Company Quick10K Filing
Quick10K
Fulton Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$17.04 169 $2,880
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 2019-07-16 Earnings, Exhibits
8-K 2019-05-23 Other Events, Exhibits
8-K 2019-05-21 Officers, Shareholder Vote, Exhibits
8-K 2019-05-21 Regulation FD, Exhibits
8-K 2019-04-16 Earnings, Exhibits
8-K 2019-03-19 Regulation FD, Exhibits
8-K 2019-02-12 Regulation FD, Exhibits
8-K 2019-01-15 Earnings, Other Events, Exhibits
8-K 2018-11-20 Regulation FD, Exhibits
8-K 2018-11-19 Regulation FD, Exhibits
8-K 2018-11-01 Regulation FD, Exhibits
8-K 2018-10-16 Earnings, Exhibits
8-K 2018-09-04 Regulation FD, Exhibits
8-K 2018-07-30 Regulation FD, Exhibits
8-K 2018-07-17 Earnings, Exhibits
8-K 2018-06-05 Regulation FD, Exhibits
8-K 2018-05-31 Regulation FD
8-K 2018-05-21 Shareholder Vote
8-K 2018-05-01 Regulation FD, Exhibits
8-K 2018-04-17 Earnings, Exhibits
8-K 2018-03-20 Regulation FD, Exhibits
8-K 2018-02-06 Regulation FD, Exhibits
8-K 2018-01-22 Earnings, Exhibits
8-K 2017-12-29 Officers, Exhibits
USFD US Foods Holding 8,440
UFI Unifi 371
INSG Inseego 345
VBIV VBI Vaccines 129
USAP Universal Stainless & Alloy Products 124
UONE Urban One 86
TBLT ToughBuilt Industries 21
NAUH National American University Holdings 0
DBC Invesco DB Commodity Index Tracking Fund 0
DBV Invesco DB G10 Currency Harvest Fund 0
FULT 2019-03-31
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Restrictions on Cash and Cash Equivalents
Note 3 - Investment Securities
Note 4 - Loans and Leases and Allowance for Credit Losses
Note 5 - Mortgage Servicing Rights
Note 6 - Leases
Note 7 - Derivative Financial Instruments
Note 8 - Tax Credit Investments
Note 9 - Accumulated Other Comprehensive Income (Loss)
Note 10 - Fair Value Measurements
Note 11 - Net Income per Share
Note 12 - Stock-Based Compensation
Note 13 - Employee Benefit Plans
Note 14 - Commitments and Contingencies
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 6. Exhibits
EX-10.1 fult33119-exhibit101.htm
EX-31.1 fult33119-exhibit311.htm
EX-31.2 fult33119-exhibit312.htm
EX-32.1 fult33119-exhibit321.htm
EX-32.2 fult33119-exhibit322.htm

Fulton Financial Earnings 2019-03-31

FULT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549 

FORM 10-Q

(Mark One)
ý
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019, or

¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to              

Commission File No. 0-10587
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter) 
PENNSYLVANIA
 
23-2195389
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
One Penn Square, P.O. Box 4887, Lancaster, Pennsylvania
 
17604
(Address of principal executive offices)
 
(Zip Code)

(717) 291-2411
(Registrant’s telephone number, including area code)
 
Indicate by checkmark 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  ¨
Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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  ¨
Indicate by checkmark 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.
Large accelerated filer
 
ý
  
Accelerated filer
 
¨
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 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $2.50 Par Value –168,810,000 shares outstanding as of May 1, 2019.

