Camden National Earnings 2019-03-31

CAC 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

10-Q 1 cac-033119x10q.htm 10-Q Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Commission File No. 0-28190

CAMDEN NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)



MAINE	01-0413282
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

2 ELM STREET, CAMDEN, ME	04843
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: (207) 236-8821

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, without par value	CAC	The NASDAQ Stock Market LLC

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 periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x 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 x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):



Large accelerated filer ¨	Accelerated filer x
Non-accelerated filer ¨	Smaller reporting company ¨
	Emerging growth company ¨

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 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 x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date:

Outstanding at May 1, 2019: Common stock (no par value) 15,521,703 shares.

CAMDEN NATIONAL CORPORATION

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2019

TABLE OF CONTENTS OF INFORMATION REQUIRED IN REPORT



		PAGE
PART I. FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

	Consolidated Statements of Condition (unaudited) - March 31, 2019 and December 31, 2018	3

	Consolidated Statements of Income (unaudited) - Three Months Ended March 31, 2019 and 2018	4

	Consolidated Statements of Comprehensive Income (unaudited) - Three Months Ended March 31, 2019 and 2018	5

	Consolidated Statements of Changes in Shareholders’ Equity (unaudited) - Three Months Ended March 31, 2019 and 2018	6

	Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, 2019 and 2018	7

	Notes to the Unaudited Consolidated Financial Statements	8

ITEM 2.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	43

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK	61

ITEM 4.	CONTROLS AND PROCEDURES	62

PART II. OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	63

ITEM 1A.	RISK FACTORS	63

ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	63

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	63

ITEM 4.	MINE SAFETY DISCLOSURES	63

ITEM 5.	OTHER INFORMATION	63

ITEM 6.	EXHIBITS	63

SIGNATURES		64

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF CONDITION (unaudited)

(In thousands, except number of shares)	March 31, 2019			December 31, 2018
ASSETS
Cash and due from banks	$	43,722		$	52,240
Interest-bearing deposits in other banks (including restricted cash)	95,846			14,759
Total cash, cash equivalents and restricted cash	139,568			66,999
Investments:
Available-for-sale securities, at fair value (book value of $933,135 and $933,399, respectively)	924,311			910,692
Held-to-maturity securities, at amortized cost (fair value of $1,324 and $1,291, respectively)	1,306			1,307
Other investments	11,242			14,679
Total investments	936,859			926,678
Loans held for sale, at fair value (book value of $8,711 and $4,314, respectively)	8,795			4,403
Loans	3,042,442			3,026,222
Less: allowance for loan losses	(25,201		)	(24,712		)
Net loans	3,017,241			3,001,510
Goodwill	94,697			94,697
Other intangible assets	4,054			4,230
Bank-owned life insurance	90,513			89,919
Premises and equipment, net	42,033			42,495
Deferred tax assets	18,854			23,053
Other assets	68,575			43,451
Total assets	$	4,421,189		$	4,297,435
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Deposits:
Non-interest checking	$	492,306		$	496,729
Interest checking	1,163,678			1,023,373
Savings and money market	1,059,897			1,137,356
Certificates of deposit	428,487			443,912
Brokered deposits	433,829			363,104
Total deposits	3,578,197			3,464,474
Short-term borrowings	256,181			270,868
Long-term borrowings	10,000			11,580
Subordinated debentures	58,978			59,067
Accrued interest and other liabilities	64,115			55,621
Total liabilities	3,967,471			3,861,610
Commitments and Contingencies
Shareholders’ Equity
Common stock, no par value: authorized 40,000,000 shares, issued and outstanding 15,560,565 and 15,591,914 on March 31, 2019 and December 31, 2018, respectively	156,152			158,215
Retained earnings	311,870			302,030
Accumulated other comprehensive loss:
Net unrealized losses on available-for-sale debt securities, net of tax	(6,927		)	(17,826		)
Net unrealized losses on cash flow hedging derivative instruments, net of tax	(5,268		)	(4,437		)
Net unrecognized losses on postretirement plans, net of tax	(2,109		)	(2,157		)
Total accumulated other comprehensive loss	(14,304		)	(24,420		)
Total shareholders’ equity	453,718			435,825
Total liabilities and shareholders’ equity	$	4,421,189		$	4,297,435

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

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three Months Ended March 31,
(In thousands, except number of shares and per share data)	2019			2018
Interest Income
Interest and fees on loans	$	35,721		$	29,834
Taxable interest on investments	4,994			4,225
Nontaxable interest on investments	644			672
Dividend income	230			286
Other interest income	420			261
Total interest income	42,009			35,278
Interest Expense
Interest on deposits	8,423			3,749
Interest on borrowings	974			1,780
Interest on subordinated debentures	717			847
Total interest expense	10,114			6,376
Net interest income	31,895			28,902
Provision (credit) for credit losses	744			(497		)
Net interest income after provision (credit) for credit losses	31,151			29,399
Non-Interest Income
Service charges on deposit accounts	2,023			1,967
Debit card income	2,010			1,929
Income from fiduciary services	1,392			1,283
Mortgage banking income, net	1,252			1,391
Bank-owned life insurance	594			608
Brokerage and insurance commissions	585			650
Customer loan swap fees	525			87
Other income	1,008			889
Total non-interest income	9,389			8,804
Non-Interest Expense
Salaries and employee benefits	12,978			12,562
Furniture, equipment and data processing	2,680			2,586
Net occupancy costs	1,914			1,873
Debit card expense	823			730
Consulting and professional fees	813			804
Regulatory assessments	472			499
Amortization of intangible assets	176			181
Other real estate owned and collection (recoveries) costs, net	(307		)	75
Other expenses	3,234			2,994
Total non-interest expense	22,783			22,304
Income before income tax expense	17,757			15,899
Income tax expense	3,484			3,079
Net Income	$	14,273		$	12,820
Per Share Data
Basic earnings per share	$	0.91		$	0.82
Diluted earnings per share	$	0.91		$	0.82
Weighted average number of common shares outstanding	15,592,141			15,541,975
Diluted weighted average number of common shares outstanding	15,634,126			15,603,380
Cash dividends declared per share	$	0.30		$	0.25

