Company Quick10K Filing
Quick10K
Bar Harbor Bankshares
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$23.93 16 $371
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
8-K 2019-01-24 Earnings, Exhibits
8-K 2019-01-24 Earnings, Exhibits
8-K 2019-01-22 Other Events, Exhibits
8-K 2018-12-11 Officers, Exhibits
8-K 2018-11-20 Officers, Exhibits
8-K 2018-10-18 Earnings, Exhibits
8-K 2018-10-16 Other Events, Exhibits
8-K 2018-09-19 Regulation FD, Exhibits
8-K 2018-09-14 Regulation FD, Exhibits
8-K 2018-07-31 Regulation FD, Exhibits
8-K 2018-07-19 Earnings, Exhibits
8-K 2018-07-17 Other Events, Exhibits
8-K 2018-06-14 Regulation FD, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-04-25 Regulation FD, Exhibits
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-03-15 Regulation FD, Exhibits
8-K 2018-02-22 Officers, Exhibits
8-K 2018-01-25 Earnings, Exhibits
8-K 2018-01-17 Other Events, Exhibits
BK Bank of New York Mellon
DB Deutsche Bank Aktiengesellschaft
WAFD Washington Federal
TBK Triumph Bancorp
FMBH First Mid Illinois Bancshares
THFF First Financial
BSRR Sierra Bancorp
FNLC First Bancorp
MVBF MVB Financial
EMCF Emclaire Financial
BHB 2018-09-30
Part I. Financial Information
Item 1. Consolidated Financial Statements (Unaudited)
Note 1. Basis of Presentation
Note 2. Securities Available for Sale
Note 3. Loans
Note 4. Allowance for Loan Losses
Note 5. Borrowed Funds
Note 6. Deposits
Note 7. Capital Ratios and Shareholders' Equity
Note 8. Earnings per Share
Note 9. Derivative Financial Instruments and Hedging Activities
Note 10. Fair Value Measurements
Note 11. Non-Interest Income
Note 12. Subsequent Events
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
EX-10.2 exhibit10209302018.htm
EX-31.1 exhibit311093018.htm
EX-31.2 exhibit312093018.htm
EX-32.1 exhibit321093018.htm
EX-32.2 exhibit322093018.htm

Bar Harbor Bankshares Earnings 2018-09-30

BHB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 bhb093018.htm 10-Q 09.30.18 Document

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2018
o
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: 001-13349
bhblogoq318.jpg
BAR HARBOR BANKSHARES
(Exact name of registrant as specified in its charter) 
Maine
 
01-0393663
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
PO Box 400
 
 
82 Main Street, Bar Harbor, ME
 
04609-0400
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (207) 288-3314
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 ý  No o  
Indicate by check mark whether the registrant has submitted electronically, if any, 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 and post such files). Yes ý  No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definition of "large accelerated filer," "accelerated filer", "smaller reporting company", or "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large Accelerated Filer o        Accelerated Filer ý       Non-Accelerated Filer o      Smaller Reporting Company o        Emerging growth company o
If an emerging growth company, indicate 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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o  No ý
The Registrant had 15,509,803 shares of common stock, par value $2.00 per share, outstanding as of November 2, 2018.
 



BAR HARBOR BANKSHARES AND SUBSIDIARIES
FORM 10-Q
 
INDEX 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2





3


PART I.    FINANCIAL INFORMATION

ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

BAR HARBOR BANKSHARES AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
(in thousands, except share data)
 
September 30, 2018
 
December 31, 2017
 
Assets
 
 

 
 

 
Cash and due from banks
 
$
53,154

 
$
34,262

 
Interest-bearing deposit with the Federal Reserve Bank
 
19,420

 
56,423

 
Total cash and cash equivalents
 
72,574

 
90,685

 
Securities available for sale, at fair value
 
712,658

 
717,242

 
Federal Home Loan Bank stock
 
34,154

 
38,105

 
Total securities
 
746,812

 
755,347

 
Commercial real estate
 
840,018

 
826,746

 
Commercial and industrial
 
385,814

 
379,423

 
Residential real estate
 
1,140,519

 
1,155,682

 
Consumer
 
117,239

 
123,762

 
Total loans
 
2,483,590

 
2,485,613

 
Less: Allowance for loan losses
 
(13,487
)
 
(12,325
)
 
Net loans
 
2,470,103

 
2,473,288

 
Premises and equipment, net
 
47,621

 
47,708

 
Other real estate owned
 
68

 
122

 
Goodwill
 
100,085

 
100,085

 
Other intangible assets
 
7,690

 
8,383

 
Cash surrender value of bank-owned life insurance
 
73,316

 
57,997

 
Deferred tax assets, net
 
11,527

 
7,180

 
Other assets
 
31,196

 
24,389

 
Total assets
 
$
3,560,992

 
$
3,565,184

 
 
 
 
 
 
 
Liabilities
 
 

 
 

