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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission file Number:        000-32891
1ST CONSTITUTION BANCORP
(Exact Name of Registrant as Specified in Its Charter)
New Jersey
 
22-3665653
(State of Other Jurisdiction
of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
2650 Route 130
P.O. Box 634
Cranbury
New Jersey
08512
(Address of Principal Executive Offices)
(Zip Code)
(Registrant’s Telephone Number, Including Area Code)
(609)
655-4500
 
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, no par value
FCCY
NASDAQ Stock Market LLC
 
 
(NASDAQ Global Select Market)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes        No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes        No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.




Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes    No  
As of August 2, 2019, there were 8,654,171 shares of the registrant’s common stock, no par value, outstanding.




1ST CONSTITUTION BANCORP
FORM 10-Q
INDEX
 
 
Page
 
 
 
PART I.
FINANCIAL INFORMATION
 
 
 
 
Item 1.
Financial Statements
 
 
 
 
Consolidated Balance Sheets at June 30, 2019 and December 31, 2018 (unaudited)
 
 
 
 
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2019 and June 30, 2018 (unaudited)
 
 
 
 
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and June 30, 2018 (unaudited)
 
 
 
 
Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended June 30, 2019 and June 30, 2018 (unaudited)
 
 
 
 
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and June 30, 2018 (unaudited)
 
 
 
 
Notes to Consolidated Financial Statements (unaudited)
 
 
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
 
PART II.
OTHER INFORMATION
 
 
 
 
Item 1.
Legal Proceedings
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
Item 3.
Defaults Upon Senior Securities
 
 
 




Item 4.
Mine Safety Disclosures
 
 
 
Item 5.
Other Information
 
 
 
Item 6.
Exhibits
 
 
 
SIGNATURES




PART I. FINANCIAL INFORMATION
Item 1.        Financial Statements.

1ST Constitution Bancorp
Consolidated Balance Sheets
(Dollars in thousands)
(Unaudited)
 
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
Cash and due from banks
 
$
9,211

 
$
4,983

Interest-earning deposits
 
20,903

 
11,861

Total cash and cash equivalents
 
30,114

 
16,844

Investment securities
 
 

 
 

Available for sale, at fair value
 
146,179

 
132,222

Held to maturity (fair value of $79,502 and $80,204 at June 30, 2019
and December 31, 2018, respectively)
 
77,829

 
79,572

Total investment securities
 
224,008

 
211,794

Loans held for sale
 
3,863

 
3,020

Loans
 
967,820

 
883,164

Less: Allowance for loan losses
 
(8,641
)
 
(8,402
)
Net loans
 
959,179

 
874,762

Premises and equipment, net
 
11,563

 
11,653

Right-of-use assets
 
15,441

 

Accrued interest receivable
 
4,095

 
3,860

Bank-owned life insurance
 
28,993

 
28,705

Other real estate owned
 
1,460

 
2,515

Goodwill and intangible assets
 
12,196

 
12,258

Other assets
 
13,382

 
12,422

Total assets
 
$
1,304,294

 
$
1,177,833

LIABILITIES AND SHAREHOLDERS EQUITY
 
 

 
 

LIABILITIES
 
 

 
 

Deposits
 
 

 
 

Non-interest bearing
 
$
232,313

 
$
212,981

Interest bearing
 
789,521

 
737,691

Total deposits
 
1,021,834

 
950,672

Short-term borrowings
 
104,850

 
71,775

Redeemable subordinated debentures
 
18,557

 
18,557

Accrued interest payable
 
1,697

 
1,228

Lease liability
 
16,021

 

Accrued expenses and other liabilities
 
6,260

 
8,516

Total liabilities
 
1,169,219

 
1,050,748

SHAREHOLDERS' EQUITY
 
 

 
 

Preferred stock, no par value; 5,000,000 shares authorized; none issued
 

 

Common stock, no par value; 30,000,000 shares authorized; 8,682,291 and 8,639,276 shares issued and 8,648,993 and 8,605,978 shares outstanding as of June 30, 2019 and December 31, 2018, respectively
 
80,190

 
79,536

Retained earnings
 
55,224

 
49,750

Treasury stock, 33,298 shares at June 30, 2019 and December 31, 2018
 
(368
)
 
(368
)
Accumulated other comprehensive income (loss)
 
29

 
(1,833
)
Total shareholders’ equity
 
135,075

 
127,085

Total liabilities and shareholders’ equity
 
$
1,304,294

 
$
1,177,833

The accompanying notes are an integral part of these consolidated financial statements.