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

	Three Months Ended March 31,
(In thousands)	2019			2018
Net Income	$	14,273		$	12,820
Other comprehensive income (loss):
Net change in unrealized losses on available-for-sale securities, net of tax of ($2,985) and $3,124, respectively	10,899			(11,402		)
Net change in unrealized losses on cash flow hedging derivatives:
Net change in unrealized losses on cash flow hedging derivatives, net of tax of $253 and ($355), respectively	(925		)	1,328
Net reclassification adjustment for effective portion of cash flow hedges, net of tax of ($25) and ($13), respectively⁽¹⁾	94			51
Net change in unrealized losses on cash flow hedging derivatives, net of tax	(831		)	1,379
Reclassification of amortization of net unrecognized actuarial loss and prior service cost, net of tax of ($13) and ($31), respectively⁽²⁾	48			116
Other comprehensive income (loss)	10,116			(9,907		)
Comprehensive Income	$	24,389		$	2,913


(1)	Reclassified into the consolidated statements of income within interest on borrowings and subordinated debentures.


(2)	Reclassified into the consolidated statements of income within salaries and employee benefits and other expenses.

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

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)

	Common Stock								Accumulated Other Comprehensive Loss			Total Shareholders’ Equity
(In thousands, except number of shares and per share data)	Shares Outstanding		Amount			Retained Earnings			Accumulated Other Comprehensive Loss			Total Shareholders’ Equity
Balance at December 31, 2017	15,524,704		$	156,904		$	266,723		$	(20,214	)	$	403,413
Cumulative-effect adjustment upon adoption of ASU 2016-01⁽¹⁾	—		—			198			(198		)	—
Cumulative-effect adjustment upon adoption of ASU 2017-12⁽²⁾	—		—			—			665			665
Net income	—		—			12,820			—			12,820
Other comprehensive loss, net of tax⁽²⁾	—		—			—			(9,907		)	(9,907		)
Stock-based compensation expense	—		431			—			—			431
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings	41,164		(475		)	—			—			(475		)
Cash dividends declared ($0.25 per share)	—		—			(3,900		)	—			(3,900		)
Balance at March 31, 2018	15,565,868		$	156,860		$	275,841		$	(29,654	)	$	403,047

Balance at December 31, 2018	15,591,914		$	158,215		$	302,030		$	(24,420	)	$	435,825
Cumulative-effect adjustment upon adoption of ASU 2016-02⁽³⁾	—		—			254			—			254
Net income	—		—			14,273			—			14,273
Other comprehensive income, net of tax	—		—			—			10,116			10,116
Stock-based compensation expense	—		458			—			—			458
Exercise of stock options and issuance of vested share awards, net of repurchase for tax withholdings	24,208		(215		)	—			—			(215		)
Common stock repurchased	(55,557	)	(2,306		)	—			—			(2,306		)
Cash dividends declared ($0.30 per share)	—		—			(4,687		)	—			(4,687		)
Balance at March 31, 2019	15,560,565		$	156,152		$	311,870		$	(14,304	)	$	453,718


(1)	Effective January 1, 2018, the Company adopted ASU 2016-01, Income Statement - Financial Instruments. As a result of the adoption, the Company reclassified its unrealized gain on equity investments from accumulated other comprehensive loss to retained earnings.


(2)	Effective January 1, 2018, the Company adopted ASU 2017-12, Derivatives and Hedging. In conjunction with the adoption, the Company made the transition election to reclassify qualifying securities designated as held-to-maturity to available-for-sale.


(3)	Effective January 1, 2019, the Company adopted ASU 2016-02, Leases, on a modified-retrospective basis. Refer to Note 2 for further details.

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

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three Months Ended March 31,
(In thousands)	2019			2018
Operating Activities
Net Income	$	14,273		$	12,820
Adjustments to reconcile net income to net cash (used by) provided by operating activities:
Originations of mortgage loans held for sale	(32,405		)	(46,641		)
Proceeds from the sale of mortgage loans	28,834			46,426
Gain on sale of mortgage loans, net of origination costs	(826		)	(1,220		)
Depreciation and amortization expense	922			940
Investment securities amortization and accretion, net	660			763
Purchase accounting accretion, net	(477		)	(514		)
Stock-based compensation expense	458			431
Provision (credit) for credit losses	744			(497		)
Amortization of intangible assets	176			181
Increase in other assets	(10,710		)	(2,850		)
(Decrease) increase in other liabilities	(6,291		)	7,218
Net cash (used by) provided by operating activities	(4,642		)	17,057
Investing Activities
Proceeds from sales and maturities of available-for-sale securities	26,355			29,531
Purchase of available-for-sale securities	(26,749		)	(50,152		)
Proceeds from maturities of held-to-maturity securities	—			750
Net increase in loans	(16,734		)	(7,008		)
Purchase of Federal Home Loan Bank stock	(2,012		)	(2,815		)
Proceeds from sale of Federal Home Loan Bank stock	5,691			3,472
Purchase of premises and equipment	(1,583		)	(595		)
Proceeds from other investments	—			205
Recoveries of previously charged-off loans	75			122
Net cash used by investing activities	(14,957		)	(26,490		)
Financing Activities
Net increase in deposits	113,740			25,126
Net (repayments of) proceeds from borrowings less than 90 days	(14,687		)	10,816
Common stock repurchase	(1,957		)	—
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings	(215		)	(475		)
Cash dividends paid on common stock	(4,687		)	(3,896		)
Finance lease payments	(26		)	—
Net cash provided by financing activities	92,168			31,571
Net increase in cash, cash equivalents and restricted cash	72,569			22,138
Cash, cash equivalents, and restricted cash at beginning of period	66,999			102,971
Cash, cash equivalents and restricted cash at end of period	$	139,568		$	125,109
Supplemental information
Interest paid	$	9,738		$	6,384
Unsettled common stock repurchase	349			—
Income taxes paid	91			69
Transfer from loans to other real estate owned	543			—