 
Demand and other non-interest bearing deposits
 
$
372,358

 
$
349,055

 
NOW deposits
 
471,326

 
466,610

 
Savings deposits
 
354,908

 
364,799

 
Money market deposits
 
254,142

 
305,275

 
Time deposits
 
937,615

 
866,346

 
Total deposits
 
2,390,349

 
2,352,085

 
Senior borrowings
 
739,224

 
786,688

 
Subordinated borrowings
 
42,988

 
43,033

 
Total borrowings
 
782,212

 
829,721

 
Other liabilities
 
30,746

 
28,737

 
Total liabilities
 
3,203,307

 
3,210,543

 
(continued)
 
 
Shareholders’ equity
 
 

 
 

 
Capital stock, par value $2.00; authorized 20,000,000 shares; issued 16,428,388 and 16,428,388 shares at September 30, 2018 and December 31, 2017, respectively
 
32,857

 
32,857

 
Additional paid-in capital
 
187,284

 
186,702

 
Retained earnings
 
162,008

 
144,977

 
Accumulated other comprehensive loss
 
(19,688
)
 
(4,554
)
 
Less: 919,710 and 985,532 shares of treasury stock at September 30, 2018 and December 31, 2017, respectively
 
(4,776
)
 
(5,341
)
 
Total shareholders’ equity
 
357,685

 
354,641

 
Total liabilities and shareholders’ equity
 
$
3,560,992

 
$
3,565,184


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

4


BAR HARBOR BANKSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands, except per share data)
 
2018
 
2017
 
2018
 
2017
Interest and dividend income
 
 
 
 
 
 

 
 

Loans
 
$
26,212

 
$
24,661

 
$
77,272

 
$
70,081

Securities and other
 
5,972

 
5,402

 
17,407

 
15,832

Total interest and dividend income
 
32,184

 
30,063

 
94,679

 
85,913

Interest expense
 
 

 
 

 
 

 
 

Deposits
 
5,478

 
3,177

 
13,868

 
7,926

Borrowings
 
4,237

 
3,408

 
12,192

 
9,327

Total interest expense
 
9,715

 
6,585

 
26,060

 
17,253

Net interest income
 
22,469

 
23,478

 
68,619

 
68,660

Provision for loan losses
 
643

 
660

 
2,208

 
2,191

Net interest income after provision for loan losses
 
21,826

 
22,818

 
66,411

 
66,469

Non-interest income
 
 

 
 

 
 

 
 

Trust and investment management fee income
 
2,952

 
3,040

 
9,036

 
9,228

Insurance brokerage service income
 

 
329

 

 
1,020

Customer service fees
 
2,490

 
2,638

 
7,061

 
6,402

Gain on sales of securities, net
 

 
19

 

 
19

Bank-owned life insurance income
 
505

 
380

 
1,328

 
1,165

Other income
 
1,179

 
554

 
3,060

 
1,631

Total non-interest income
 
7,126

 
6,960

 
20,485

 
19,465

Non-interest expense
 
 

 
 

 
 

 
 

Salaries and employee benefits
 
10,331

 
9,617

 
31,695

 
30,065

Occupancy and equipment
 
3,366

 
2,700

 
9,364

 
8,195

Loss on premises and equipment, net
 

 
(1
)
 

 
94

Outside services
 
456

 
907

 
1,597

 
2,220

Professional services
 
223

 
428

 
1,016

 
1,357

Communication
 
217

 
382

 
701

 
1,040

Amortization of intangible assets
 
207

 
212

 
621

 
603

Acquisition, conversion and other expenses
 
70

 
346

 
619

 
5,917

Other expenses
 
3,036

 
2,995

 
9,830

 
8,972

Total non-interest expense
 
17,906

 
17,586

 
55,443

 
58,463

 
 
 
 
 
 
 
 
 
Income before income taxes
 
11,046

 
12,192

 
31,453

 
27,471

Income tax expense
 
2,076

 
3,575

 
6,136

 
8,085

Net income
 
$
8,970

 
$
8,617

 
$
25,317

 
$
19,386

 
 
 
 
 
 
 
 
 
Earnings per share:
 
 

 
 

 
 

 
 

Basic
 
$
0.58

 
$
0.56

 
$
1.64

 
$
1.27

Diluted
 
$
0.58

 
$
0.56

 
$
1.63

 
$
1.27

 
 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
15,503

 
15,420

 
15,478

 
15,098

Diluted
 
15,580

 
15,511

 
15,564

 
15,204


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

5


BAR HARBOR BANKSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands)
 
2018
 
2017
 
2018
 
2017
Net income
 
$
8,970

 
$
8,617

 
$
25,317

 
$
19,386

Other comprehensive (loss) income, before tax:
 
 

 
 

 
 

 
 

Changes in unrealized loss on securities available for sale
 
(5,850
)
 
512

 
(19,639
)
 
5,119

Changes in unrealized loss on derivative hedges
 
299

 
(84
)
 
1,179

 
(805
)
Changes in unrealized loss on pension
 

 
5

 
41

 
45

Income taxes related to other comprehensive (loss) income :
 
 

 
 

 
 
 
 

Changes in unrealized loss on securities available for sale
 
1,291

 
(192
)
 
4,565

 
(1,839
)
Changes in unrealized loss on derivative hedges
 
(81
)
 
31

 
(290
)
 
373

Changes in unrealized loss on pension
 

 
(2
)
 
(10
)
 
