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Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Derivatives, Policy [Policy Text Block]
Derivative Financial Instruments
 
On
April 21, 2020,
the Company entered into
two
interest rate swap agreements related to its outstanding junior subordinated debt. The Company plans to recognize derivative financial instruments at fair value as either an other asset or other liability in its Consolidated Balance Sheets in future periods. The Company’s derivative financial instruments are comprised of interest rate swaps that qualify and are designated as cash flow hedges on the Company’s junior subordinated debt. Gains or losses on the Company’s cash flow hedges will be reported as a component of other comprehensive income, net of deferred income taxes, and reclassified into earnings in the same period(s) during which the hedged transactions affect earnings. The Company’s derivative financial instruments are described more fully in Note 
17.
New Accounting Pronouncements, Policy [Policy Text Block]
Adoption of New Accounting Pronouncements
 
In
January 2017,
the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)
No.
2017
-
04,
 “Intangibles - Goodwill and Other (Topic
350
) - Simplifying the Test for Goodwill Impairment” (ASU
2017
-
04
). ASU
2017
-
04
simplifies the accounting for goodwill impairment for all entities by requiring impairment charges to be based on the
first
step in the previous
two
-step impairment test. Under the new guidance, if a reporting unit’s carrying amount exceeds its fair value, an entity will record an impairment charge based on that difference. The impairment charge will be limited to the amount of goodwill allocated to that reporting unit. The standard eliminates the prior requirement to calculate a goodwill impairment charge using Step
2,
which requires an entity to calculate any impairment charge by comparing the implied fair value of goodwill with its carrying amount. ASU
2017
-
04
was effective for the Company on
January 1, 2020.
The adoption of this standard did
not
have a material effect on the Company's consolidated financial statements.
 
In
August 2018,
the FASB issued ASU
No.
2018
-
13,
 “Fair Value Measurement (Topic
820
) - Changes to the Disclosure Requirements for Fair Value Measurement” (ASU
2018
-
13
). ASU
2018
-
13
modifies the disclosure requirements on fair value measurements by requiring that Level
3
fair value disclosures include the range and weighted average of significant unobservable inputs used to develop those fair value measurements. For certain unobservable inputs, an entity
may
disclose other quantitative information 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. Certain disclosure requirements in Topic
820
were also removed or modified. ASU
2018
-
13
was effective for the Company on
January 1, 2020. 
The adoption of this standard did
not
have a material effect on the Company's consolidated financial statements.
 
In
March 2020,
various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, (the agencies) issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by the Coronavirus. The interagency statement was effective immediately and impacted accounting for loan modifications. Under Accounting Standards Codification
310
-
40,
“Receivables – Troubled Debt Restructurings by Creditors,” (ASC
310
-
40
), a restructuring of debt constitutes a troubled debt restructuring (TDR) if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would
not
otherwise consider. The agencies confirmed with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-
19
to borrowers who were current prior to any relief, are
not
to be considered TDRs. This includes short-term (e.g.,
six
months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than
30
days past due on their contractual payments at the time a modification program is implemented. This interagency guidance is expected to have a material impact on the Company's financial statements; however, this impact cannot be quantified at this time. For further information about the Company's short-term modifications in response to COVID-
19
to borrowers who were current prior to any relief, see Note
4.
 
Recent Accounting Pronouncements
 
In
June 2016,
the FASB issued ASU 
No.
2016
-
13,
“Financial Instruments – Credit Losses (Topic
326
): Measurement of Credit Losses on Financial Instruments” (ASU
2016
-
13
).  The amendments in this ASU, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The FASB has issued multiple updates to ASU
2016
-
13
as codified in Topic
326,
including ASU’s
2019
-
04,
2019
-
05,
2019
-
10,
2019
-
11,
2020
-
02,
and
2020
-
03.
  These ASU’s have provided for various minor technical corrections and improvements to the codification as well as other transition matters.  Smaller reporting companies who file with the U.S. Securities and Exchange Commission (SEC) and all other entities who do
not
file with the SEC are required to apply the guidance for fiscal years, and interim periods within those years, beginning after
December 15, 2022.
The Company is currently assessing the impact that ASU
2016
-
13
will have on its consolidated financial statements. The Company has formed a committee to address the compliance requirements of this ASU, which has analyzed gathered data, defined loan pools and segments, and selected methods for applying the concepts included in this ASU. The Company is in the process of testing selected models, building policy and processing documentation, modeling the impact of the ASU on the capital and strategic plans, performing model validation, and finalizing policies and procedures. This guidance
may
result in material changes in the Company's accounting for credit losses of financial instruments.
 
