2020 Q2 Form 10-Q Financial Statement

#000071456220000065 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $39.26M $41.40M $32.62M
YoY Change 18.03% 26.94% 11.03%
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 $1.550M $1.400M $1.000M
YoY Change 50.49% 40.0% -3.85%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $3.361M $5.053M $3.190M
YoY Change -4.16% 58.4% 67.54%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $14.82M $15.20M $11.90M
YoY Change -6.02% 27.75% 9.25%
Income Tax $2.899M $3.020M $2.217M
% Of Pretax Income 19.56% 19.87% 18.63%
Net Earnings $11.92M $12.18M $9.682M
YoY Change -5.13% 25.81% 8.14%
Net Earnings / Revenue 30.37% 29.42% 29.68%
Basic Earnings Per Share
Diluted Earnings Per Share $868.8K $886.5K $788.3K
COMMON SHARES
Basic Shares Outstanding 13.71M shares 13.75M shares 12.29M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $386.5M $211.0M $54.63M
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 $63.27M $63.14M $45.98M
YoY Change 38.56% 37.33% -3.76%
Goodwill $78.59M $78.59M $34.36M
YoY Change 128.76% 128.76% 0.0%
Intangibles $9.829M $10.24M $1.083M
YoY Change 914.34% 845.15% -29.08%
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 $4.368B $4.062B $3.026B
YoY Change 42.55% 34.27% 2.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $100.1M $83.80M $56.60M
YoY Change 65.45% 48.06% 94.5%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.1M $83.80M $56.60M
YoY Change 65.45% 48.06% 94.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $79.70M $78.10M $61.60M
YoY Change 26.71% 26.79% 10.99%
Total Long-Term Liabilities $79.70M $78.10M $61.60M
YoY Change 26.71% 26.79% 10.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.1M $83.80M $56.60M
Total Long-Term Liabilities $79.70M $78.10M $61.60M
Total Liabilities $3.778B $3.481B $2.563B
YoY Change 46.07% 35.82% 0.83%
SHAREHOLDERS EQUITY
Retained Earnings $509.0M $504.2M $466.4M
YoY Change 7.71% 8.11% 8.06%
Common Stock $142.1M $141.9M $78.80M
YoY Change 79.89% 80.08% 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $70.37M $70.37M $69.47M
YoY Change 1.29% 1.29% -0.52%
Treasury Stock Shares 2.361M shares 2.361M shares 2.342M shares
Shareholders Equity $590.3M $581.8M $462.8M
YoY Change
Total Liabilities & Shareholders Equity $4.368B $4.062B $3.026B
YoY Change 42.55% 34.27% 2.33%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $11.92M $12.18M $9.682M
YoY Change -5.13% 25.81% 8.14%
Depreciation, Depletion And Amortization $1.550M $1.400M $1.000M
YoY Change 50.49% 40.0% -3.85%
Cash From Operating Activities $14.03M $25.68M $14.03M
YoY Change 5.01% 83.03% 55.37%
INVESTING ACTIVITIES
Capital Expenditures -$1.270M $1.557M $309.0K
YoY Change 111.67% 403.88% -28.47%
Acquisitions $0.00 $0.00
YoY Change
Other Investing Activities -$126.0M $51.91M -$22.15M
YoY Change 461.75% -334.36% 357.64%
Cash From Investing Activities -$127.3M $50.35M -$22.04M
YoY Change 452.87% -328.45% 318.2%
FINANCING ACTIVITIES
Cash Dividend Paid $7.142M $6.258M
YoY Change 14.13% 0.19%
Common Stock Issuance & Retirement, Net $1.724M $315.0K
YoY Change 447.3% -19.44%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 288.7M $7.580M -$11.75M
YoY Change 1714.64% -164.5% -67.99%
NET CHANGE
Cash From Operating Activities 14.03M $25.68M $14.03M
Cash From Investing Activities -127.3M $50.35M -$22.04M
Cash From Financing Activities 288.7M $7.580M -$11.75M
Net Change In Cash 175.5M $83.61M -$19.76M
YoY Change 2707.52% -523.1% -40.03%
FREE CASH FLOW
Cash From Operating Activities $14.03M $25.68M $14.03M
Capital Expenditures -$1.270M $1.557M $309.0K
Free Cash Flow $15.30M $24.12M $13.72M
YoY Change 9.6% 75.8% 59.58%

Facts In Submission

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FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
498000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
-386000 USD
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
0 USD
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
707000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
330000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0 USD
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
6393000 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
6184000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
5468000 USD
CY2019Q4 us-gaap Federal Funds Purchased
FederalFundsPurchased
900000 USD
CY2020Q1 us-gaap Federal Funds Purchased
FederalFundsPurchased
2150000 USD
CY2019Q4 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
80119000 USD
CY2020Q1 us-gaap Federal Funds Purchased And Securities Sold Under Agreements To Repurchase
FederalFundsPurchasedAndSecuritiesSoldUnderAgreementsToRepurchase
83784000 USD
CY2019Q4 us-gaap Federal Funds Sold
FederalFundsSold
7500000 USD
CY2020Q1 us-gaap Federal Funds Sold
FederalFundsSold
1000 USD
CY2019Q4 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
30973000 USD
CY2020Q1 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
27494000 USD
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
19895000 USD
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
21021000 USD
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
48000 USD
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
42000 USD
CY2019Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
1163000 USD
CY2019Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
2651893000 USD
CY2020Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
2614336000 USD
CY2019Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
7113000 USD
CY2020Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
9731000 USD
CY2018Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
4806000 USD
CY2019Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
4774000 USD
CY2019Q4 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
4194000 USD
CY2020Q1 us-gaap Financing Receivable Modifications Recorded Investment
FinancingReceivableModificationsRecordedInvestment
4156000 USD
CY2019Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
2634852000 USD
CY2020Q1 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
2597677000 USD
CY2019Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
31590000 USD
CY2020Q1 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
32939000 USD
CY2019Q1 us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
32000 USD
