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SUBSEQUENT EVENT | 9 Months Ended
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Sep. 30, 2014
SUBSEQUENT EVENT [Abstract] |
SUBSEQUENT EVENT | NOTE 12 SUBSEQUENT EVENT As discussed in Footnote 8 Commitments and Contingencies, on November 14, 2014 the Board of Directors approved the establishment of an accrual for legal settlement in the amount of $4.3 million as of September 30, 2014, as a result of mediation and in anticipation of a legal settlement.. For accounting purposes, $4.3 million was recorded as expense in the accrual for legal settlement line in the Consolidated Statements of Income and increased other liabilities in the Consolidated Balance Sheets. A related tax benefit of $1.7 million was recorded in the income tax expense line in the Consolidated Statements of Income and increased other assets in the Consolidated Balance Sheets. The Corporation's October 23, 2014 earnings release did not reflect the accrual for legal settlement, as the Corporation was unable to reasonably estimate a potential loss relating to the two legal proceedings at that point in time. The accrual for legal settlement changed the previously reported 2014 year-to-date amounts for net income of $6.3 million to $3.7 million, income tax expense of $2.9 million to $1.2 million, non-interest expense of $40.4 million to $44.7 million and earnings per share of $1.34 to $0.79. In addition, total shareholders' equity decreased from $142.1 million to $139.6 million, while total assets increased from $1.522 billion to $1.524 billion.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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