$VBFC
Village Bank & Trust Financial Corp.

2017 Q4 Form 10-Q Financial Statement

#000114420417058288 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $6.458M $7.453M
YoY Change -13.35% 9.36%
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 $190.0K $180.0K $200.0K
YoY Change 18.75% -10.0% 0.0%
% of Gross Profit
Operating Expenses $6.079M $6.873M
YoY Change -11.55% 8.34%
Operating Profit
YoY Change
Interest Expense $688.0K $660.0K
YoY Change 4.24% -6.12%
% of Operating Profit
Other Income/Expense, Net $1.975M $2.635M
YoY Change -25.05%
Pretax Income $210.0K $379.0K $580.0K
YoY Change -70.0% -34.66% 23.14%
Income Tax $50.00K $106.0K -$11.35M
% Of Pretax Income 23.81% 27.97% -1957.24%
Net Earnings -$4.020M $273.0K $11.93M
YoY Change -873.08% -97.71% 2433.33%
Net Earnings / Revenue 4.23% 160.1%
Basic Earnings Per Share $0.11 $8.21
Diluted Earnings Per Share -$2.956M $0.11 $8.21
COMMON SHARES
Basic Shares Outstanding 1.431M shares 1.431K shares 1.430K shares
Diluted Shares Outstanding 1.431K shares 1.430K shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $31.76M
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 $12.98M $13.10M $12.71M
YoY Change 1.76% 3.11% -7.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $600.0K $800.0K $800.0K
YoY Change -25.0% 0.0% -94.2%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $477.0M $464.7M $446.3M
YoY Change 7.23% 4.13% 5.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -92.31%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.600M $0.00 $200.0K
YoY Change 1500.0% -100.0% -33.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -92.31%
LONG-TERM LIABILITIES
Long-Term Debt $8.800M $8.800M $8.800M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $3.300M $3.200M $6.400M
YoY Change -50.0% -50.0% -15.79%
Total Long-Term Liabilities $12.10M $12.00M $15.20M
YoY Change -21.43% -21.05% -7.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.0K $100.0K $100.0K
Total Long-Term Liabilities $12.10M $12.00M $15.20M
Total Liabilities $437.6M $421.1M $402.8M
YoY Change 9.09% 4.53% 2.5%
SHAREHOLDERS EQUITY
Retained Earnings -$24.69M -$21.50M
YoY Change 16.63%
Common Stock $5.672M $5.618M
YoY Change 0.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.33M $43.63M $43.46M
YoY Change
Total Liabilities & Shareholders Equity $477.0M $464.7M $446.3M
YoY Change 7.23% 4.13% 5.34%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$4.020M $273.0K $11.93M
YoY Change -873.08% -97.71% 2433.33%
Depreciation, Depletion And Amortization $190.0K $180.0K $200.0K
YoY Change 18.75% -10.0% 0.0%
Cash From Operating Activities -$1.540M $5.940M $2.380M
YoY Change -167.54% 149.58% -75.64%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$460.0K -$310.0K
YoY Change -52.38% 48.39% 40.91%
Acquisitions
YoY Change
Other Investing Activities -$27.43M -$9.080M -$15.78M
YoY Change 36.13% -42.46% -801.33%
Cash From Investing Activities -$27.52M -$9.540M -$16.09M
YoY Change 35.17% -40.71% -892.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.17M 2.010M 16.50M
YoY Change -960.11% -87.82% -389.98%
NET CHANGE
Cash From Operating Activities -1.540M 5.940M 2.380M
Cash From Investing Activities -27.52M -9.540M -16.09M
Cash From Financing Activities 16.17M 2.010M 16.50M
Net Change In Cash -12.89M -1.590M 2.790M
YoY Change -35.42% -156.99% -54.34%
FREE CASH FLOW
Cash From Operating Activities -$1.540M $5.940M $2.380M
Capital Expenditures -$100.0K -$460.0K -$310.0K
Free Cash Flow -$1.440M $6.400M $2.690M
YoY Change -157.83% 137.92% -73.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1430 shares
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1431 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1430 shares
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1430 shares
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0 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1423 shares
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3000 USD
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1000 USD
CY2017Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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189000 USD
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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276000 USD
CY2017Q3 vbfc Available For Sale Securities Average Yield
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0.0175 pure
CY2016Q4 vbfc Available For Sale Securities Average Yield
AvailableForSaleSecuritiesAverageYield
0.0145 pure
CY2017Q3 us-gaap Available For Sale Securities Gross Realized Gains
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0 USD
CY2016Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
15000 USD
CY2017Q3 us-gaap Available For Sale Securities Gross Realized Losses
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0 USD
CY2016Q3 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0 USD
us-gaap Available For Sale Securities Gross Realized Gains
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0 USD
us-gaap Available For Sale Securities Gross Realized Gains
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162000 USD
us-gaap Available For Sale Securities Gross Realized Losses
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9000 USD
us-gaap Available For Sale Securities Gross Realized Losses
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0 USD
CY2017Q3 us-gaap Operating Loss Carryforwards
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23028000 USD
CY2017Q3 vbfc Operating Loss Carry Forwards Subject To Limitation By Irs Per Year
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908000 USD
CY2017Q3 vbfc Operating Loss Carryforwards Subject To Limitation By Irs
OperatingLossCarryforwardsSubjectToLimitationByIrs
1257000 USD
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2028
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56000 USD
CY2017Q3 us-gaap Taxes Other
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85000 USD
us-gaap Taxes Other
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256000 USD
CY2016Q3 us-gaap Taxes Other
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19000 USD
CY2017Q3 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Liability
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77693000 USD
CY2016Q4 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Liability
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0.14 pure
CY2017Q3 vbfc Debt Instrument Percentage
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CY2009Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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4.00
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1000