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

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in tables expressed in thousands, except per share data)

NOTE 1 – BASIS OF PRESENTATION

The accompanying unaudited consolidated interim financial statements were prepared in accordance with instructions for Form 10-Q and, therefore, do not include all disclosures required by accounting principles generally accepted in the United States of America for complete presentation of financial statements. In the opinion of management, the consolidated financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the consolidated statements of condition of Camden National Corporation (the "Company") as of March 31, 2019 and December 31, 2018, the consolidated statements of income for the three months ended March 31, 2019 and 2018, the consolidated statements of comprehensive income for the three months ended March 31, 2019 and 2018, the consolidated statements of changes in shareholders' equity for the three months ended March 31, 2019 and 2018, and the consolidated statements of cash flows for the three months ended March 31, 2019 and 2018. The consolidated financial statements include the accounts of the Company and Camden National Bank (the "Bank"), a wholly-owned subsidiary of the Company (which includes the consolidated accounts of Healthcare Professional Funding Corporation ("HPFC"), Property A, Inc. and Property P, Inc.). All intercompany accounts and transactions have been eliminated in consolidation. Assets held by the Bank in fiduciary capacity, through Camden National Wealth Management, are not assets of the Company and, therefore, are not included in the consolidated statements of condition. The Company also owns 100% of the common stock of Camden Capital Trust A and Union Bankshares Capital Trust I, these entities are unconsolidated subsidiaries of the Company. Certain reclassifications have been made to prior period amounts to conform to the current period presentation. Such reclassifications did not impact net income or shareholders' equity as previously reported. Net income reported for the three months ended March 31, 2019, is not necessarily indicative of the results that may be expected for the full year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018.

The acronyms, abbreviations and definitions identified below are used throughout this Form 10-Q, including Part I. "Financial Information" and Part II. "Management's Discussion and Analysis of Financial Condition and Results of Operations." The following is provided to aid the reader and provide a reference page when reviewing these sections of the Form 10-Q.



AFS:	Available-for-sale	GAAP:	Generally accepted accounting principles in the United States
ALCO:	Asset/Liability Committee	HPFC:	Healthcare Professional Funding Corporation, a wholly-owned subsidiary of Camden National Bank
ALL:	Allowance for loan losses	HTM:	Held-to-maturity
AOCI:	Accumulated other comprehensive income (loss)	IRS:	Internal Revenue Service
ASC:	Accounting Standards Codification	LIBOR:	London Interbank Offered Rate
ASU:	Accounting Standards Update	LTIP:	Long-Term Performance Share Plan
Bank:	Camden National Bank, a wholly-owned subsidiary of Camden National Corporation	Management ALCO:	Management Asset/Liability Committee
BOLI:	Bank-owned life insurance	MBS:	Mortgage-backed security
Board ALCO:	Board of Directors' Asset/Liability Committee	MSPP:	Management Stock Purchase Plan
CCTA:	Camden Capital Trust A, an unconsolidated entity formed by Camden National Corporation	N.M.:	Not meaningful
CDs:	Certificate of deposits	OCC:	Office of the Comptroller of the Currency
Company:	Camden National Corporation	OCI:	Other comprehensive income (loss)
CMO:	Collateralized mortgage obligation	OREO:	Other real estate owned
DCRP:	Defined Contribution Retirement Plan	OTTI:	Other-than-temporary impairment
EPS:	Earnings per share	SERP:	Supplemental executive retirement plans
FASB:	Financial Accounting Standards Board	Tax Act:	Tax Cuts and Jobs Act of 2017, enacted on December 22, 2017
FDIC:	Federal Deposit Insurance Corporation	TDR:	Troubled-debt restructured loan
FHLB:	Federal Home Loan Bank	UBCT:	Union Bankshares Capital Trust I, an unconsolidated entity formed by Union Bankshares Company that was subsequently acquired by Camden National Corporation
FHLBB:	Federal Home Loan Bank of Boston	U.S.:	United States of America
FRB:	Federal Reserve System Board of Governors	2003 Plan:	2003 Stock Option and Incentive Plan
FRBB:	Federal Reserve Bank of Boston	2012 Plan:	2012 Equity and Incentive Plan

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

Accounting Standards Adopted

The Company adopted the following accounting standards in 2019, and such standards have been accounted for and presented within the accompanying consolidated financial statements for the three months ended March 31, 2019 as follows:

ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"): In February 2016, the FASB issued ASU 2016-02 to increase transparency and comparability among organizations by recognizing lease assets and liabilities (including operating leases) on the balance sheet and disclosing key information about leasing arrangements. Prior lease accounting did not require the inclusion of operating leases in the balance sheet.

Effective January 1, 2019, the Company adopted ASU 2016-02, using the following practical expedients for transitional relief provided for within the subsequent issuance of ASU No. 2018-11, Leases (Topic 842): Targeted Improvements ("ASU 2018-11"):


•	An entity need not reassess whether any expired or existing contract is or contains leases.


•	An entity need not reassess the lease classification for any expired or existing leases.


