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Correction of Error in Comparative Financial Statements | 12 Months Ended
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Dec. 31, 2015
Correction of Error in Comparative Financial Statements [Abstract] |
Correction of Error in Comparative Financial Statements | 2.Correction of Error in Comparative Financial Statements Subsequent to the issuance of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company identified errors in its historical financial statements, including for the year ended December 31, 2015. Accordingly, Item 8 of Part II of this Amendment No. 1 on Form 10-K/A includes audited consolidated financial statements for the year ended December 31, 2015 that have been restated to correct the manner in which the Corporation originally accounted for the Bank’s transfer of eight pooled trust preferred securities to the Corporation in the fourth quarter of 2015. ﻿ The audited consolidated financial statements for the year ended December 31, 2015 that were included in the Corporation’s Annual Report on Form 10-K for the year then ended (the “Original Financial Statements”) reflected a realized loss of $3.5 million related to the transfer, or $2.1 million net of tax, in the quarter ended December 31, 2015. The Corporation originally concluded, applying the accounting guidance found in ASC Topic 845, Nonmonetary Transactions, that the transfer was a nonreciprocal transfer from an entity (the Bank) to its owner (the Corporation) of nonmonetary assets that should be accounted for using the fair values of the transferred securities, resulting in a loss at the Bank in an amount equal to the difference between the carrying amounts of the securities and the fair values of the securities. After further consideration and review of relevant accounting guidance, including ASC Subtopic 805-50, Transactions Between Entities Under Common Control, the Corporation has now concluded that on a consolidated basis the loss should not have been realized and these securities should have been recorded at their carrying amounts in the accounts of the transferring entity (the Bank) at the date of transfer. ﻿ The correction requires the loss to be carried as an unrealized loss within Accumulated Other Comprehensive Loss, with the primary effect being that the amount reported as Net Income Before Income Taxes increased to $19.4 million from $15.9 million and Net Income Available to Common Shareholders for the year ended December 31, 2015 has increased to $10.3 million from the $8.2 million reported in the Consolidated Statement of Income that was included in the Original Financial Statements (the “Original Income Statement”). The correction also changed the amount reported under “Other Income - Net (losses)/gains” in the Original Income Statement from a loss of $2.5 million to a gain of $1.0 million. This resulted in the “Net Income Available to Common Shareholders - Basic and diluted net income per common share” in the Original Income Statement has increased from $1.31 to $1.65. Total Shareholders’ Equity at December 31, 2015, as reported in the Consolidated Statement of Financial Condition included in the Original Financial Statements, remains unchanged, as the correction resulted in a shift between Retained Earnings and Accumulated Other Comprehensive Loss. Finally, the amortized cost basis of the collateralized debt obligations increased from $25.8 million to $29.3 million. More detailed information regarding the correction is provided below. ﻿ In addition to the restatement of the Company’s consolidated financial statements, certain information within the following notes to the consolidated financial statements has been restated to reflect the corrections or errors discussed above as well as other related changes and/or add disclosure language as appropriate. ﻿ Note 3.Earnings Per Common Share Note 4. Net Gains Note 5.Regulatory Capital Requirements Note 7.Investment Securities Note 17.Accumulated Other Comprehensive Loss Note 18.Income Taxes Note 25. Fair Value of Financial Instruments Note 28.Parent Company Only Financial Statements ﻿ Effects of the Restatement: ﻿ The following tables summarize the effect of the restatement on certain key items of the Original Financial Statements: ﻿
﻿ |  |  |  |  |
﻿ |  | December 31, 2015 | December 31, 2015 |  |
﻿ |  | As Restated | Original |  | Change
﻿ |  |  |  |  |
Item 6: Selected Financial Data |  |  |  |  |
﻿Net Gains- Other |  | $1,016 | $(2,505) |  | $3,521
﻿Income Before Taxes |  | 19,464 | 15,943 |  | 3,521
﻿Income Tax expense/(benefit) |  | 6,473 | 5,067 |  | 1,406
﻿Net Income |  | 12,991 | 10,876 |  | 2,115
﻿Net Income available to common shareholders |  | 10,291 | 8,176 |  | 2,115
﻿Basic & Diluted Net Income per common share |  | 1.65 | 1.31 |  | 0.34
﻿Return on Average Assets |  | 0.98% | 0.82% |  | 0.16
﻿Return on Average Equity |  | 11.40% | 9.54% |  | 1.86
﻿Total Risk-based Capital Ratio |  | 17.21% | 17.37% |  | (0.16)
﻿Tier I Capital to Risk Weighted Assets |  | 15.24% | 15.31% |  | (0.07)
﻿Tier I Capital to Average Assets |  | 11.64% | 11.51% |  | 0.13
﻿Common Equity Tier I to Risk Weighted Assets |  | 9.99% | 9.92% |  | 0.07
﻿ |  |  |  |  |
Item 8: Financial Statement- Balance Sheet |  |  |  |  |
﻿Retained Earnings |  | $87,666 | $85,551 |  | $2,115
﻿Accumulated Other Comprehensive Loss |  | (18,944) | (16,829) |  | (2,115)
﻿ |  |  |  |  |
Item 8: Financial Statement - Income Statement |  |  |  |  |
﻿Net gains |  | $1,016 | $(2,505) |  | $3,521
﻿Total Other Operating Income |  | 26,008 | 22,487 |  | 3,521
﻿Income before taxes |  | 19,464 | 15,943 |  | 3,521
﻿Provision for income taxes |  | 6,473 | 5,067 |  | 1,406
﻿Net Income |  | 12,991 | 10,876 |  | 2,115
﻿Net Income Available to Common Shareholders |  | 10,291 | 8,176 |  | 2,115
﻿Basic & Diluted Net Income per common share |  | 1.65 | 1.31 |  | 0.34
Item 8: Financial Statement - Comprehensive Income |  |  |  |  |
﻿Net Income |  | $12,991 | $10,876 |  | $2,115
﻿Net Unrealized gains on investments with OTTI |  | 1,737 | 3,213 |  | (1,476)
﻿Net Unrealized gains on all other AFS securities |  | 531 | 1,170 |  | (639)
﻿Other Comprehensive Income |  | 1,289 | 3,404 |  | (2,115)
Item 8: Financial Statement - Changes in Shareholders Equity |  |  |  |  |
﻿Net Income - Retained Earnings |  | $12,991 | $10,876 |  | $2,115
﻿Net Income - Total Shareholders Equity |  | 12,991 | 10,876 |  | 2,115
﻿Other Comprehensive Income - AOCL |  | 1,289 | 3,404 |  | (2,115)
﻿Other Comprehensive Income - Total Shareholders Equity |  | 1,289 | 3,404 |  | (2,115)
﻿Retained Earnings - Balance at December 31, 2015 |  | 87,666 | 85,551 |  | 2,115
﻿ |  | December 31, 2015 | December 31, 2015 |  |
﻿ |  | As Restated | Original |  | Change
﻿ |  |  |  |  |
Item 8: Financial Statement - Cash Flows |  |  |  |  |
﻿Net Income |  | $12,991 | $10,876 |  | $2,115
﻿Net (gain)/loss on investments - available for sale |  | (962) | 2,559 |  | (3,521)
﻿Change in other assets |  | 4,223 | 2,817 |  | 1,406
﻿ ﻿

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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