1



FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE MONTHS ENDED MARCH 31, 2019
INDEX
 
Description
Page
 
 
 
 
 
 
 
 
 
PART I. FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
(a)
 
 
 
(b)
 
 
 
(c)
 
 
 
(d)
 
 
 
(e)
 
 
 
(f)
 
 
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 4. Mine Safety Disclosures - (not applicable)
 
 
 
 
Item 5. Other Information - (none to be reported)
 
 
 
 
 
 
 
 
 
 


2




Item 1. Financial Statements
 

CONSOLIDATED BALANCE SHEETS 
 
(in thousands, except per-share data)
 
March 31,
2019
 
December 31,
2018
 
(unaudited)
 
ASSETS
 
 
 
Cash and due from banks
$
115,884

 
$
103,436

Interest-bearing deposits with other banks
325,504

 
342,251

        Total cash and cash equivalents
441,388

 
445,687

Federal Reserve Bank and Federal Home Loan Bank stock
85,533

 
79,283

Loans held for sale
27,768

 
27,099

Investment securities:
 
 
 
Available for sale, at estimated fair value
2,159,806

 
2,080,294

Held to maturity, at amortized cost
588,443

 
606,679

Loans and leases, net of unearned income
16,262,633

 
16,165,800

Less: Allowance for loan and lease losses
(162,109
)
 
(160,537
)
Net Loans and leases
16,100,524

 
16,005,263

Premises and equipment
239,004

 
234,529

Accrued interest receivable
62,207

 
58,879

Goodwill and intangible assets
535,356

 
531,556

Other assets
734,620

 
612,883

Total Assets
$
20,974,649

 
$
20,682,152

LIABILITIES
 
 
 
Deposits:
 
 
 
Noninterest-bearing
$
4,255,043

 
$
4,310,105

Interest-bearing
12,122,935

 
12,066,054

Total Deposits
16,377,978

 
16,376,159

Short-Term Borrowings
829,016

 
754,777

Accrued interest payable
11,219

 
10,529

Other liabilities
390,105

 
300,835

Federal Home Loan Bank advances and long-term debt
1,065,312

 
992,279

Total Liabilities
18,673,630

 
18,434,579

SHAREHOLDERS’ EQUITY
 
 
 
Common stock, $2.50 par value, 600 million shares authorized, 221.8 million shares issued in 2019 and in 2018
554,485

 
554,377

Additional paid-in capital
1,491,870

 
1,489,703

Retained earnings
980,708

 
946,032

Accumulated other comprehensive loss
(37,633
)
 
(59,063
)
Treasury stock, at cost, 51.9 million shares in 2019 and 51.6 million shares in 2018
(688,411
)
 
(683,476
)
Total Shareholders’ Equity
2,301,019

 
2,247,573

Total Liabilities and Shareholders’ Equity
$
20,974,649

 
$
20,682,152

 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 

3



CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
(in thousands, except per-share data)
Three months ended March 31
 
2019
 
2018
INTEREST INCOME
 
 
 
Loans and leases, including fees
$
183,744

 
$
160,136

Investment securities:
 
 
 
Taxable
15,435

 
13,193

Tax-exempt
3,279

 
2,965

Dividends

 
5

Loans held for sale
240

 
216

Other interest income
2,002

 
1,172

Total Interest Income
204,700

 
177,687

INTEREST EXPENSE
 
 
 
Deposits
29,689

 
16,450

Short-term borrowings
3,582

 
2,041

Federal Home Loan Bank advances and long-term debt
8,114

 
7,878

Total Interest Expense
41,385

 
26,369

Net Interest Income
163,315

 
151,318

Provision for credit losses
5,100

 
3,970

Net Interest Income After Provision for Credit Losses
158,215

 
147,348

NON-INTEREST INCOME
 
 
 
Wealth management fees
13,239

 
12,871

Commercial banking income
14,763

 
13,956

Consumer banking income
11,377

 
11,408

Mortgage banking income
4,772

 
4,193

Other income
2,535

 
3,428

Non-Interest Income Before Investment Securities Gains
46,686

 
45,856

Investment securities gains, net
65

 
19

Total Non-Interest Income
46,751

 
45,875

NON-INTEREST EXPENSE
 
 
 
Salaries and employee benefits
77,757

 
75,768

Net occupancy expense
12,909

 
13,632

Data processing and software
10,353

 
10,473

Other outside services
8,352

 
8,124

Professional fees
3,960

 
4,816

Equipment expense
3,342

 
3,534

FDIC insurance expense
2,609

 
2,953

Marketing
2,160

 
2,250

State Taxes
2,002

 
2,302

Amortization of tax credit investments
1,491

 
1,637

Intangible amortization
107

 