•	An entity need not reassess initial direct costs for any existing leases.


•	An entity may elect to apply hindsight to leases that existed during the period from the beginning of the earliest period presented in the financial statements until the effective date.


•	Modified retrospective transition method, which allows companies to apply ASU 2016-02 at the date of adoption and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption.

In conjunction with the adoption of Topic 842, the Company made the following accounting policy elections:


•	For leases with a term of 12 months or less, a right-of-use asset or lease liability will not be recognized on the consolidated statements of condition.


•	For non-real estate leased assets with individual undiscounted contractual cash flows of less than $500,000 over the reasonably certain term of the lease, a right-of-use asset or lease liability will not be recognized on the consolidated statements of condition as the lease is considered immaterial to the Company's financial statements.

The Company has completed its assessment and implementation process for ASU 2016-02 and recorded operating and finance lease right-of-use assets of $12.1 million and lease liabilities of $12.3 million on the consolidated statements of condition within other assets and other liabilities, respectively, on January 1, 2019. Because the modified-retrospective transition method was used, the Company did not revise prior period presentation on its consolidated statements of income. The adoption of the ASU did not have a material effect on the consolidated financial statements, which included a cumulative-effect adjustment of $254,000 to retained earnings on January 1, 2019. Refer to Note 5 for further details.

Accounting Standards Issued

The following are recently issued accounting pronouncements that have yet to be adopted by the Company:

ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"), updated by ASU No. 2018-19 - Codification improvements to Topic 326, Financial Instruments- Credit Losses: In June 2016, the FASB issued ASU 2016-13 to require timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years, for public companies. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within that fiscal year. The Company will adopt the guidance under a modified-retrospective approach, whereby a cumulative-effect adjustment will be made to retained earnings upon adoption. The Company will use a prospective transition approach for debt securities for which an OTTI had been recognized before the effective date, as applicable.

While the Company continues to prepare for the adoption of ASU 2016-13 on January 1, 2020, it recognizes that changes to the consolidated financial statements upon adoption are imminent as the ASU requires:


•	A change in the Company's assessment of its ALL and allowance on unused commitments as it will transition from an incurred loss model to an expected loss model, which may result in an increase in the ALL upon adoption and may negatively impact the Company and Bank's regulatory capital ratios.


•	An allowance on the expected losses over the life of the Company's HTM investment securities to be recorded upon adoption, which may reduce the carrying value of these securities.

•

Changes to the considerations when assessing AFS debt securities for OTTI, including (i) no longer considering the amount of time a security has been in an unrealized loss position and (ii) no longer considering the historical and implied volatility of a security and recoveries or declines in the fair value after the balance sheet date, as well as the presentation of OTTI as an allowance rather than a permanent write-down of the debt security.


•	Changes to the disclosure requirements to reflect the transition from an incurred loss methodology to an expected credit loss methodology, as well as certain disclosures of credit quality indicators in relation to the amortized cost of financing receivables disaggregated by year of origination (or vintage).

In 2015, the Company began its preparation for ASU 2016-13, understanding the significance of the standard and its potential impact to its consolidated financial statements and the financial industry. While the Company continues to review, validate and refine its loss methodologies in accordance with ASU 2016-13, it has completed certain critical tasks and components as it prepares for adoption on January 1, 2020, such as the assessment and validation of critical data points. At this time, the Company does not have an estimated financial impact of adoption to its consolidated financial statements, but anticipates it will have an estimate of the financial impact in the second half of 2019. Any disclosure of an estimated financial impact made by the Company will be subject to various factors that may cause actual results to differ materially from the Company's estimates. These factors include, but are not limited to, (i) the economic outlook over the reasonable and supportable forecast period; (ii) changes in the make-up of the Company’s loan portfolio; and/or (iii) changes in the credit quality of individual loans or pools of loans within its portfolio upon adoption.

ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"): In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 was issued to reduce the cost and complexity of the goodwill impairment test. To simplify the subsequent measurement of goodwill, step two of the goodwill impairment test was eliminated. Instead, in accordance with ASU 2017-04, a Company will recognize an impairment of goodwill should the carrying value of a reporting unit exceed its fair value (i.e. step one). ASU 2017-04 will be effective for the Company on January 1, 2020 and will be applied prospectively. The Company does not expect the ASU to have a material impact on the consolidated financial statements upon adoption.

NOTE 3 – INVESTMENTS

AFS and HTM Investments

The following table summarizes the amortized cost and estimated fair values of AFS and HTM securities, as of the dates indicated:



	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2019
AFS Investments (carried at fair value):
Obligations of states and political subdivisions	$	92,030	$	1,095	$	(105	)	$	93,020
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	453,980		1,290		(6,449		)	448,821
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	366,727		1,888		(7,215		)	361,400
Subordinated corporate bonds	20,398		672		—			21,070
Total AFS investments	$	933,135	$	4,945	$	(13,769	)	$	924,311
HTM Investments (carried at amortized cost):
Obligations of states and political subdivisions	$	1,306	$	21	$	(3	)	$	1,324
Total HTM investments	$	1,306	$	21	$	(3	)	$	1,324
December 31, 2018
AFS Investments (carried at fair value):
Obligations of states and political subdivisions	$	94,430	$	216	$	(894	)	$	93,752
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	466,613		583		(13,524		)	453,672
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	351,958		1,007		(10,071		)	342,894
Subordinated corporate bonds	20,398		23		(47		)	20,374
Total AFS investments	$	933,399	$	1,829	$	(24,536	)	$	910,692
HTM Investments (carried at amortized cost):
Obligations of states and political subdivisions	$	1,307	$	8	$	(24	)	$	1,291
Total HTM investments	$	1,307	$	8	$	(24	)	$	1,291

Net unrealized losses on AFS investments at March 31, 2019 included in AOCI amounted to $6.9 million, net of a deferred tax benefit of $1.9 million. Net unrealized losses on AFS investments at December 31, 2018 included in AOCI amounted to $17.8 million, net of a deferred tax benefit of $4.9 million.