Effective
November 25, 2019,
the SEC adopted Staff Accounting Bulletin (SAB)
119.
  SAB
119
updated portions of SEC interpretative guidance to align with FASB ASC
326,
“Financial Instruments – Credit Losses.”  It covers topics including (
1
) measuring current expected credit losses; (
2
) development, governance, and documentation of a systematic methodology; (
3
) documenting the results of a systematic methodology; and (
4
) validating a systematic methodology.
 
In
December 2019,
the FASB issued ASU
No.
2019
-
12,
“Income Taxes (Topic
740
) – Simplifying the Accounting for Income Taxes” (ASU
2019
-
12
).  The ASU is expected to reduce cost and complexity related to the accounting for income taxes by removing specific exceptions to general principles in Topic
740
(eliminating the need for an organization to analyze whether certain exceptions apply in a given period) and improving financial statement preparers’ application of certain income tax-related guidance. This ASU is part of the FASB’s simplification initiative to make narrow-scope simplifications and improvements to accounting standards through a series of short-term projects.  For public business entities, the amendments are effective for fiscal years beginning after
December 15, 2020,
and interim periods within those fiscal years.  Early adoption is permitted. The Company does
not
expect the adoption of ASU
2019
-
12
to have a material impact on its consolidated financial statements.
 
In
January 2020,
the FASB issued ASU
No.
2020
-
01,
“Investments – Equity Securities (Topic
321
), Investments – Equity Method and Joint Ventures (Topic
323
), and Derivatives and Hedging (Topic
815
) – Clarifying the Interactions between Topic
321,
Topic
323,
and Topic
815”
(ASU
2020
-
01
).  The ASU is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions.  ASU
2016
-
01
made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.  Among other topics, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting.  For public business entities, the amendments in the ASU are effective for fiscal years beginning after
December 15, 2020,
and interim periods within those fiscal years.  Early adoption is permitted. The Company does
not
expect the adoption of ASU
2020
-
01
 to have a material impact on its consolidated financial statements.
 
In
March 2020,
the FASB issued ASU 
No.
2020
-
04
“Reference Rate Reform (Topic
848
): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU
2020
-
04
). These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of
March 12, 2020
through
December 31, 2022.
The Company is currently in the process of identifying loans and other financial instruments that are directly or indirectly influenced by LIBOR. The Company is assessing ASU
2020
-
04
and its impact on the Company's transition away from LIBOR for its loan and other financial instruments.
 
On
March 12, 2020,
the SEC finalized amendments to the definitions of its “accelerated filer” and “large accelerated filer” definitions. The amendments increase the threshold criteria for meeting these filer classifications and are effective on
April 27, 2020.
Any changes in filer status are to be applied beginning with the filer’s
first
annual report filed with the SEC subsequent to the effective date. Prior to these changes, the Company was required to comply with section
404
(b) of the Sarbanes Oxley Act concerning auditor attestation over internal control over financial reporting as an “accelerated filer” as it had more than
$75
million in public float but less than
$700
million at the end of the Company’s most recent
second
quarter. The rule change expands the definition of “smaller reporting companies” to include entities with public float of less than
$700
million and less than
$100
million in annual revenues. The Company expects to meet this expanded category of small reporting company and will
no
longer be considered an accelerated filer. If the Company’s annual revenues exceed
$100
million, its category will change back to “accelerated filer”.  The classifications of “accelerated filer” and “large accelerated filer” require a public company to obtain an auditor attestation concerning the effectiveness of internal control over financial reporting (ICFR) and include the opinion on ICFR in its annual report on Form
10
-K.  Smaller reporting companies also have additional time to file quarterly and annual financial statements. All public companies are required to obtain and file annual financial statement audits, as well as provide management’s assertion on effectiveness of internal control over financial reporting, but the external auditor attestation of internal control over financial reporting is
not
required for smaller reporting companies. These amendments will change the Company's reporting and audit requirements as it will have the additional time provided to file quarterly and annual financial statements and will
no
longer be required to obtain an auditor attestation concerning the internal controls over financial reporting.