1



1ST Constitution Bancorp
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
INTEREST INCOME
 
 
 
 
 
 
 
     Loans, including fees
$
12,869

 
$
11,349

 
$
25,026

 
$
20,885

     Securities:
 
 
 
 
 
 
 
           Taxable
1,215

 
989

 
2,485

 
1,855

           Tax-exempt
422

 
509

 
863

 
1,024

     Federal funds sold and short-term investments
47

 
34

 
94

 
172

               Total interest income
14,553

 
12,881

 
28,468

 
23,936

INTEREST EXPENSE
 
 
 
 
 
 
 
     Deposits
2,671

 
1,469

 
4,988

 
2,688

     Borrowings
257

 
220

 
430

 
227

     Redeemable subordinated debentures
192

 
174

 
390

 
324

Total interest expense
3,120

 
1,863

 
5,808

 
3,239

Net interest income
11,433

 
11,018

 
22,660

 
20,697

PROVISION FOR LOAN LOSSES
400

 
225

 
700

 
450

Net interest income after provision for loan losses
11,033

 
10,793

 
21,960

 
20,247

NON-INTEREST INCOME
 
 
 
 
 
 
 
Service charges on deposit accounts
159

 
153

 
325

 
303

Gain on sales of loans
1,160

 
984

 
2,205

 
2,133

Income on bank-owned life insurance
149

 
159

 
288

 
273

Gain from bargain purchase

 
184

 

 
184

Gain on sales of securities

 
6

 

 
12

Other income
702

 
557

 
1,218

 
1,023

Total non-interest income
2,170

 
2,043

 
4,036

 
3,928

NON-INTEREST EXPENSES
 
 
 
 
 
 
 
Salaries and employee benefits
5,278

 
5,076

 
10,241

 
9,814

Occupancy expense
991

 
885

 
2,012

 
1,697

Data processing expenses
345

 
369

 
693

 
678

FDIC insurance expense
60

 
146

 
160

 
276

Other real estate owned expenses
34

 

 
82

 
2

Merger-related expenses
258

 
1,977

 
273

 
2,141

Other operating expenses
1,600

 
1,798

 
3,199

 
3,288

Total non-interest expenses
8,566

 
10,251

 
16,660

 
17,896

Income before income taxes
4,637

 
2,585

 
9,336

 
6,279

INCOME TAXES
1,267

 
714

 
2,569

 
1,555

Net income
$
3,370

 
$
1,871

 
$
6,767

 
$
4,724

EARNINGS PER COMMON SHARE
 
 
 
 
 
 
 
Basic
$
0.39

 
$
0.22

 
$
0.78

 
$
0.57

Diluted
$
0.39

 
$
0.22

 
$
0.78

 
$
0.56

WEIGHTED AVERAGE SHARES OUTSTANDING
 
 
 
 
 
 
 
Basic
8,634,251

 
8,341,459

 
8,629,197

 
8,227,109

Diluted
8,696,943

 
8,628,105

 
8,692,063

 
8,506,961

The accompanying notes are an integral part of these consolidated financial statements.

2



1ST Constitution Bancorp
Consolidated Statements of Comprehensive Income
(Dollars in thousands)
(Unaudited)
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income
$
3,370

 
$
1,871

 
$
6,767

 
$
4,724

Other comprehensive income (loss):
 
 
 
 
 
 
 
Unrealized holding gains (losses) on securities available for sale
1,021

 
(152
)
 
2,431

 
(1,503
)
            Tax effect
(251
)
 
37

 
(590
)
 
359

Net of tax amount
770

 
(115
)
 
1,841

 
(1,144
)
 
 
 
 
 
 
 
 
Reclassification adjustment for gains on securities available for sale (1)

 
(6
)
 

 
(12
)
            Tax effect (2)

 
1

 

 
3

 Net of tax amount

 
(5
)
 

 
(9
)
 
 
 
 
 
 
 
 
Reclassification adjustment for unrealized impairment loss on held to maturity security(3)
3

 

 
4

 

Tax effect
(1
)
 

 
(1
)
 

Net of tax amount
2

 

 
3

 

 
 
 
 
 
 
 
 
Pension liability
56

 
89

 
111

 
89

Tax effect
(14
)
 
(25
)
 
(31
)
 
(25
)
Net of tax amount
42

 
64

 
80

 
64

 
 
 
 
 
 
 
 
 Reclassification adjustment for actuarial gains for unfunded pension liability
 
 
 
 
 
 
 
Income (4)
(44
)
 