For the three months ended March 31, 2019 and 2018, the Company purchased debt investments of $26.7 million and $50.1 million, respectively, all of which were designated as AFS investments.

Impaired AFS and HTM Investments:

Management periodically reviews the Company’s AFS and HTM investments to determine the cause, magnitude and duration of declines in the fair value of each security. Thorough evaluations of the causes of the unrealized losses are performed to determine whether the impairment is temporary or other-than-temporary in nature. Considerations such as the ability of the securities to meet cash flow requirements, levels of credit enhancements, risk of curtailment, and recoverability of invested amount over a reasonable period of time, and the length of time the security is in a loss position, for example, are applied in determining OTTI. Once a decline in value is determined to be other-than-temporary, the cost basis of the security is permanently reduced and a corresponding charge to earnings is recognized.

The following table presents the estimated fair values and gross unrealized losses on AFS and HTM investments that were in a continuous loss position at March 31, 2019 and December 31, 2018, by length of time that an individual security in each category has been in a continuous loss position:



	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
March 31, 2019
AFS Investments:
Obligations of states and political subdivisions	$	2,017	$	—		$	9,941	$	(105	)	$	11,958	$	(105	)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	8,859		(46		)	347,541		(6,403		)	356,400		(6,449		)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	—		—			224,959		(7,215		)	224,959		(7,215		)
Total AFS investments	$	10,876	$	(46	)	$	582,441	$	(13,723	)	$	593,317	$	(13,769	)
HTM Investments:
Obligations of states and political subdivisions	$	—	$	—		$	426	$	(3	)	$	426	$	(3	)
Total HTM investments	$	—	$	—		$	426	$	(3	)	$	426	$	(3	)
December 31, 2018
AFS Investments:
Obligations of states and political subdivisions	$	36,218	$	(281	)	$	28,437	$	(613	)	$	64,655	$	(894	)
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	46,459		(252		)	364,430		(13,272		)	410,889		(13,524		)
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	5,956		(40		)	227,461		(10,031		)	233,417		(10,071		)
Subordinated corporate bonds	11,378		(26		)	966		(21		)	12,344		(47		)
Total AFS investments	$	100,011	$	(599	)	$	621,294	$	(23,937	)	$	721,305	$	(24,536	)
HTM Investments:
Obligations of states and political subdivisions	$	509	$	(5	)	$	411	$	(19	)	$	920	$	(24	)
Total HTM investments	$	509	$	(5	)	$	411	$	(19	)	$	920	$	(24	)

At March 31, 2019 and December 31, 2018, the Company held 192 and 302 debt investments classified as AFS and HTM with a fair value of $593.7 million and $722.2 million that were in an unrealized loss position totaling $13.8 million and $24.6 million, respectively, that were considered temporary. Of these, MBS and CMOs with a fair value of $572.5 million and $591.9 million were in an unrealized loss position, and have been in an unrealized loss position for 12 months or more, totaling $13.6 million and $23.3 million at March 31, 2019 and December 31, 2018, respectively. The unrealized loss was reflective of current

interest rates in excess of the yield received on debt investments and is not indicative of an overall change in credit quality or other factors with the Company's AFS and HTM investment portfolio. At March 31, 2019 and December 31, 2018, gross unrealized losses on the Company's AFS and HTM investments were 2.3% and 3.4%, respectively, of their respective fair values.

The Company has the intent and ability to retain its debt investments in an unrealized loss position at March 31, 2019 until the decline in value has recovered.

Sale of AFS Investments:

For the three months ended March 31, 2019 and 2018, the Company did not sell any AFS investments.

AFS and HTM Investments Pledged:

At March 31, 2019 and December 31, 2018, AFS and HTM investments with an amortized cost of $679.0 million and $734.1 million and estimated fair values of $671.6 million and $714.4 million, respectively, were pledged to secure FHLBB advances, public deposits, and securities sold under agreements to repurchase and for other purposes required or permitted by law.

Contractual Maturities:

The amortized cost and estimated fair values of the Company's AFS and HTM investments by contractual maturity at March 31, 2019, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	Amortized Cost		Fair Value
AFS Investments
Due in one year or less	$	14,702	$	14,669
Due after one year through five years	68,822		67,998
Due after five years through ten years	241,455		240,454
Due after ten years	608,156		601,190
	$	933,135	$	924,311
HTM Investments
Due in one year or less	$	—	$	—
Due after one year through five years	—		—
Due after five years through ten years	1,306		1,324
Due after ten years	—		—
	$	1,306	$	1,324

Other Investments

The following table summarizes the cost and estimated fair values of the Company's investment in equity securities, FHLBB stock and FRBB stock as presented within other investments on the consolidated statements of condition, as of the dates indicated:



	Cost		Unrealized Gains		Unrealized Losses		Fair Value / Carrying Value
March 31, 2019
Equity securities - bank stock (carried at fair value)	$	544	$	444	$	—	$	988
FHLBB (carried at cost)	4,880		—		—		4,880
FRB (carried at cost)	5,374		—		—		5,374
Total other investments	$	10,798	$	444	$	—	$	11,242
December 31, 2018
Equity securities - bank stock (carried at fair value)	$	544	$	202	$	—	$	746
FHLBB (carried at cost)	8,559		—		—		8,559
FRB (carried at cost)	5,374		—		—		5,374
Total other investments	$	14,477	$	202	$	—	$	14,679

For the three months ended March 31, 2019 and 2018, the Company recognized an unrealized gain (loss) of $242,000 and ($35,000), respectively, due to the change in fair value of its bank stock equity securities, which were presented within other income on the consolidated statements of income. For the three months ended March 31, 2018, a gain of $195,000 was recognized within other income on the consolidated statements of income upon sale of an investment.