CY2020Q1 us-gaap Financing Receivables Impaired Troubled Debt Restructuring Write Down
FinancingReceivablesImpairedTroubledDebtRestructuringWriteDown
41000 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
420000 USD
CY2020Q1 us-gaap Gain Loss On Sale Of Mortgage Loans
GainLossOnSaleOfMortgageLoans
698000 USD
CY2019Q1 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-8000 USD
CY2020Q1 us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
-23000 USD
CY2019Q4 us-gaap Goodwill
Goodwill
78592000 USD
CY2020Q1 us-gaap Goodwill
Goodwill
78592000 USD
CY2019Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
11831000 USD
CY2019 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
8693000 USD
CY2020Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
8424000 USD
CY2019Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2019 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2020Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
0 USD
CY2019Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
CY2019 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
CY2020Q1 us-gaap Impaired Financing Receivable Interest Income Cash Basis Method
ImpairedFinancingReceivableInterestIncomeCashBasisMethod
0 USD
CY2019Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
7113000 USD
CY2020Q1 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
9731000 USD
CY2019Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
48000 USD
CY2020Q1 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
42000 USD
CY2019Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
7643000 USD
CY2020Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
10261000 USD
CY2019Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
100000 USD
CY2020Q1 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
99000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11899000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
15201000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2217000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3020000 USD
CY2019Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-17171000 USD
CY2020Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
16281000 USD
CY2019Q1 us-gaap Increase Decrease In Federal Funds Sold
IncreaseDecreaseInFederalFundsSold
-2000000 USD
CY2020Q1 us-gaap Increase Decrease In Federal Funds Sold
IncreaseDecreaseInFederalFundsSold
7499000 USD
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10643000 USD
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10236000 USD
CY2019Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
32616000 USD
CY2020Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
41403000 USD
CY2019Q1 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
26754000 USD
CY2020Q1 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
35034000 USD
CY2019Q4 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
126738000 USD
CY2020Q1 us-gaap Interest Bearing Domestic Deposit Certificates Of Deposits
InterestBearingDomesticDepositCertificatesOfDeposits
118162000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
3190000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
5053000 USD
CY2019Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
2817000 USD
CY2020Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
4530000 USD
CY2019Q1 us-gaap Interest Expense Other
InterestExpenseOther
50000 USD
CY2020Q1 us-gaap Interest Expense Other
InterestExpenseOther
256000 USD
CY2019Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
323000 USD
CY2020Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
267000 USD
CY2019Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
27956000 USD
CY2020Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
33660000 USD
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
29426000 USD
CY2020Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
36350000 USD
CY2019Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1867000 USD
CY2020Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
1938000 USD
CY2019Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
3681000 USD
CY2020Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
4029000 USD
CY2019Q4 us-gaap Interest Receivable
InterestReceivable
18523000 USD
CY2020Q1 us-gaap Interest Receivable
InterestReceivable
17098000 USD
CY2019Q4 us-gaap Interestbearing Domestic Deposit Other
InterestbearingDomesticDepositOther
2601430000 USD
CY2020Q1 us-gaap Interestbearing Domestic Deposit Other
InterestbearingDomesticDepositOther
2641311000 USD
CY2019Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
12755000 USD
CY2020Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
15972000 USD
CY2019Q4 us-gaap Liabilities
Liabilities
3465642000 USD
CY2020Q1 us-gaap Liabilities
Liabilities
3480643000 USD
CY2019Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4023250000 USD
CY2020Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4062414000 USD
CY2018Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20436000 USD
CY2019Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
20960000 USD
CY2019Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
19943000 USD
CY2020Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
21063000 USD
CY2019Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-3860000 USD
CY2020Q1 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-4257000 USD
CY2019Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
2652530000 USD
CY2020Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
2618380000 USD
CY2018Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
1530000 USD
CY2019Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount Covered
LoansAndLeasesReceivableGrossCarryingAmountCovered
7269000 USD
CY2019Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
2636447000 USD
CY2020Q1 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
2601574000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-11752000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
7580000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-22039000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
50349000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14030000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
25679000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