Other
12,782

 
11,172

Total Non-Interest Expense
137,824

 
136,661

Income Before Income Taxes
67,142

 
56,562

Income taxes
10,479

 
7,082

Net Income
$
56,663

 
$
49,480

PER SHARE:
 
 
 
Net Income (Basic)
$
0.33

 
$
0.28

Net Income (Diluted)
0.33

 
0.28

Cash Dividends
0.13

 
0.12

See Notes to Consolidated Financial Statements
 
 
 

4



CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
(in thousands)
 
Three months ended March 31
 
2019
 
2018
 
 
Net Income
$
56,663

 
$
49,480

Other Comprehensive Income (Loss), net of tax:
 
 
 
Unrealized gain (loss) on securities
20,298

 
(27,644
)
Reclassification adjustment for securities gains included in net income
(51
)
 
(16
)
Amortization of net unrealized losses on available for sale securities transferred to held to maturity
974

 

Non-credit related unrealized (loss) gain on other-than-temporarily impaired debt securities
(82
)
 
224

Amortization of net unrecognized pension and postretirement income
291

 
339

Other Comprehensive Income (Loss)
21,430

 
(27,097
)
Total Comprehensive Income
$
78,093

 
$
22,383

 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 


5



CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
 
(in thousands, except per-share data)
 
Common Stock
 
 
 
Retained
Earnings
 
 
 
Treasury
Stock
 
Total
 
Shares
Outstanding
 
Amount
 
Additional Paid-in
Capital
 
Accumulated
Other Comprehensive
Income (Loss)
 
Three months ended March 31
 
Balance at December 31, 2018
170,184

 
$
554,377

 
$
1,489,703

 
$
946,032

 
$
(59,063
)
 
$
(683,476
)
 
$
2,247,573

Net income

 

 

 
56,663

 

 

 
56,663

Other comprehensive income

 

 

 

 
21,430

 

 
21,430

Stock issued
115

 
108

 
607

 

 

 
942

 
1,657

Stock-based compensation awards

 

 
1,560

 

 

 

 
1,560

Acquisition of treasury stock
(376
)
 
 
 
 
 
 
 
 
 
(5,877
)
 
(5,877
)
Common stock cash dividends - $0.13 per share

 

 

 
(21,987
)
 

 

 
(21,987
)
Balance at March 31, 2019
169,923

 
$
554,485

 
$
1,491,870

 
$
980,708

 
$
(37,633
)
 
$
(688,411
)
 
$
2,301,019

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
175,170

 
$
552,232

 
$
1,478,389

 
$
821,619

 
$
(32,974
)
 
$
(589,409
)
 
$
2,229,857

Net income

 

 

 
49,480

 

 

 
49,480

Other comprehensive loss

 

 

 

 
(27,097
)
 

 
(27,097
)
Stock issued
234

 
450

 
1,646

 

 

 
694

 
2,790

Stock-based compensation awards

 

 
1,510

 

 

 

 
1,510

Reclassification of stranded tax effects (1)
 
 
 
 
 
 
7,101

 
(7,101
)
 
 
 

Common stock cash dividends - $0.12 per share

 

 

 
(21,047
)
 

 

 
(21,047
)
Balance at March 31, 2018
175,404

 
$
552,682

 
$
1,481,545

 
$
857,153

 
$
(67,172
)
 
$
(588,715
)
 
$
2,235,493

 
 
 
 
 
 
 
 
 
 
 
 
 
 
See Notes to Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The Corporation adopted the Accounting Standards Codification ("ASC") Update 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" in the first quarter of 2018 which permitted a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017, which changed the federal corporate income tax rate from 35% to 21%. As a result, $7.1 million of stranded tax effects were reclassified from AOCI to retained earnings during the first quarter of 2018.