(15
)
 
(88
)
 
(30
)
Tax effect (2)
13

 
4

 
26

 
8

Net of tax amount
(31
)
 
(11
)
 
(62
)
 
(22
)
 
 
 
 
 
 
 
 
Total other comprehensive income (loss)
783

 
(67
)
 
1,862

 
(1,111
)
 
 
 
 
 
 
 
 
Comprehensive income
$
4,153

 
$
1,804

 
$
8,629

 
$
3,613


(1) Included in gain on sales of securities on the consolidated statements of income
(2) Included in income taxes on the consolidated statements of income
(3) Included in investment securities held to maturity on the consolidated balance sheets
(4) Included in salaries and employee benefits expense on the consolidated statements of income


        
The accompanying notes are an integral part of these consolidated financial statements.


3



1ST Constitution Bancorp
Consolidated Statements of Changes in Shareholders’ Equity
For the Three and Six Months Ended June 30, 2019 and 2018
(Dollars in thousands)
(Unaudited)
 
Common
Stock
 
Retained
Earnings
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
Balance, April 1, 2018
$
73,192

 
$
42,190

 
$
(368
)
 
$
(1,780
)
 
$
113,234

Net income

 
1,871

 

 

 
1,871

Exercise of stock options and issuance of restricted shares (9,307 shares and 37,200 shares, respectively)
47

 

 

 

 
47

Share-based compensation
269

 

 

 

 
269

Issuance of common stock (249,785 shares)
5,495

 

 

 

 
5,495

Cash dividends ($0.06 per share)

 
(501
)
 

 

 
(501
)
Other comprehensive loss

 

 

 
(67
)
 
(67
)
Balance, June 30, 2018
$
79,003

 
$
43,560

 
$
(368
)
 
$
(1,847
)
 
$
120,348

 
 
 
 
 
 
 
 
 
 
Balance, April 1, 2019
$
79,828

 
$
52,501

 
$
(368
)
 
$
(754
)
 
$
131,207

Net income

 
3,370

 

 

 
3,370

Exercise of stock options and issuance of restricted shares (15,919 shares and 28,581 shares, respectively)
66

 

 

 

 
66

Share-based compensation
296

 

 

 

 
296

Cash dividends ($0.075 per share)

 
(647
)
 

 

 
(647
)
Other comprehensive income

 

 

 
783

 
783

Balance, June 30, 2019
$
80,190

 
$
55,224

 
$
(368
)
 
$
29

 
$
135,075


 
Common
Stock
 
Retained
Earnings
 
Treasury
Stock
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Shareholders’
Equity
Balance, January 1, 2018
$
72,935

 
$
39,822

 
$
(368
)
 
$
(736
)
 
$
111,653

Net income

 
4,724

 

 

 
4,724

Exercise of stock options and issuance of restricted shares (9,307 shares and 37,200 shares, respectively)
67

 

 

 

 
67

Share-based compensation
506

 

 

 

 
506

Issuance of common stock (249,785 shares)
5,495

 

 

 

 
5,495

Cash dividends ($0.12 per share)

 
(986
)
 

 

 
(986
)
Other comprehensive loss

 

 

 
(1,111
)
 
(1,111
)
Balance, June 30, 2018
$
79,003

 
$
43,560

 
$
(368
)
 
$
(1,847
)
 
$
120,348

 
 
 
 
 
 
 
 
 
 
Balance, January 1, 2019
$
79,536

 
$
49,750

 
$
(368
)
 
$
(1,833
)
 
$
127,085

Net income

 
6,767

 

 

 
6,767

Exercise of stock options and issuance of restricted shares (15,919 shares and 28,581 shares, respectively)
89

 

 

 

 
89

Share-based compensation
565

 

 

 

 
565

Cash dividends ($0.15 per share)

 
(1,293
)
 

 

 
(1,293
)
Other comprehensive income

 

 

 
1,862

 
1,862

Balance, June 30, 2019
$
80,190

 
$
55,224

 
$
(368
)
 
$
29

 
$
135,075

The accompanying notes are an integral part of these consolidated financial statements.