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499029 shares
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4.43
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0.13 pure
CY2009Q2 vbfc Discounted Cash Flow Methodology Number Of Payments
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20 pure
CY2009Q2 us-gaap Fair Value Assumptions Risk Free Interest Rate
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0.0203 pure
CY2009Q2 us-gaap Fair Value Assumptions Expected Dividend Rate
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0.06162 pure
CY2009Q2 us-gaap Fair Value Assumptions Expected Term
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P5Y
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0.95 pure
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14738000 USD
CY2009Q2 us-gaap Fair Value Assumptions Expected Volatility Rate
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0.25 pure
CY2017Q3 vbfc Cumulative Dividend Rate Per Annum For First Five Years
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0.05 pure
CY2017Q3 vbfc Cumulative Dividend Rate Per Annum
CumulativeDividendRatePerAnnum
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70.88
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CY2017Q1 us-gaap Dividends Payable Current And Noncurrent
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2911000 USD
CY2017Q1 us-gaap Stock Redeemed Or Called During Period Shares
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CY2017Q1 us-gaap Preferred Stock Redemption Price Per Share
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1000
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us-gaap Other Expenses
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us-gaap Operating Expenses
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0.3 pure
CY2015Q1 vbfc Gross Proceeds From Rights Offerings
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CY2015Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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13.87
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0.025 pure
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CY2017Q3 us-gaap Tier One Leverage Capital Required For Capital Adequacy To Average Assets
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1975000 USD
CY2017Q3 us-gaap Operating Expenses
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18944000 USD
us-gaap Other Sales Revenue Net
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us-gaap Revenues
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19918000 USD
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6693000 USD
us-gaap Operating Expenses
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CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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1730 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.47
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.21
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12.74
CY2016Q4 vbfc Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Fair Value
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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0
vbfc Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedFairValue
0
vbfc Share Based Compensation Arrangement By Share Based Payment Award Options Forfeited Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedFairValue
0
vbfc Share Based Compensation Arrangement By Share Based Payment Award Options Exercised During Period Fair Value
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0
vbfc Share Based Compensation Arrangement By Share Based Payment Award Options Exercised During Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedDuringPeriodFairValue
0
CY2016Q3 vbfc Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingFairValue
12.74
CY2017Q3 vbfc Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Fair Value
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12.76
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CY2016Q4 us-gaap Financing Receivable Recorded Investment90 Days Past Due And Still Accruing
FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
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FinancingReceivableRecordedInvestment90DaysPastDueAndStillAccruing
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CY2017Q3 us-gaap Financing Receivable Recorded Investment Current
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0 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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vbfc Percentage Of Tier One Risk Based Capital Required For Capital Adequacy
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CY2017Q3 us-gaap Noninterest Bearing Domestic Deposit Demand
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CY2017Q3 us-gaap Interest Bearing Domestic Deposit Savings
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CY2017Q3 us-gaap Interest Bearing Domestic Deposit Other Time Deposit
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CY2016Q4 us-gaap Noninterest Bearing Domestic Deposit Demand
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CY2016Q4 us-gaap Interest Bearing Domestic Deposit Checking
InterestBearingDomesticDepositChecking
44390000 USD
CY2016Q4 us-gaap Interest Bearing Domestic Deposit Money Market
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CY2016Q4 us-gaap Interest Bearing Domestic Deposit Savings
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CY2016Q4 us-gaap Interest Bearing Domestic Deposit Other Time Deposit
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CY2016Q4 us-gaap Financing Receivable Recorded Investment Past Due
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13723000 USD
CY2017Q3 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
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CY2016Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
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CY2016Q4 vbfc Percentage Of Class Of Loans To Loan Portfolio
PercentageOfClassOfLoansToLoanPortfolio
1 pure
CY2017Q3 vbfc Percentage Of Class Of Loans To Loan Portfolio
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1 pure
vbfc Percentages Of Principal And Accrued Interest Covered By Guarantee
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0.98 pure
CY2016Q4 us-gaap Loans Pledged As Collateral
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dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2017-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
Village Bank & Trust Financial Corp.