(2
)
Total other comprehensive (loss) income
 
(4,341
)
 
270

 
(14,154
)
 
2,891

Total comprehensive income
 
$
4,629

 
$
8,887

 
$
11,163

 
$
22,277


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

6


BAR HARBOR BANKSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(in thousands, except per share data)
 
Common stock amount
 
Additional paid-in capital
 
Retained earnings
 
Accumulated other comprehensive income (loss)
 
Treasury stock
 
Total
Balance at December 31, 2016
 
$
13,577

 
$
23,027

 
$
130,489

 
$
(4,326
)
 
$
(6,027
)
 
$
156,740

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 

 

 
19,386

 

 

 
19,386

Other comprehensive income
 

 

 

 
2,891

 

 
2,891

Total comprehensive income
 

 

 
19,386

 
2,891

 

 
22,277

Cash dividends declared ($0.56 per share)
 

 

 
(8,624
)
 

 

 
(8,624
)
Acquisition of Lake Sunapee Bank Group
 
8,328

 
173,591

 

 

 

 
181,919

Treasury stock purchased (9,603 shares)
 

 

 

 

 
(282
)
 
(282
)
Net issuance (80,448 shares) to employee stock plans, including related tax effects
 

 
(265
)
 

 

 
874

 
609

Three-for-two stock split
 
10,953

 
(10,968
)
 

 

 

 
(15
)
Recognition of stock based compensation
 

 
835

 

 

 

 
835

Balance at September 30, 2017
 
$
32,858

 
$
186,220

 
$
141,251

 
$
(1,435
)
 
$
(5,435
)
 
$
353,459

 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
 
$
32,857

 
$
186,702

 
$
144,977

 
$
(4,554
)
 
$
(5,341
)
 
$
354,641

 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 

 

 
25,317

 

 

 
25,317

Other comprehensive loss
 

 

 

 
(14,154
)
 

 
(14,154
)
Total comprehensive income
 

 

 
25,317

 
(14,154
)
 

 
11,163

Cash dividends declared ($0.59 per share)
 

 

 
(9,082
)
 

 

 
(9,082
)
Treasury stock purchased (10,899 shares)
 

 

 

 

 
(324
)
 
(324
)
Net issuance (74,651 shares) to employee stock plans, including related tax effects
 

 
(254
)
 

 

 
889

 
635

Modified retrospective basis adoption of Revenue Recognition Accounting Codification Standard 606
 

 

 
(184
)
 

 

 
(184
)
Reclassification of the income tax effects of the Tax Cuts and Jobs Act from accumulated other comprehensive income for adoption of ASU 2018-02
 

 

 
980

 
(980
)
 

 

Recognition of stock based compensation
 

 
836

 

 

 

 
836

Balance at September 30, 2018
 
$
32,857

 
$
187,284

 
$
162,008

 
$
(19,688
)
 
$
(4,776
)
 
$
357,685


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


7


BAR HARBOR BANKSHARES AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS 
 
 
Nine Months Ended September 30,
(in thousands)
 
2018
 
2017
Cash flows from operating activities:
 
 

 
 

Net income
 
$
25,317

 
$
19,386

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Provision for loan losses
 
2,208

 
2,191

Net amortization of securities
 
3,066

 
4,006

Deferred tax benefit
 

 
(237
)
Change in unamortized net loan costs and premiums
 
46

 
(368
)
Premises and equipment depreciation and amortization expense
 
2,821

 
2,745

Stock-based compensation expense
 
836

 
835

Accretion of purchase accounting entries, net
 
(2,780
)
 
(2,482
)
Amortization of other intangibles
 
621

 
542

Income from cash surrender value of bank-owned life insurance policies
 
(1,328
)
 
(1,165
)
Gain on sales of securities, net
 

 
(19
)
Loss on premises and equipment, net
 

 
95

Net change in other assets and liabilities
 
(3,644
)
 
(2,387
)
Net cash provided by operating activities
 
27,163

 
23,142

 
 
 
 
 
Cash flows from investing activities:
 
 

 
 

Proceeds from sales of securities available for sale
 

 
1,581

Proceeds from maturities, calls and prepayments of securities available for sale
 
72,278

 
92,817

Purchases of securities available for sale
 
(90,399
)
 
(138,785
)
Net change in loans
 
53,049

 
(71,669
)
Purchase of loans
 
(50,197
)
 
(18,621
)
Purchase of Federal Home Loan Bank stock
 
(1,172
)
 
(327
)
Proceeds from sale of Federal Home Loan Bank stock
 
5,123

 

Purchase of premises and equipment, net
 
(2,675
)
 
(3,011
)
Purchase of bank-owned life insurance income
 
(14,000
)
 

Acquisitions, net of cash acquired
 

 
39,537

Proceeds from sale of other real estate
 
69

 
322

Net cash used in investing activities
 
(27,924
)
 
(98,156
)
 
 
 
 
 
Cash flows from financing activities:
 
 

 
 

Net increase in deposits
 
38,885

 
74,725

Net change in short-term advances from the Federal Home Loan Bank
 
20,063

 
110,801

Net change in long-term advances from the Federal Home Loan Bank
 
(64,272
)
 
