-51592000 USD
us-gaap Increase Decrease In Federal Funds Sold
IncreaseDecreaseInFederalFundsSold
-2446000 USD
us-gaap Increase Decrease In Federal Funds Sold
IncreaseDecreaseInFederalFundsSold
-7600000 USD
CY2017Q3 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
0 USD
CY2017Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1630000 USD
CY2018Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1310000 USD
CY2017Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
28805000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
84779000 USD
CY2018Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
31375000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
93655000 USD
CY2017Q3 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
23119000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
67385000 USD
CY2018Q3 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
25581000 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
73982000 USD
CY2018Q3 us-gaap Interest Bearing Deposit Liabilities Domestic
InterestBearingDepositLiabilitiesDomestic
1945820000 USD
CY2017Q4 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
43178000 USD
CY2018Q3 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
40904000 USD
CY2017Q3 us-gaap Interest Expense
InterestExpense
1697000 USD
us-gaap Interest Expense
InterestExpense
4604000 USD
CY2018Q3 us-gaap Interest Expense
InterestExpense
2548000 USD
us-gaap Interest Expense
InterestExpense
6671000 USD
CY2017Q3 us-gaap Interest Expense Deposits
InterestExpenseDeposits
1561000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
4307000 USD
CY2018Q3 us-gaap Interest Expense Deposits
InterestExpenseDeposits
2365000 USD
us-gaap Interest Expense Deposits
InterestExpenseDeposits
6254000 USD
CY2017Q3 us-gaap Interest Expense Other
InterestExpenseOther
38000 USD
us-gaap Interest Expense Other
InterestExpenseOther
82000 USD
CY2018Q3 us-gaap Interest Expense Other
InterestExpenseOther
16000 USD
us-gaap Interest Expense Other
InterestExpenseOther
63000 USD
CY2017Q3 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
98000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
215000 USD
CY2018Q3 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
167000 USD
us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
354000 USD
CY2017Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
25923000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
76354000 USD
CY2018Q3 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
27357000 USD
us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
82686000 USD
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
27108000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
80175000 USD
CY2018Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
28827000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
86984000 USD
CY2017Q3 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1859000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
5529000 USD
CY2018Q3 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1873000 USD
us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
5573000 USD
CY2017Q3 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
3500000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
10887000 USD
CY2018Q3 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
3601000 USD
us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
13141000 USD
CY2017Q4 us-gaap Interest Receivable
InterestReceivable
12913000 USD
CY2018Q3 us-gaap Interest Receivable
InterestReceivable
14630000 USD
CY2017Q4 us-gaap Interestbearing Domestic Deposit Other
InterestbearingDomesticDepositOther
1990474000 USD
CY2017Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12489000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
37780000 USD
CY2018Q3 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12485000 USD
us-gaap Labor And Related Expense
LaborAndRelatedExpense
38028000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
2587099000 USD
CY2018Q3 us-gaap Liabilities
Liabilities
2553161000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3000668000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2980935000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
18773000 USD
CY2017Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19680000 USD
CY2017Q3 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19802000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19909000 USD
CY2018Q2 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20071000 USD
CY2018Q3 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20301000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-3152000 USD
CY2018Q3 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-2848000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1903609000 USD
CY2018Q3 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
1938932000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
1983000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
1598000 USD
CY2017Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1886852000 USD
CY2018Q3 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
1921479000 USD
CY2017Q4 us-gaap Loans Receivable Commercial And Industrial
LoansReceivableCommercialAndIndustrial
1139490000 USD
CY2018Q3 us-gaap Loans Receivable Commercial And Industrial
LoansReceivableCommercialAndIndustrial
1150536000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-14009000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
-24089000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-45450000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-28485000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4389000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-37125000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
35830000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
41521000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
8794000 USD
us-gaap Net Income Loss
NetIncomeLoss
26515000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
11313000 USD
us-gaap Net Income Loss
NetIncomeLoss
35527000 USD
CY2017Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
425001000 USD
CY2018Q3 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
420337000 USD
CY2017Q3 us-gaap Noninterest Expense
NoninterestExpense
22284000 USD
us-gaap Noninterest Expense
NoninterestExpense
66949000 USD
CY2018Q3 us-gaap Noninterest Expense
NoninterestExpense
22297000 USD
us-gaap Noninterest Expense
NoninterestExpense
68191000 USD
CY2017Q3 us-gaap Noninterest Income
NoninterestIncome
8540000 USD
us-gaap Noninterest Income
NoninterestIncome
27702000 USD
CY2018Q3 us-gaap Noninterest Income
NoninterestIncome
8909000 USD
us-gaap Noninterest Income
NoninterestIncome
29973000 USD
CY2017Q3 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
666000 USD
us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
1484000 USD
CY2018Q3 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
897000 USD
us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
1984000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2017Q3 us-gaap Occupancy Net
OccupancyNet
1769000 USD
us-gaap Occupancy Net
OccupancyNet
5298000 USD
CY2018Q3 us-gaap Occupancy Net
OccupancyNet
1894000 USD
us-gaap Occupancy Net
OccupancyNet
5308000 USD
CY2017Q4 us-gaap Other Assets
OtherAssets
30333000 USD
CY2018Q3 us-gaap Other Assets
OtherAssets
22054000 USD
CY2017Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-51000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
8182000 USD
CY2018Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-3702000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
-16083000 USD
CY2017Q3 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
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent
-551000 USD
CY2018Q3 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent
-281000 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%;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, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. 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. 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, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. 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, Simplifying the Test for Goodwill Impairment. 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%;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;">In July 2018, the FASB issued ASU No. 2018-11,&#160;Leases - Targeted Improvements,&#160;to provide entities with relief from the costs of implementing certain aspects of the new leasing standard, ASU No. 2016-02. Specifically, under the amendments in ASU 2018-11: (1) entities may elect not to recast the comparative periods presented when transitioning to the new leasing standard, and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. The amendments have the same effective date as ASU 2016-02 (January 1, 2019 for the Corporation). The Corporation expects to elect both transition options. ASU 2018-11 is not expected to have a material impact on the Corporation&#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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13,&#160;Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;</font><font style="font-family:inherit;font-size:10pt;">This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities are also allowed to elect early adoption the eliminated or modified disclosure requirements and delay adoption of the new disclosure requirements until their effective date. As ASU No. 2018-13 only revises disclosure requirements, it will not have a material impact on the Corporation&#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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-14,&#160;Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">&#160;</font><font style="font-family:inherit;font-size:10pt;">This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020; early adoption is permitted. As ASU 2018-14 only revises disclosure requirements, it will not have a material impact on the Corporation&#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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2018, the FASB issued ASU No. 2018-15,&#160;Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.&#160;This ASU requires an entity in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs should be presented in the same line item on the balance sheet as amounts prepaid for the hosted service, if any (generally as an &#8220;other asset&#8221;). The capitalized costs will be amortized over the term of the hosting arrangement, with the amortization expense being presented in the same income statement line item as the fees paid for the hosted service. ASU 2018-15 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. ASU 2018-15 will not have a material impact on the Corporation&#8217;s financial statements.</font></div></div>

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