The Company did not record any OTTI on its FHLBB and FRB stock for the three months ended March 31, 2019 and 2018. For the three months ended March 31, 2019 and 2018 the Company recorded dividend income from its investment in FHLBB and FRB stock of $230,000 and $286,000, respectively.

NOTE 4 – LOANS AND ALLOWANCE FOR LOAN LOSSES

The composition of the Company’s loan portfolio, excluding residential loans held for sale, was as follows for the dates indicated:



	March 31, 2019		December 31, 2018
Residential real estate	$	1,017,442	$	992,866
Commercial real estate	1,258,474		1,269,533
Commercial	390,982		381,780
Home equity	323,969		327,763
Consumer	20,733		20,624
HPFC	30,842		33,656
Total loans	$	3,042,442	$	3,026,222

The loan balances for each portfolio segment presented above are net of their respective unamortized fair value mark discount on acquired loans and net of unamortized loan origination costs for the dates indicated:



	March 31, 2019			December 31, 2018
Net unamortized fair value mark discount on acquired loans	$	3,571		$	3,936
Net unamortized loan origination costs	(2,157		)	(1,865		)
Total	$	1,414		$	2,071

The Bank’s lending activities are primarily conducted in Maine, but also include loan production offices in Massachusetts and New Hampshire. The Company originates single family and multi-family residential loans, commercial real estate loans, business loans, municipal loans and a variety of consumer loans. In addition, the Company makes loans for the construction of residential homes, multi-family properties and commercial real estate properties. The ability and willingness of borrowers to honor their repayment commitments is generally dependent on the level of overall economic activity within the geographic area and the general economy.

In the normal course of business, the Bank has made loans to certain officers, directors and their associated companies, under terms that are consistent with the Company's lending policies and regulatory requirements. At March 31, 2019 and 2018, outstanding loans to certain officers, directors and their associated companies was less than 5% of the Company's shareholders' equity.

The HPFC loan portfolio consists of niche commercial lending to the small business medical field, including dentists, optometrists and veterinarians across the U.S. The ability and willingness of borrowers to honor their repayment commitments is generally dependent on the success of the borrower's business. In 2016, the Company closed HPFC's operations and is no longer originating HPFC loans.

The ALL is management’s best estimate of the inherent risk of loss in the Company’s loan portfolio as of the consolidated statement of condition date. Management makes various assumptions and judgments about the collectability of the loan portfolio and provides an allowance for potential losses based on a number of factors including historical losses. If those assumptions are incorrect, the ALL may not be sufficient to cover losses and may cause an increase in the allowance in the future. Among the factors that could affect the Company’s ability to collect loans and require an increase to the allowance in the future are: (i) financial condition of borrowers; (ii) real estate market changes; (iii) state, regional, and national economic conditions; and (iv) a requirement by federal and state regulators to increase the provision for loan losses or recognize additional charge-offs.

There were no significant changes in the Company's ALL methodology during the three months ended March 31, 2019.

The Board of Directors monitors credit risk through the Directors' Loan Review Committee, which reviews large credit exposures, monitors the external loan review reports, reviews the lending authority for individual loan officers when required, and has approval authority and responsibility for all matters regarding the loan policy and other credit-related policies, including reviewing and monitoring asset quality trends, concentration levels, and the ALL methodology. Credit Risk Administration and the Credit Risk Policy Committee oversee the Company's systems and procedures to monitor the credit quality of its loan portfolio, conduct a loan review program, maintain the integrity of the loan rating system, determine the adequacy of the ALL and support the oversight efforts of the Directors' Loan Review Committee and the Board of Directors. The Company's practice is to proactively manage the portfolio such that management can identify problem credits early, assess and implement effective work-out strategies, and take charge-offs as promptly as practical. In addition, the Company continuously reassesses its underwriting standards in response to credit risk posed by changes in economic conditions.

For purposes of determining the ALL, the Company disaggregates its loans into portfolio segments, which include residential real estate, commercial real estate, commercial, home equity, consumer and HPFC. Each portfolio segment possesses unique risk characteristics that are considered when determining the appropriate level of allowance. These risk characteristics unique to each portfolio segment include:

Residential Real Estate. Residential real estate loans held in the Company's loan portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines. Collateral consists of mortgage liens on one- to four-family residential properties, including for investment purposes.

Commercial Real Estate. Commercial real estate loans consist of mortgage loans to finance investments in real property such as multi-family residential, commercial/retail, office, industrial, hotels, educational, health care facilities and other specific use properties. Commercial real estate loans are typically written with amortizing payment structures. Collateral values are determined based upon appraisals and evaluations in accordance with established policy guidelines. Loan-to-value ratios at origination are governed by established policy and regulatory guidelines. Commercial real estate loans are primarily paid by the cash flow generated from the real property, such as operating leases, rents, or other operating cash flows from the borrower.

Commercial. Commercial loans consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and/or capital investment. Collateral generally consists of pledges of

business assets including, but not limited to, accounts receivable, inventory, plant and equipment, and/or real estate, if applicable. Commercial loans are primarily paid by the operating cash flow of the borrower. Commercial loans may be secured or unsecured.