(62,531
)
Repayment of short-term other borrowings
 
(3,255
)
 

Net change in securities sold repurchase agreements
 

 
672

Exercise of stock options
 
635

 
451

Purchase of treasury stock
 
(324
)
 
(196
)
Common stock cash dividends paid
 
(9,082
)
 
(8,623
)
Net cash (used in) provided by financing activities
 
(17,350
)
 
115,299

 
 
 
 
 
Net change in cash and cash equivalents
 
(18,111
)
 
40,285

Cash and cash equivalents at beginning of year
 
90,685

 
8,439

Cash and cash equivalents at end of period
 
$
72,574

 
$
48,724

 
 
 
 
 
Supplemental cash flow information:
 
 

 
 

Interest paid
 
$
25,537

 
$
16,955

Income taxes paid, net
 
9,927

 
6,764

 
 
 
 
 
Acquisition of non-cash assets and liabilities:
 
 
 
 
Assets acquired
 

 
1,454,076

Liabilities assumed
 

 
1,406,672

 
 
 
 
 
Other non-cash changes:
 
 
 
 
Real estate owned acquired in settlement of loans
 
30

 
32


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


8


BAR HARBOR BANKSHARES AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

NOTE 1.          BASIS OF PRESENTATION

The consolidated financial statements (the “financial statements”) of Bar Harbor Bankshares and its subsidiaries (the “Company” or “Bar Harbor”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Bar Harbor Bankshares is a Maine Financial Institution Holding Company for the purposes of the laws of the state of Maine, and as such is subject to the jurisdiction of the Superintendent of the Maine Bureau of Financial Institutions. These financial statements include the accounts of the Company, its wholly-owned subsidiary Bar Harbor Bank & Trust (the "Bank") and the Bank’s consolidated subsidiaries. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise.

In addition, these interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted.

The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and note disclosures for the Company's Annual Report on Form 10-K for the year ended December 31, 2017 previously filed with the Securities and Exchange Commission (the "SEC").  In management's opinion, all adjustments necessary for a fair statement are reflected in the interim periods presented.

Reclassifications: Whenever necessary, amounts in the prior years’ financial statements are reclassified to conform to current presentation.  The reclassifications had no impact on net income in the Company’s consolidated income statement.  

Tax Cuts and Jobs Act

Public law No. 115-97, known as the Tax Cuts and Jobs Act (the "Tax Act"), enacted on December 22, 2017, reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. Also on December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 ("SAB 118"), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement period of up to one year from the enactment date to complete the accounting. Any adjustments during this measurement period will be included in net earnings from continuing operations as an adjustment to income tax expense in the reporting period when such adjustments are determined. Based on the information available and current interpretation of the rules, the Company estimated the impact of the reduction in the corporate tax rate and remeasurement of certain deferred tax assets and liabilities. The provisional amount recorded in the fourth quarter of 2017 related to the remeasurement of the Company's deferred tax balance resulted in additional income tax expense of $4.0 million. The final impact of the Tax Act may differ from these estimates as a result of changes in management's interpretations and assumptions, as well as new guidance issued by the Internal Revenue Service.


9


Recent Accounting Pronouncements

The following table provides a brief description of recent accounting standards updates ("ASU") that could have a material impact to the Company’s consolidated financial statements upon adoption:
Standard
Description
Required Date of Adoption
Effect on financial statements
Standards Adopted in 2018
ASU 2014-09, Revenue from Contracts with Customers
This ASU supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry topics of the Codification. The core principle of the ASU is an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU may be adopted either retrospectively or on a modified retrospective basis.
January 1, 2018
The Company adopted this ASU as of January 1, 2018, upon completion of an analysis to identify all revenue streams within the scope of this accounting guidance. After reviewing the related contracts as prescribed by the five steps within this ASU, one contract resulted in recognition of a $241,000 liability with a $184,000 impact to retained earnings net of tax. The remaining changes had no material impact on the consolidated financial statements. See Note 11 for more detail and transitional disclosures.
ASU 2015-14, Deferral of the Effective Date
ASU 2016-08, Principal versus Agent Considerations
ASU 2016-10, Identifying Performance Obligations and Licensing
ASU 2016-12, Narrow-Scope Improvements and Practical Expedience
ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers
ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities
This ASU amends ASC Topic 825, Financial Instruments-Overall, and addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other minor amendments applicable to the Company, the main provisions require investments in equity securities to be measured at fair value with changes in fair value recognized through net income unless they qualify for a practicability exception (excludes investments accounted for under the equity method of accounting or those that result in consolidation of the investee). Except for disclosure requirements that will be adopted prospectively, the ASU must be adopted on a modified retrospective basis.
January 1, 2018
The Company adopted this ASU as of January 1, 2018, although it did not have any equity securities that would be in scope of this ASU. However, the Company is subject to the exit pricing notion required in fair value disclosures and after calculating the fair value, the Company had no material impact to its consolidated financial statements.
ASU-2018-03, Technical Corrections and Improvements to Financial Instruments
ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments
This ASU amends Topic 230, Statement of Cash Flows, and provides clarification with respect to classification within the statement of cash flows where current guidance is unclear or silent. The ASU should be adopted retrospectively. If it is impractical to apply the guidance retrospectively for an issue, the amendments related to the issue would be applied prospectively.
January 1, 2018
The Company adopted this ASU as of January 1, 2018, although it did not have a material impact on the Company's consolidated financial statements.
ASU 2017-07, Compensation- Retirement Benefits
This ASU amends Topic 715, Retirement Benefits, and provides more prescriptive guidance around the presentation of net period pension and postretirement benefit cost in the income statement. The amendment requires the service cost component be disaggregated from other components of net periodic benefit cost in the income statement.
January 1, 2018
The Company adopted this ASU as of January 1, 2018, although it did not have a material impact on the Company's consolidated financial statements.
Early adoption is permitted.