dei Entity Central Index Key
EntityCentralIndexKey
0001290476
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
VBFC
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CY2016Q4 us-gaap Assets
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4
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4
CY2017Q3 us-gaap Preferred Stock Liquidation Preference
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1000
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1000
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1000000 shares
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1000000 shares
CY2017Q3 us-gaap Preferred Stock Shares Issued
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5027 shares
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5715 shares
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4
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3000 USD
CY2016Q4 us-gaap Common Stock Shares Authorized
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79000 USD
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189000 USD
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1050000 USD
CY2017Q3 us-gaap Stockholders Equity Reverse Stock Split
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1 for 16
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P1Y11M26D
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4291000 USD
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15574000 USD
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16210000 USD
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9199000 USD
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9746000 USD
CY2016Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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6242000 USD
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6373000 USD
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ImpairedFinancingReceivableRelatedAllowance
335000 USD
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15441000 USD
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16119000 USD
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10279000 USD
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354000 USD
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ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
3923000 USD
us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
5016000 USD
CY2017Q3 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
31000 USD
us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
114000 USD
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15257000 USD
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ImpairedFinancingReceivableAverageRecordedInvestment
15295000 USD
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171000 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
468000 USD
CY2016Q3 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
10168000 USD
CY2016Q3 us-gaap Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithNoRelatedAllowanceInterestIncomeAccrualMethod
79000 USD
us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
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10638000 USD
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LoansAndLeasesReceivableAllowance
3419000 USD
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342000 USD
CY2016Q3 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
8442000 USD
CY2016Q3 us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
54000 USD
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ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
9084000 USD
us-gaap Impaired Financing Receivable With Related Allowance Interest Income Accrual Method
ImpairedFinancingReceivableWithRelatedAllowanceInterestIncomeAccrualMethod
198000 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
540000 USD
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ImpairedFinancingReceivableAverageRecordedInvestment
19722000 USD
CY2016Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
133000 USD
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ImpairedFinancingReceivableAverageRecordedInvestment
18610000 USD
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FinancingReceivableModificationsRecordedInvestment
11252000 USD
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FinancingReceivableModificationsRecordedInvestment
11854000 USD
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FinancingReceivableModificationsPreModificationRecordedInvestment2
258000 USD
us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
258000 USD
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FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
3477000 USD
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FinancingReceivableModificationsSubsequentDefaultRecordedInvestment1
1271000 USD
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LoansAndLeasesReceivableAllowance
3267000 USD
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0 USD
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AllowanceForLoanAndLeaseLossesWriteOffs
45000 USD
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21000 USD
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224000 USD
CY2016Q3 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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120000 USD
us-gaap Provision For Loan And Lease Losses
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0 USD
us-gaap Allowance For Loan And Lease Losses Write Offs
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224000 USD
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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94000 USD
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3562000 USD
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0 USD
us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
466000 USD
us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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323000 USD
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0 USD
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544000 USD
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355000 USD
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327000 USD
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335000 USD
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3038000 USD
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15574000 USD
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15441000 USD
CY2017Q3 us-gaap Financing Receivable Collectively Evaluated For Impairment
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331428000 USD
CY2016Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
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321659000 USD
us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
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12 Loans
us-gaap Financing Receivable Modifications Subsequent Default Number Of Contracts1
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17 Loans
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2 Number