4



1ST Constitution Bancorp
Consolidated Statements of Cash Flows
(Dollars in thousands)
(Unaudited)
 
Six Months Ended June 30,
 
2019
 
2018
OPERATING ACTIVITIES:
 
 
 
Net income
$
6,767

 
$
4,724

Adjustments to reconcile net income to net cash provided by operating activities-
 
 
 
Provision for loan losses
700

 
450

Depreciation and amortization
681

 
683

Net amortization of premiums and discounts on securities
248

 
283

SBA discount accretion
(188
)
 
(151
)
Gain from bargain purchase

 
(184
)
Gains on sales and calls of securities available for sale

 
(12
)
Gains on sales of other real estate owned
(137
)
 

Gains on sales of loans held for sale
(2,205
)
 
(2,133
)
Originations of loans held for sale
(56,668
)
 
(54,025
)
Proceeds from sales of loans held for sale
58,030

 
51,121

Increase in cash surrender value on bank–owned life insurance
(288
)
 
(287
)
Loss on cash surrender value on bank-owned life insurance

 
14

Share-based compensation expense
565

 
506

Decrease in deferred tax asset
1,033

 

Noncash rent and equipment expense
112

 

Increase in accrued interest receivable
(235
)
 
(48
)
Increase in other assets
(1,215
)
 
(503
)
Increase in accrued interest payable
469

 
45

(Decrease) increase in accrued expenses and other liabilities
(1,765
)
 
8,415

                Net cash provided by operating activities
5,904

 
8,898

INVESTING ACTIVITIES:
 
 
 
Purchases of securities:
 
 
 
Available for sale
(25,339
)
 
(24,059
)
Held to maturity
(5,942
)
 
(2,868
)
Proceeds from maturities and payments of securities:
 
 
 
Available for sale
13,660

 
8,949

Held to maturity
7,590

 
17,694

Proceeds from bank-owned life insurance benefits paid

 
893

Net purchase of restricted stock
(1,524
)
 
(4,600
)
Net increase in loans
(84,929
)
 
(35,999
)
Capital expenditures
(375
)
 
(479
)
Forfeitable deposit on other real estate owned

 
100

Net cash paid for acquisition of NJCB

 
(996
)
Proceeds from sales of other real estate owned
1,192

 

Net cash used in investing activities
(95,667
)
 
(41,365
)
FINANCING ACTIVITIES:
 
 
 
Exercise of stock options
89

 
67

Cash dividends paid to shareholders
(1,293
)
 
(986
)
Net increase (decrease) in deposits
71,162

 
(52,442
)
Increase in short-term borrowings
33,075

 
97,725

Net cash provided by financing activities
103,033

 
44,364

Increase in cash and cash equivalents
13,270

 
11,897

Cash and cash equivalents at beginning of period
16,844

 
18,754

Cash and cash equivalents at end of period
$
30,114

 
$
30,651

Supplemental Disclosures of Cash Flow Information
 
 
 
Cash paid during the period for -
 
 
 
Interest
$
5,339

 
$
3,193

Income taxes
3,724

 
3,226


Non-cash items:
 
 
 
Transfer of loans to other real estate owned

 
93

Right-of-use assets
15,441

 

Lease liability
16,021

 

 
 
 
 
Acquisition of New Jersey Community Bank
 
 
 
Noncash assets acquired:
 
 
 
Investment securities available for sale
 
 
$
11,173

Loans
 
 
75,144

Premises and equipment, net
 
 
1,120

Bank-owned life insurance
 
 
3,972

Accrued interest receivable
 
 
259

Core deposit intangible asset
 
 
80

Other assets
 
 
2,786

 

 
$
94,534

Liabilities assumed :
 
 
 
Deposits
 
 
$
87,223

Other liabilities
 
 
636

 

 
$
87,859

 
 
 

Common stock issued as consideration
 
 
$
5,495



The accompanying notes are an integral part of these consolidated financial statements.



5



1ST Constitution Bancorp
Notes to Consolidated Financial Statements
June 30, 2019
(Unaudited)

(1)   Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements include 1ST Constitution Bancorp (the “Company”), its wholly-owned subsidiary, 1ST Constitution Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, 1ST Constitution Investment Company of New Jersey, Inc., FCB Assets Holdings, Inc., 204 South Newman Street Corp. and 249 New York Avenue, LLC. 1ST Constitution Capital Trust II, a subsidiary of the Company, is not included in the Company’s consolidated financial statements, as it is a variable interest entity and the Company is not the primary beneficiary. All significant intercompany accounts and transactions have been eliminated in consolidation and certain prior period amounts have been reclassified to conform to current year presentation. The accounting and reporting policies of the Company and its subsidiaries conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) and to the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to such rules and regulations. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 15, 2019.

In the opinion of the Company, all adjustments (consisting only of normal recurring accruals) that are necessary for a fair presentation of the operating results for the interim periods have been included. The results of operations for periods of less than a year are not necessarily indicative of results for the full year.