10


Standard
Description
Required Date of Adoption
Effect on financial statements
Standards Adopted in 2018 (continued)
ASU 2017-09, Stock Compensation: Scope of Modification Accounting
This ASU amends Topic 718, Compensation- Stock Compensation, and clarifies when modification accounting should be applied to changes in terms or conditions of share-based payment awards. The amendments narrow the scope of modification accounting by clarifying that modification accounting should be applied to awards if the change affects the fair value, vesting conditions, or classification of the award. The amendments do not impact current disclosure requirements for modifications, regardless of whether modification accounting is required under the new guidance.
January 1, 2018
The Company adopted this ASU as of January 1, 2018, although it did not have a material impact on the Company's consolidated financial statements.
ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
The ASU amends Topic 220, Income Statement-Reporting Comprehensive Income, and is intended to help organizations reclassify certain stranded income tax effects in accumulated other comprehensive income resulting from the recently enacted Tax Reform. The guidance allows entities to reclassify stranded tax effects in accumulated other comprehensive income to retained earnings.
January 1, 2019
The Company adopted this ASU as of March 31, 2018. The effect of the reclassification resulted in an increase to retained earnings and a decrease to accumulated other comprehensive income of $980,000 with zero net effect on total stockholders' equity.
ASU 2018-05, Income Taxes (Topic 740) SEC Amendments
Early adoption is permitted.
ASU 2018-06, Codification Improvements to Topic 942, Financial Services - Depository and Lending
Circular 202, issued on July 2, 1985, was rescinded by the Office of the Comptroller of the Currency. The circular limited the net deferred tax debits that could be carried on the Company's balance sheet for regulatory purposes to the amount that would be coverable by the net operating loss carrybacks. The language is no longer relevant and has been removed from the guidance.
May 2018
The Company adopted this ASU as of January 1, 2018, although it did not have a material impact on the Company's consolidated financial statements.
 
 
 
 
Standard
Description
Required Date of Adoption
Effect on financial statements
Standards Not Yet Adopted
ASU 2016-02, Leases
This ASU creates ASU Topic 842, Leases, and supersedes Topic 840, Leases. The new guidance requires lessees to record a right-of-use asset and a corresponding liability equal to the present value of future rental payments on their balance sheets for all leases with a term greater than one year. There are not significant changes to lessor accounting; however, there are certain improvements made to align lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. This guidance expands both quantitative and qualitative required disclosures. This ASU is required to be adopted on a modified retrospective basis and allows for practical expedients and elections in conjunction with implementation. The Company may elect some of the expedients upon the adoption date, which may be applied prospectively or retrospectively.
January 1, 2019
The Company plans to elect the package of practical expedients under this ASU and will recognize right-of-use assets and lease liabilities for most of its operating lease commitments on our consolidated balance sheets. In addition, the consolidated statements of income will reflect interest expense on the lease liability and amortization of the right of use asset.
ASU 2018-11 Practical Expedients to Topic 842, Leases

11


Standard
Description
Required Date of Adoption
Effect on financial statements
Standards Not Yet Adopted (continued)
ASU 2016-13, Measurement of Credit Losses on Financial Instruments
This ASU amends Topic 326, Financial Instruments- Credit Losses to replace the current incurred loss accounting model with a current expected credit loss approach (CECL) for financial instruments measured at amortized cost and other commitments to extend credit. The amendments require entities to consider all available relevant information when estimating current expected credit losses, including details about past events, current conditions, and reasonable and supportable forecasts. The resulting allowance for credit losses is to reflect the portion of the amortized cost basis that the entity does not expect to collect. The amendments also eliminate the current accounting model for purchased credit impaired loans and debt securities. Additional quantitative and qualitative disclosures are required upon adoption.
January 1, 2020
Adoption of this ASU is expected to primarily change how the Company estimates credit losses with the application of the expected credit loss model. In addition, the Company expects the ASU to change the presentation of credit losses for AFS debt securities through an allowance method rather than as a direct write-off. The Company is in the process of evaluating loan loss estimation models to comply with the guidance under this ASU, which may result in a higher credit loss estimate.
While the CECL model does not apply to available for sale debt securities, the ASU does require entities to record an allowance when recognizing credit losses for available for sale securities, rather than reduce the amortized cost of the securities by direct write-offs.
The ASU should be adopted on a modified retrospective basis. Entities that have loans accounted for under ASC 310-30 at the time of adoption should prospectively apply the guidance in this amendment for purchase credit deteriorated assets.
Early adoption is permitted in 2019
ASU 2017-04, Simplifying the Test for Goodwill Impairment
This ASU amends Topic 350, Intangibles-Goodwill and Other, and eliminates Step 2 from the goodwill impairment test.
January 1, 2020
Adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.
Early adoption is permitted.
ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities
This ASU amends ASC 815, Derivatives and Hedging to (1) improve the transparency and understandability of information conveyed to financial statement users about an entity's risk management activities by better aligning the entity's financial reporting for hedging relationships with those risk management activities and (2) reduce the complexity of and simplify the application of hedge accounting by preparers.
January 1, 2019
Adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.
ASU 2018-07, Share Based Payment Accounting
This ASU expands the scope of Topic 718, Compensation- Stock Compensation to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity-Based Payments to Non-Employees.
January 1, 2019
The Company is currently evaluating this guidance to determine any impact on the Company's consolidated financial statements. The Company does not participate in these types of arrangements in the normal course of business, except for board director compensation.