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">Note 14 &#150; Recent accounting pronouncements</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In May 2014, the FASB issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers: Topic 606.&#8221; This ASU revised guidance for the recognition, measurement, and disclosure of revenue from contracts with customers. The original guidance has been amended through subsequent accounting standard updates that resulted in technical corrections, improvements, and a one-year deferral of the effective date to January 1, 2018. The guidance, as amended, is applicable to all entities and, once effective, will replace significant portions of existing industry and transaction-specific revenue recognition rules with a more principles-based recognition model. Most revenue associated with financial instruments, including interest income, loan origination fees, and credit card fees, is outside the scope of the guidance. Gains and losses on investment securities, derivatives, and sales of financial instruments are similarly excluded from the scope. Entities can elect to adopt the guidance either on a full or modified retrospective basis. Full retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the earliest comparative period presented. Modified retrospective adoption will require a cumulative effect adjustment to retained earnings as of the beginning of the reporting period in which the entity first applies the new guidance. The Company plans to adopt this guidance on the effective date, January 1, 2018 via the modified retrospective approach. The Company performed its assessment of the adoption of this ASU and the related subsequent technical corrections issued. Based on the completed contracts reviewed thus far, the adoption of this accounting guidance is not expected to have a material impact on the Company's consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In January 2016, the FASB issued ASU No. 2016-01,&#160;&#8220;Recognition and Measurement of Financial Assets and Financial Liabilities.&#8221;&#160;This ASU requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in Other Comprehensive Income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. The ASU provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. The ASU also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is only permitted for the provision related to instrument-specific credit risk. The Company does not expect ASU 2016-01 to have a material impact on the Company&#8217;s financial position, results of operations, or cash flows.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;&#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In February 2016, the FASB issued ASU No. 2016-02,&#160;&#8220;Leases (Topic 842)&#8221;. This ASU requires lessees to recognize assets and liabilities arising from most operating leases on the statement of financial position. ASU 2016-02 will be effective for the Company for the fiscal years beginning after December 15, 2018 with early adoption permitted. The Company has determined that the provisions of ASU-2016-02 may result in an increase in assets to recognize the present value of the lease obligations with a corresponding increase in liabilities, however, the Company does not expect this to have a material impact on the Company&#8217;s financial position, results of operations or cash flows.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In March 2016, the FASB issued ASU No. 2016-09, &#8220;Compensation &#150; Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.&#8221; This ASU simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted; however if the Company elects to early adopt, then all amendments must be adopted in the same period. The Company has concluded the adoption of ASU No. 2016-09 has not had a material impact on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In June 2016, the FASB issued ASU No. 2016-13, &#8220;Financial Instruments &#150; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities by eliminating the probable initial recognition threshold (incurred loss methodology) and requiring entities to reflect its current estimate of all expected credit losses. The amendments in the ASU are effective beginning after December 15, 2019 and for interim periods within that year. Early adoption is permitted beginning after December 15, 2018. Entities will apply the amendments in this ASU through a cumulative-effect adjustment to retained earnings in the first period effective. While the Company is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company&#8217;s Consolidated Financial Statements, it has taken steps to prepare for the implementation when it becomes effective, such as forming an internal task force, gathering pertinent data, consulting with outside professionals, and evaluating its current IT systems.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In August 2016, the FASB issued ASU No. 2016-15, &#8220;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payments (a consensus of Merging Issues Task Force).&#8221; This ASU attempts to clarify how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The purpose of this update is to reduce existing diversity in practice in eight areas addressed by the update. The amendment will be effective for the Company for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company has concluded the adoption of ASU No. 2016-15 will not have a material impact on its consolidated financial statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In March 2017, the FASB issued ASU&#160;No.&#160;2017-08,&#160;&#8220;Receivables &#150; Nonrefundable Fees and Other Cost (Subtopic&#160;310-20),&#160;Premium Amortization on Purchased Callable Debt Securities.&#8221;&#160;These amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December&#160;15, 2018. Early adoption is permitted including adoption in an interim period. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company does have exposure and is assessing the impact of ASU&#160;2017-08&#160;and may choose early adoption. Overall, the Company does not expect it to have a material impact on its accounting.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">In May 2017, the FASB issued ASU No. 2017-09, &#8220;Scope of Modification Accounting.&#8221; The amendment clarifies Topic 718, <i> Compensation &#150; Stock Compensation</i>, such that an entity must apply modification accounting to changes in the terms or conditions of a share-based payment award unless all of the following criteria are met: (1) the fair value of the modified award is the same as the fair value of the original award immediately before the modification, provided that the ASU indicates that if the modification does not affect any of the inputs to the valuation technique used to value the award, the entity is not required to estimate the value immediately before and after the modification; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the modification; and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the modification. The ASU is effective for all entities for fiscal years beginning after December 15, 2017, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. The Company has concluded the adoption of ASU No. 2017-09 will not have a material impact on its consolidated financial statements.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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