9682000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
12181000 USD
CY2019Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
547189000 USD
CY2020Q1 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
531758000 USD
CY2019Q1 us-gaap Noninterest Expense
NoninterestExpense
23693000 USD
CY2020Q1 us-gaap Noninterest Expense
NoninterestExpense
27554000 USD
CY2019Q1 us-gaap Noninterest Income
NoninterestIncome
7636000 USD
CY2020Q1 us-gaap Noninterest Income
NoninterestIncome
9095000 USD
CY2019Q1 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
278000 USD
CY2020Q1 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
341000 USD
CY2019Q4 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
1584447000 USD
CY2020Q1 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
1567340000 USD
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2019Q1 us-gaap Occupancy Net
OccupancyNet
1815000 USD
CY2020Q1 us-gaap Occupancy Net
OccupancyNet
1929000 USD
CY2019Q4 us-gaap Other Assets
OtherAssets
41556000 USD
CY2020Q1 us-gaap Other Assets
OtherAssets
34771000 USD
CY2019Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
10224000 USD
CY2020Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent
13098000 USD
CY2019Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent
-303000 USD
CY2020Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent
-404000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
10221000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
13244000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
10527000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
13502000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
10527000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
13502000 USD
CY2019Q1 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
314000 USD
CY2020Q1 us-gaap Other Interest And Dividend Income
OtherInterestAndDividendIncome
402000 USD
CY2019Q4 us-gaap Other Liabilities
OtherLiabilities
79193000 USD
CY2020Q1 us-gaap Other Liabilities
OtherLiabilities
78134000 USD
CY2019Q1 us-gaap Other Noninterest Expense
OtherNoninterestExpense
7166000 USD
CY2020Q1 us-gaap Other Noninterest Expense
OtherNoninterestExpense
7422000 USD
CY2019Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
1185000 USD
CY2020Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
8611000 USD
CY2019Q4 us-gaap Other Real Estate
OtherRealEstate
3625000 USD
CY2020Q1 us-gaap Other Real Estate
OtherRealEstate
3894000 USD
CY2019Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
0 USD
CY2020Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsAdditionsNoPreviousImpairment
0 USD
CY2018Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
2974000 USD
CY2019Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
2974000 USD
CY2019Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
2974000 USD
CY2020Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
2974000 USD
CY2019Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsCashFlows
0 USD
CY2020Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Cash Flows
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsCashFlows
0 USD
CY2019Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
0 USD
CY2020Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
0 USD
CY2019Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
30828000 USD
CY2020Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
-33764000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
315000 USD
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1724000 USD
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
6258000 USD
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
7142000 USD
CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
16214000 USD
CY2020Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
63516000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
309000 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1557000 USD
CY2019Q1 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
22000 USD
CY2020Q1 us-gaap Payments To Acquire Restricted Investments
PaymentsToAcquireRestrictedInvestments
6000 USD
CY2019Q1 us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
117000000 USD
CY2020Q1 us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
1500000 USD
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
27321000 USD
CY2020Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
46517000 USD
CY2019Q1 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
-13008000 USD
CY2020Q1 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
3665000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
13000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
44000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
0 USD
CY2020Q1 us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
0 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
62576000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
63140000 USD
CY2019Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
1470000 USD
CY2020Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
2690000 USD
CY2019Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-306000 USD
CY2020Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-258000 USD
CY2019Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
92000000 USD
CY2020Q1 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
5000000 USD
CY2019Q4 us-gaap Restricted Investments
RestrictedInvestments
15394000 USD
CY2020Q1 us-gaap Restricted Investments
RestrictedInvestments
15400000 USD
CY2019Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
201000 USD
CY2020Q1 us-gaap Restricted Stock Expense
RestrictedStockExpense
204000 USD
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
492055000 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
504236000 USD
CY2019Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
79219000 USD
CY2020Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
81634000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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P3Y
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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19783 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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19688 shares
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
201000 USD