12


Standard
Description
Required Date of Adoption
Effect on financial statements
Standards Not Yet Adopted (continued)
ASU 2018-13 Changes to Disclosure Requirements Fair Value Measurement, Topic 820
This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements.
January 1, 2020
The Company is currently evaluating this guidance to determine any impact on the Company's consolidated financial statements.
Early adoption is permitted.
ASU 2018-14 Compensation- Disclosure Requirements for Defined Pension Plans Topic 715-20
This ASU makes minor changes to the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans.
January 1, 2021
The Company is currently evaluating this guidance to determine any impact on the Company's consolidated financial statements.
Early adoption is permitted.


13


NOTE 2.    SECURITIES AVAILABLE FOR SALE

The following is a summary of securities available for sale:
(in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
September 30, 2018
 
 

 
 

 
 

 
 

Securities available for sale
 
 

 
 

 
 

 
 

Debt securities:
 
 

 
 

 
 

 
 

Obligations of US Government-sponsored enterprises
 
$
3,998

 
$

 
$
1

 
$
3,997

Mortgage-backed securities:
 
 
 
 
 
 
 


  US Government-sponsored enterprises
 
441,725

 
357

 
16,791

 
425,291

  US Government agency
 
116,638

 
136

 
3,192

 
113,582

  Private label
 
428

 
112

 
5

 
535

Obligations of states and political subdivisions thereof
 
133,926

 
600

 
3,089

 
131,437

Corporate bonds
 
38,323

 
114

 
621

 
37,816

Total securities available for sale
 
$
735,038

 
$
1,319

 
$
23,699

 
$
712,658

 
 
 
 
 
 
 
 
 
December 31, 2017
 
 

 
 

 
 

 
 

Securities available for sale
 
 

 
 

 
 

 
 

Debt securities:
 
 

 
 

 
 

 
 

Obligations of US Government-sponsored enterprises
 
$
6,967

 
$
5

 
$

 
$
6,972

Mortgage-backed securities:
 
 
 
 
 
 
 
 
  US Government-sponsored enterprises
 
447,081

 
1,738

 
5,816

 
443,003

  US Government agency
 
96,357

 
413

 
1,174

 
95,596

  Private label
 
529

 
150

 
5

 
674

Obligations of states and political subdivisions thereof
 
138,522

 
2,407

 
729

 
140,200

Corporate bonds
 
30,527

 
323

 
53

 
30,797

Total securities available for sale
 
$
719,983

 
$
5,036

 
$
7,777

 
$
717,242


The amortized cost and estimated fair value of available for sale (“AFS”) securities segregated by contractual maturity at September 30, 2018 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable.
 
 
Available for sale
(in thousands)
 
Amortized Cost
 
Fair Value
Within 1 year
 
$
4,028

 
$
4,027

Over 1 year to 5 years
 
15,587

 
15,446

Over 5 years to 10 years
 
45,826

 
45,418

Over 10 years
 
110,806

 
108,359

Total bonds and obligations
 
176,247

 
173,250

Mortgage-backed securities
 
558,791

 
539,408

Total securities available for sale
 
$
735,038

 
$
712,658



14


Securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows:
 
 
Less Than Twelve Months
 
Over Twelve Months
 
Total
(In thousands)
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
 
Gross
Unrealized
Losses
 
Fair
Value
September 30, 2018
 
 

 
 

 
 

 
 

 
 

 
 

Securities available for sale
 
 

 
 

 
 

 
 

 
 

 
 

Debt securities:
 
 

 
 

 
 

 
 

 
 

 
 

Obligations of US Government-sponsored enterprises
 
$
1

 
$
3,997

 
$

 
$

 
$
1

 
$
3,997

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 


  US Government-sponsored enterprises
 
5,882

 
213,267

 
10,909

 
193,006

 
16,791

 
406,273

  US Government agency
 
545

 
47,373

 
2,647

 
59,364

 
3,192

 
106,737

  Private label
 
1

 
114

 
4

 
50

 
5

 
164

Obligations of states and political subdivisions thereof
 
892

 
44,817

 
2,197

 
31,933

 
3,089

 
76,750

Corporate bonds
 
621

 
25,465

 