Home Equity. Home equity loans and lines are made to qualified individuals for legitimate purposes secured by senior or junior mortgage liens on owner-occupied one- to four-family homes, condominiums, or vacation homes. The home equity loan has a fixed rate and is billed as equal payments comprised of principal and interest. The home equity line of credit has a variable rate and is billed as interest-only payments during the draw period. At the end of the draw period, the home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan-to-value ratios within established policy guidelines.

Consumer. Consumer loan products include personal lines of credit and amortizing loans made to qualified individuals for various purposes such as education, auto loans, debt consolidation, personal expenses or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. Consumer loans may be secured or unsecured.

HPFC. Prior to the Company's closing of HPFC's operations in 2016, it provided commercial lending to dentists, optometrists and veterinarians, many of which were start-up companies. HPFC's loan portfolio consists of term loan obligations extended for the purpose of financing working capital and/or purchase of equipment. Collateral consists of pledges of business assets including, but not limited to, accounts receivable, inventory, and/or equipment. These loans are primarily paid by the operating cash flow of the borrower and the original terms range from seven to ten years.

The following presents the activity in the ALL and select loan information by portfolio segment for the periods indicated:



	Residential Real Estate			Commercial Real Estate			Commercial			Home Equity			Consumer			HPFC			Total
For The Three Months Ended March 31, 2019
ALL for the three months ended:
Beginning balance	$	6,071		$	11,654		$	3,620		$	2,796		$	234		$	337		$	24,712
Loans charged off	(11		)	(65		)	(236		)	(10		)	(14		)	—			(336		)
Recoveries	2			4			62			—			7			—			75
Provision (credit)⁽¹⁾	91			245			170			241			32			(29		)	750
Ending balance	$	6,153		$	11,838		$	3,616		$	3,027		$	259		$	308		$	25,201
ALL balance attributable to loans:
Individually evaluated for impairment	$	553		$	27		$	—		$	347		$	—		$	—		$	927
Collectively evaluated for impairment	5,600			11,811			3,616			2,680			259			308			24,274
Total ending ALL	$	6,153		$	11,838		$	3,616		$	3,027		$	259		$	308		$	25,201
Loans:
Individually evaluated for impairment	$	4,736		$	410		$	223		$	895		$	—		$	—		$	6,264
Collectively evaluated for impairment	1,012,706			1,258,064			390,759			323,074			20,733			30,842			3,036,178
Total ending loans balance	$	1,017,442		$	1,258,474		$	390,982		$	323,969		$	20,733		$	30,842		$	3,042,442
For The Three Months Ended March 31, 2018
ALL for the three months ended:
Beginning balance	$	5,086		$	11,863		$	4,171		$	2,367		$	233		$	451		$	24,171
Loans charged off	(31		)	(426		)	(171		)	(149		)	(26		)	—			(803		)
Recoveries	—			13			63			43			3			—			122
Provision (credit)⁽¹⁾	442			(1,164		)	63			166			20			(27		)	(500		)
Ending balance	$	5,497		$	10,286		$	4,126		$	2,427		$	230		$	424		$	22,990
ALL balance attributable to loans:
Individually evaluated for impairment	$	553		$	368		$	—		$	112		$	—		$	—		$	1,033
Collectively evaluated for impairment	4,944			9,918			4,126			2,315			230			424			21,957
Total ending ALL	$	5,497		$	10,286		$	4,126		$	2,427		$	230		$	424		$	22,990
Loans:
Individually evaluated for impairment	$	5,059		$	3,961		$	1,714		$	491		$	—		$	—		$	11,225
Collectively evaluated for impairment	855,474			1,165,572			376,301			320,151			18,011			42,414			2,777,923
Total ending loans balance	$	860,533		$	1,169,533		$	378,015		$	320,642		$	18,011		$	42,414		$	2,789,148



	Residential Real Estate			Commercial Real Estate			Commercial			Home Equity			Consumer			HPFC			Total
For The Year Ended December 31, 2018
ALL:
Beginning balance	$	5,086		$	11,863		$	4,171		$	2,367		$	233		$	451		$	24,171
Loans charged off	(173		)	(512		)	(736		)	(476		)	(96		)	(255		)	(2,248		)
Recoveries	90			28			1,770			44			11			1			1,944
Provision (credit)⁽¹⁾	1,068			275			(1,585		)	861			86			140			845
Ending balance	$	6,071		$	11,654		$	3,620		$	2,796		$	234		$	337		$	24,712
ALL balance attributable to loans:
Individually evaluated for impairment	$	586		$	23		$	53		$	162		$	—		$	—		$	824
Collectively evaluated for impairment	5,485			11,631			3,567			2,634			234			337			23,888
Total ending ALL	$	6,071		$	11,654		$	3,620		$	2,796		$	234		$	337		$	24,712
Loans:
Individually evaluated for impairment	$	4,762		$	930		$	786		$	442		$	6		$	—		$	6,926
Collectively evaluated for impairment	988,104			1,268,603			380,994			327,321			20,618			33,656			3,019,296
Total ending loans balance	$	992,866		$	1,269,533		$	381,780		$	327,763		$	20,624		$	33,656		$	3,026,222

(1)

The provision (credit) for loan losses excludes any impact for the change in the reserve for unfunded commitments, which represents management's estimate of the amount required to reflect the probable inherent losses on outstanding letters of credit and unused lines of credit. The reserve for unfunded commitments is presented within accrued interest and other liabilities on the consolidated statements of condition. At March 31, 2019 and 2018, and December 31, 2018, the reserve for unfunded commitments was $16,000, $23,000 and $22,000, respectively.