CY2020Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
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204000 USD
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442701000 USD
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462796000 USD
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557608000 USD
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2313641 shares
CY2020Q1 us-gaap Treasury Stock Shares
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2360630 shares
CY2019Q1 us-gaap Treasury Stock Shares Acquired
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7866 shares
CY2020Q1 us-gaap Treasury Stock Shares Acquired
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46989 shares
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68645000 USD
CY2020Q1 us-gaap Treasury Stock Value
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70369000 USD
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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12282000 shares
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13740000 shares
CY2020Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;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;">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 adopted ASU 2017-04 on January 1, 2020. There was not a significant impact to 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 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. The Corporation adopted ASU 2018-13 on January 1, 2020. As ASU No. 2018-13 only revises disclosure requirements, it did 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 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. The Corporation adopted ASU 2018-15 on January 1, 2020. ASU 2018-15 did 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: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:left;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</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Instruments (ASU 2016-13), was issued and requires entities to use a current expected credit loss ("CECL") model which is a</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">new impairment model based on expected losses rather than incurred losses. Under this model an entity would recognize an</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">current conditions, and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">upon loan origination. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">with early adoption permitted for annual reporting periods beginning after December 15, 2018.</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;color:#212529;">The Corporation formed a cross-functional internal management committee and engaged a third party vendor to assist with the</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">transition to the guidance set forth in this update. The new allowance model implemented by the Corporation estimates credit</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">losses over the expected life of the portfolio and includes a qualitative framework to account for the drivers of losses that are</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">not captured by the quantitative model. The results continue to be utilized to refine our models and estimation techniques.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">Documentation of new methodologies and internal controls that will be implemented as part of CECL as well as model</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">validation is also being finalized. While the committee continues to analyze and modify calculations, the Corporation currently</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">expects the adoption of ASU 2016-13 will result in an increase in allowance for loan losses amount at January 1, 2020 in the</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">range of $15 million to $25 million. The allowance for credit losses also increased due to the requirement to record an</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">allowance on acquired loan portfolios, previously recorded at fair value. Once finalized, the cumulative effect adjustment, as a</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#212529;">result of the adoption of this guidance, was originally to be recorded on January 1, 2020, net of tax, as an adjustment to retained earnings. This estimate is subject to change as key assumptions are refined and model validations are finalized.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On March&#160;27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed by the President of the United States that included an option for entities to delay the implementation of ASU&#160;2016-13&#160;until the earlier of the termination date of the national emergency declaration by the President or December&#160;31, 2020. Due to the uncertainty on the economy and unemployment from&#160;COVID-19, the Corporation has determined to delay its implementation of ASU&#160;2016-13&#160;and has calculated and recorded its provision for loan losses under the incurred loss model that existed prior to ASU&#160;2016-13.</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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2019, the FASB issued ASU 2019-12 &#8220;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.&#8221; These amendments remove specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: exception to the incremental approach for intraperiod tax allocation; exceptions to accounting for basis differences where there are ownership changes in foreign investments; and exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. It also improves financial statement preparers&#8217; application of income tax-related guidance and simplifies GAAP for: franchise taxes that are partially based on income; transactions with a government that result in a step up in the tax basis of goodwill; separate financial statements of legal entities that are not subject to tax; and enacts changes in tax laws in interim periods. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The Corporation is assessing ASU 2019-12 and its impact on its accounting and disclosure.</font></div></div>

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