 

 
621

 
25,465

Total securities available for sale
 
$
7,942

 
$
335,033

 
$
15,757

 
$
284,353

 
$
23,699

 
$
619,386

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 

 
 

 
 

 
 

 
 

 
 

Securities available for sale
 
 

 
 

 
 

 
 

 
 

 
 

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
  US Government-sponsored enterprises
 
$
1,895

 
$
189,486

 
$
3,921

 
$
117,156

 
$
5,816

 
$
306,642

  US Government agency
 
559

 
45,221

 
615

 
30,155

 
1,174

 
75,376

  Private label
 

 
8

 
5

 
130

 
5

 
138

Obligations of states and political subdivisions thereof
 
58

 
8,298

 
671

 
27,727

 
729

 
36,025

Corporate bonds
 
53

 
8,943

 

 

 
53

 
8,943

Total securities available for sale
 
$
2,565

 
$
251,956

 
$
5,212

 
$
175,168

 
$
7,777

 
$
427,124


Visa Class B Common Shares
The Company was a member of the Visa USA payment network and was issued Class B shares in connection with the Visa Reorganization and the Visa Inc. initial public offering ("IPO") in March 2008. The Visa Class B shares are transferable only under limited circumstances until they can be converted into shares of the publicly traded class of Visa stock. This conversion cannot happen until the settlement of certain litigation, which is indemnified by Visa members. Since its initial public offering, Visa has funded a litigation reserve based upon a change in the conversion ratio of Visa Class B shares into Visa Class A shares. At its discretion, Visa may continue to increase the conversion rate in connection with any settlements in excess of amounts then in escrow for that purpose and reduce the conversion rate to the extent it adds any funds to the escrow in the future. Based on the existing transfer restriction and uncertainty of the litigation, the Company has recorded its Visa Class B shares on its consolidated balance sheets at a zero value for all reporting periods since 2008.

In September 2018, the Company sold 4,700 shares with a pre-tax gain of $685 thousand. At September 30, 2018, the Company owned 10,842 of Visa Class B shares with a current conversion ratio to Visa Class A shares of 1.6298. As of December 31, 2017 the Company held 15,542 Class B shares, which 11,623 were obtained through the original IPO and 3,919 were acquired through a business combination in 2017.


15


Securities Impairment: As a part of the Company’s ongoing security monitoring process, the Company identifies securities in an unrealized loss position that could potentially be other-than-temporarily impaired.  For the three months ended September 30, 2018 and 2017 the Company did not record any other-than-temporary impairment (“OTTI”) losses.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
Estimated credit losses as of prior year-end
 
$
1,697

 
$
1,697

 
$
1,697

 
$
1,697

Reductions for securities paid off during the period
 

 

 

 

Estimated credit losses at end of the period
 
$
1,697

 
$
1,697

 
$
1,697

 
$
1,697


The Company expects to recover its amortized cost basis on all securities in its AFS portfolio. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of September 30, 2018, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover.

The following summarizes, by investment security type, the basis for the conclusion that securities in an unrealized loss position were not other-than-temporarily impaired at September 30, 2018:

Obligations of US Government-sponsored enterprises
One security in the Company’s portfolio of AFS US Government sponsored enterprises was in an unrealized loss position. Aggregate unrealized losses represented less than 0.1% of the amortized cost of securities in unrealized loss positions.The Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) guarantee the contractual cash flows of all of the Company’s US Government-sponsored enterprises. The security is investment grade rated and there were no material underlying credit downgrades during the quarter. The Security is performing.

US Government-sponsored enterprises
516 out of the total 769 securities in the Company’s portfolios of AFS US Government-sponsored enterprises were in unrealized loss positions. Aggregate unrealized losses represented 4.0% of the amortized cost of securities in unrealized loss positions.The FNMA and FHLMC guarantee the contractual cash flows of all of the Company’s US Government-sponsored enterprises. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing.

US Government agency
132 out of the total 197 securities in the Company’s portfolios of AFS US Government agency securities were in unrealized loss positions. Aggregate unrealized losses represented 2.9% of the amortized cost of securities in unrealized loss positions. The Government National Mortgage Association (“GNMA”) guarantees the contractual cash flows of all of the Company’s US Government agency securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing.

Private label
Eight of the total 21 securities in the Company’s portfolio of AFS private label mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 3.0% of the amortized cost of securities in unrealized loss positions. Based upon the expectation that the Company will receive all of the future contractual cash flows related to the amortized cost on these securities, the Company does not consider there to be any additional other-than-temporary impairment with respect to these securities.


16


Obligations of states and political subdivisions thereof
149 of the total 258 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 3.9% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for the risk. There were no material underlying credit downgrades during the quarter. All securities are performing.

Corporate bonds
Ten out of the total 17 securities in the Company’s portfolio of AFS corporate bonds were in an unrealized loss position. The aggregate unrealized loss represents 2.4% of the amortized cost of bonds in unrealized loss positions. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities.