The following reconciles the provision for loan losses to the provision for credit losses as presented on the consolidated statements of income for the periods indicated:



	Three Months Ended March 31,						Year Ended December 31, 2018
	2019			2018			Year Ended December 31, 2018
Provision (credit) for loan losses	$	750		$	(500	)	$	845
Change in reserve for unfunded commitments	(6		)	3			2
Provision (credit) for credit losses	$	744		$	(497	)	$	847

The Company focuses on maintaining a well-balanced and diversified loan portfolio. Despite such efforts, it is recognized that credit concentrations may occasionally emerge as a result of economic conditions, changes in local demand, natural loan growth and runoff. To ensure that credit concentrations can be effectively identified, all commercial and commercial real estate loans are assigned Standard Industrial Classification codes, North American Industry Classification System codes, and state and county codes. Shifts in portfolio concentrations are monitored by the Company's Credit Risk Administration. As of March 31, 2019, the Company's total exposure to the lessors of nonresidential buildings' industry was 12% of total loans and 28% of total commercial real estate loans. There were no other industry exposures exceeding 10% of the Company's total loan portfolio as of March 31, 2019.

To further identify loans with similar risk profiles, the Company categorizes each portfolio segment into classes by credit risk characteristic and applies a credit quality indicator to each portfolio segment. The indicators for commercial, commercial real estate, residential real estate, and HPFC loans are represented by Grades 1 through 10 as outlined below. In general, risk ratings are adjusted periodically throughout the year as updated analysis and review warrants. This process may include, but is not limited to, annual credit and loan reviews, periodic reviews of loan performance metrics, such as delinquency rates, and quarterly reviews of adversely risk rated loans. The Company uses the following definitions when assessing grades for the purpose of evaluating the risk and adequacy of the ALL:

•

Grade 1 through 6 — Grades 1 through 6 represent groups of loans that are not subject to adverse criticism as defined in regulatory guidance. Loans in these groups exhibit characteristics that represent low to moderate risks, which is measured using a variety of credit risk criteria, such as cash flow coverage, debt service coverage, balance sheet leverage, liquidity, management experience, industry position, prevailing economic conditions, support from secondary sources of repayment and other credit factors that may be relevant to a specific loan. In general, these loans are supported by properly margined collateral and guarantees of principal parties.

•

Grade 7 — Loans with potential weakness (Special Mention). Loans in this category are currently protected based on collateral and repayment capacity and do not constitute undesirable credit risk, but have potential weakness that may result in deterioration of the repayment process at some future date. This classification is used if a negative trend is evident in the obligor’s financial situation. Special mention loans do not sufficiently expose the Company to warrant adverse classification.


•	Grade 8 — Loans with definite weakness (Substandard). Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or by collateral pledged. Borrowers experience difficulty in meeting debt repayment requirements. Deterioration is sufficient to cause the Company to look to the sale of collateral.

•

Grade 9 — Loans with potential loss (Doubtful). Loans classified as doubtful have all the weaknesses inherent in the substandard grade with the added characteristic that the weaknesses make collection or liquidation of the loan in full highly questionable and improbable. The possibility of some loss is extremely high, but because of specific pending factors that may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined.


•	Grade 10 — Loans with definite loss (Loss). Loans classified as loss are considered uncollectible. The loss classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset because recovery and collection time may be protracted.

Asset quality indicators are periodically reassessed to appropriately reflect the risk composition of the Company’s loan portfolio. Home equity and consumer loans are not individually risk rated, but rather analyzed as groups taking into account delinquency rates and other economic conditions which may affect the ability of borrowers to meet debt service requirements, including interest rates and energy costs. Performing loans include loans that are current and loans that are past due less than 90 days. Loans that are past due over 90 days and non-accrual loans, including TDRs, are considered non-performing.

The following summarizes credit risk exposure indicators by portfolio segment as of the following dates:



	Residential Real Estate		Commercial Real Estate		Commercial		Home Equity		Consumer		HPFC		Total
March 31, 2019
Pass (Grades 1-6)	$	1,007,775	$	1,237,494	$	385,081	$	—	$	—	$	29,519	$	2,659,869
Performing	—		—		—		321,505		20,710		—		342,215
Special Mention (Grade 7)	878		5,114

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$45.73	16	$712

10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
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
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-06-25	Other Events, Exhibits
8-K	2019-05-14	Regulation FD, Exhibits
8-K	2019-04-30	Regulation FD, Exhibits
8-K	2019-04-30	Officers
8-K	2019-04-30	Shareholder Vote
8-K	2019-04-30	Earnings, Exhibits
8-K	2019-03-26	Other Events, Exhibits
8-K	2019-01-29	Earnings, Exhibits
8-K	2019-01-22	Other Events, Exhibits
8-K	2018-12-21	Officers
8-K	2018-12-19	Officers
8-K	2018-12-18	Other Events, Exhibits
8-K	2018-10-30	Earnings, Exhibits
8-K	2018-09-25	Other Events, Exhibits
8-K	2018-08-01	Regulation FD, Exhibits
8-K	2018-07-31	Officers, Exhibits
8-K	2018-07-31	Earnings, Exhibits
8-K	2018-06-26	Other Events, Exhibits
8-K	2018-06-20	Regulation FD, Exhibits
8-K	2018-05-15	Regulation FD, Exhibits
8-K	2018-04-24	Officers, Exhibits
8-K	2018-03-27	Other Events, Exhibits
8-K	2018-01-30	Officers

AXL	American Axle & Manufacturing Holdings	1,370
CCLP	CSI Compressco	156
APTO	Aptose Biosciences	91
USEG	US Energy	6
CMTV	Community Bancorp	0
GNBC	Green Bancorp	0
OWCP	OWC Pharmaceutical Research	0
CA	CA	0
PRE	Partnerre	0
SVTE	Service Team	0

EX-31.1	exhibit311q119.htm
EX-31.2	exhibit312q119.htm
EX-32.1	exhibit321q119.htm
EX-32.2	exhibit322q119.htm