The Company has evaluated events and transactions occurring subsequent to the balance sheet date of June 30, 2019 for items that should potentially be recognized or disclosed in these financial statements.  The evaluation was conducted through the date these financial statements were issued.

Adoption of New Accounting Standards         
ASU 2019-01 - Leases: Codification Improvements (Topic 842)
In March 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-01, “Leases: Codification Improvements (Topic 842).” ASU 2019-01 aligns the new leases guidance with existing guidance for fair value of the underlying asset by lessors that are not manufacturers or dealers, and clarifies an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the FASB’s new lease accounting standard. Although this guidance is effective for years beginning after December 15, 2019, the Company adopted this guidance along with the adoption of ASU 2018-11, “Leases- Targeted Improvements,” and ASU 2016-02, “Leases.” The adoption of this guidance did have a material impact on the Company's consolidated financial statements. See the discussions regarding the adoptions of ASU 2018-11 and ASU 2016-02 below.

ASU 2018-13 - Fair Value Measurement (Topic 820)
In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement,” which modifies the disclosure requirements on fair value measurements. The following disclosure requirements that are applicable to public entities were removed from Topic 820:

1.
The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy;
2.
The policy for timing of transfers between levels; and
3.
The valuation process for Level 3 fair value measurements.

The following disclosure requirements were modified in Topic 820:

1.
In lieu of a roll-forward for Level 3 fair value measurements, a nonpublic entity is required to disclose transfers into and out of Level 3 of the fair value hierarchy, in addition to purchases and issues of Level 3 assets and liabilities;
2.
For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse, only if the investee has communicated the timing to the entity or announced the timing publicly; and

6



3.
The amendments clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date.

The following disclosure requirements applicable to public companies were added to Topic 820:

1.
The changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; and
2.
The range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements.

In addition, the amendments eliminate “at a minimum” from the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures and to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements.

For the Company, the provisions of this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The adoption of this guidance effective January 1, 2019 did not have a material impact on the Company’s consolidated financial statements.

ASU 2018-11 - Leases - Targeted Improvements (Topic 842)
In July 2018, the FASB issued ASU 2018-11, “Leases-Targeted Improvements,” which provides an additional (and optional) transition method for a cumulative effect adjustment. The additional transition method allows entities to initially apply the new lease standard at the adoption date (January 1, 2019 for calendar-year-end public business entities) and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. This additional transition method changes only when an entity is required to initially apply the transition requirements of the new leases standard; it does not change how those requirements apply. An entity’s reporting for the comparative periods presented in the financial statements in which it adopts the new lease standard will continue to be in accordance with current U.S. GAAP (Topic 840, Leases).

For the Company, the provisions of this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The Company adopted this guidance effective January 1, 2019 along with the adoption of ASU 2016-02-, “Leases.” The adoption of this guidance did have a material impact on the Company's financial statements. See the discussion regarding the adoption of ASU 2016-02 on page 9.

ASU 2018-07 - Compensation - Stock Compensation (Topic 718)

In June 2018, the FASB issued ASU 2018-07, “Compensation-Stock Compensation,” which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees.

The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendment also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer, or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, “Revenue from Contracts with Customers.”

For the Company, the provisions of this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period.

The adoption of this guidance in 2019 did not have a material impact on the Company’s consolidated financial statements.

ASU Update 2017-08 - Premium Amortization on Purchased Callable Debt Securities

In March 2017, the FASB issued ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities,” which shortens the amortization period for premiums on purchased callable debt securities to the earliest call date (i.e., yield-to-earliest call

7



amortization) rather than amortizing over the full contractual term. The ASU does not change the accounting for securities held at a discount.

The amendments apply to callable debt securities with explicit, non-contingent call features that are callable at fixed prices and on preset dates. If a security may be prepaid based upon prepayments of the underlying loans and not because the issuer exercised a date specific call option, it is excluded from the scope of the new standard. However, for instruments with contingent call features, once the contingency is resolved and the security is callable at a fixed price and preset date, the security is within the scope of the amendments. Further, the amendments apply to all premiums on callable debt securities, regardless of how they were generated.

The amendments require companies to reset the effective yield using the payment terms of the debt security if the call option is not exercised on the earliest call date. If the security has additional future call dates, any excess of the amortized cost basis over the amount repayable by the issuer at the next call date should be amortized to the next call date.

For the Company, the provisions of this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The adoption of this guidance in 2019 did not have a material impact on the Company's consolidated financial statements.