17


NOTE 3.    LOANS

The Company’s loan portfolio is comprised of the following segments: commercial real estate, commercial and industrial, residential real estate, and consumer loans. Commercial real estate loans includes commercial construction and land development and other commercial real estate loans. Commercial and industrial loans includes loans to commercial businesses, agricultural, and tax exempt loans. Residential real estate loans consists of mortgages for 1-4 family housing. Consumer loans include home equity loans and other installment lending.

The Company’s lending activities are principally conducted in Maine, New Hampshire, and Vermont.

Total loans include business activity loans and acquired loans. Acquired loans are those loans previously acquired from other institutions. The following is a summary of total loans:
 
 
September 30, 2018
 
December 31, 2017
(in thousands)
 
Business Activities Loans
 
Acquired
Loans
 
Total
 
Business
Activities  Loans
 
Acquired
Loans
 
Total
Commercial real estate:
 
 

 
 

 
 

 
 

 
 

 
 

Construction and land development
 
$
37,525

 
$
2,926

 
$
40,451

 
$
28,892

 
$
16,781

 
$
45,673

Other commercial real estate
 
547,641

 
251,926

 
799,567

 
505,119

 
275,954

 
781,073

Total commercial real estate
 
585,166

 
254,852

 
840,018

 
534,011

 
292,735

 
826,746

 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial:
 
 

 
 

 
 

 
 

 
 

 
 

Other Commercial
 
225,965

 
53,541

 
279,506

 
198,051

 
68,069

 
266,120

Agricultural
 
24,478

 

 
24,478

 
27,588

 

 
27,588

Tax exempt
 
42,578

 
39,252

 
81,830

 
42,365

 
43,350

 
85,715

Total commercial and industrial
 
293,021

 
92,793

 
385,814

 
268,004

 
111,419

 
379,423

 
 
 
 
 
 
 
 
 
 
 
 
 
Total commercial loans
 
878,187

 
347,645

 
1,225,832

 
802,015

 
404,154

 
1,206,169

 
 
 
 
 
 
 
 
 
 
 
 
 
Residential real estate:
 
 

 
 

 
 

 
 

 
 

 
 

Residential mortgages
 
643,038

 
497,481

 
1,140,519

 
591,411

 
564,271

 
1,155,682

Total residential real estate
 
643,038

 
497,481

 
1,140,519

 
591,411

 
564,271

 
1,155,682

 
 
 
 
 
 
 
 
 
 
 
 
 
Consumer:
 
 

 
 
 
 

 
 

 
 

 
 

Home equity
 
55,538

 
49,655

 
105,193

 
51,376

 
62,217

 
113,593

Other consumer
 
10,409

 
1,637

 
12,046

 
7,828

 
2,341

 
10,169

Total consumer
 
65,947

 
51,292

 
117,239

 
59,204

 
64,558

 
123,762

 
 
 
 
 
 
 
 
 
 
 
 
 
Total loans
 
$
1,587,172

 
$
896,418

 
$
2,483,590

 
$
1,452,630

 
$
1,032,983

 
$
2,485,613


The carrying amount of the acquired loans at September 30, 2018 totaled $896.4 million. A subset of these loans was determined to have evidence of credit deterioration at acquisition date, which is accounted for in accordance with ASC 310-30. These purchased credit-impaired loans presently maintain a carrying value of $10.7 million (and total note balances of $14.7 million). These loans are evaluated for impairment through the periodic reforecasting of expected cash flows. Acquired loans considered not impaired at acquisition date had a carrying amount of $885.7 million as of September 30, 2018.




18


The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Accounting for Certain Loans or Debt Securities Acquired in a Transfer:
 
 
Three Months Ended September 30,
(in thousands)
 
2018
 
2017
Balance at beginning of period
 
$
2,807

 
$
4,567

Reclassification from nonaccretable difference for loans with improved cash flows
 
1,985

 
513

Accretion
 
(315
)
 
(423
)
Balance at end of period
 
$
4,477

 
$
4,657

 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
(in thousands)
 
2018
 
2017
Balance at beginning of period
 
$
3,509

 
$

Acquisitions
 

 
3,398

Reclassification from nonaccretable difference for loans with improved cash flows
 
2,031

 
2,257

Accretion
 
(1,063
)
 
(998
)
Balance at end of period
 
$
4,477

 
$
4,657


19


The following is a summary of past due loans at September 30, 2018 and December 31, 2017:

Business Activities Loans
(in thousands)
 
30-59 Days
Past Due
 
60-89 Days
Past Due
 
90 Days or Greater Past Due
 
Total Past
Due
 
Current
 
Total Loans
 
Past Due >
90 days and
Accruing
September 30, 2018
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Commercial real estate:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

Construction and land development
 
$

 
$

 
$

 
$

 
$
37,525

 
$
37,525

 
$

Other commercial real estate
 
1,283

 
146

 
7,082

 
8,511

 
539,130

 
547,641

 

Total commercial real estate
 
1,283

 
146

 
7,082

 
8,511

 
576,655

 
585,166

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Commercial
 
264

 
17

 
502

 
783

 
225,182

 
225,965

 

Agricultural
 

 

 
25

 
25

 
24,453

 
24,478

 

Tax exempt
 

 

 

 

 
42,578

 
42,578

 

Total commercial and industrial
 
264

 
17

 
527

 
808

 
292,213

 
293,021