6



CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
(in thousands)
Three months ended March 31
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net Income
$
56,663

 
$
49,480

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for credit losses
5,100

 
3,970

Depreciation and amortization of premises and equipment
6,888

 
7,329

Amortization of tax credit investments
8,155

 
8,364

Net amortization of investment securities premiums
2,075

 
2,517

Investment securities gains, net
(65
)
 
(19
)
Gain on sales of mortgage loans held for sale
(3,122
)
 
(2,645
)
Proceeds from sales of mortgage loans held for sale
142,739

 
170,693

Originations of mortgage loans held for sale
(140,286
)
 
(159,968
)
Amortization of intangible assets
107

 

Amortization of issuance costs and discounts on long-term debt
211

 
194

Stock-based compensation
1,560

 
1,510

Increase in accrued interest receivable
(3,328
)
 
(150
)
Increase in other assets
(23,415
)
 
(6,923
)
Increase in accrued interest payable
690

 
364

Decrease in other liabilities
(15,701
)
 
(2,890
)
Total adjustments
(18,392
)
 
22,346

Net cash provided by operating activities
38,271

 
71,826

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Proceeds from sales of securities available for sale
37,660

 
1,444

Proceeds from principal repayments and maturities of securities held to maturity
18,687

 

Proceeds from principal repayments and maturities of securities available for sale
51,097

 
78,150

Purchase of securities available for sale
(143,588
)
 
(161,944
)
(Purchase) redemption of Federal Reserve Bank and Federal Home Loan Bank stock
(6,250
)
 
3,862

Net (increase) decrease in loans and leases
(101,123
)
 
67,928

Net purchases of premises and equipment
(11,363
)
 
(14,840
)
Net cash paid for acquisition
(3,907
)
 

Net change in tax credit investments
(8,003
)
 
(20,783
)
Net cash (used in) provided by investing activities
(166,790
)
 
(46,183
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net decrease in demand and savings deposits
(108,185
)
 
(278,626
)
Net increase (decrease) in time deposits
110,004

 
(41,803
)
Increase in short-term borrowings
74,239

 
320,328

Additions to long-term debt
75,000

 

Repayments of long-term debt
(2,026
)
 
(100,041
)
Net proceeds from issuance of common stock
1,657

 
2,790

Dividends paid
(20,592
)
 
(19,329
)
Acquisition of treasury stock
(5,877
)
 

Net cash provided by (used in) financing activities
124,220

 
(116,681
)
Net Decrease in Cash and Cash Equivalents
(4,299
)
 
(91,038
)
Cash and Cash Equivalents at Beginning of Period
445,687

 
402,096

Cash and Cash Equivalents at End of Period
$
441,388

 
$
311,058

Supplemental Disclosures of Cash Flow Information:
 
 
 
Cash paid during the period for:
 
 
 
Interest
$
40,695

 
$
26,005

Income taxes
1,485

 
154

See Notes to Consolidated Financial Statements
 
 
 
 


7



FULTON FINANCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
NOTE 1 – Basis of Presentation

The accompanying unaudited consolidated financial statements of Fulton Financial Corporation (the "Corporation") have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2018. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the U.S. Securities and Exchange Commission ("SEC").

Recently Adopted Accounting Standards

In February 2016, the Financial Accounting Standards Board ("FASB") issued ASC Update 2016-02, "Leases (Topic 842)." This standards update requires a lessee to recognize for all leases with an initial term greater than twelve months: (1) a "right-of-use" ("ROU") asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term; and (2) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, each measured on a discounted basis. This standards update is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Corporation adopted ASC Update 2016-02 in the first quarter of 2019 using the alternative transition method, which eliminates the requirement to restate the earliest prior period presented in an entity’s financial statements. As such, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019.

This standards update provides for a number of practical expedients in transition. The Corporation elected to apply the package of practical expedients permitted within the new standard, which, among other things, allowed it to carryforward the prior conclusions on lease identification, lease classification and initial direct costs. In addition, the Corporation elected to not separate lease and non-lease components. The Corporation did not elect the practical expedient to apply hindsight in determining the lease term and in assessing impairment of the ROU assets.

At January 1, 2019, the ROU asset and corresponding lease liability were recognized on the consolidated balance sheets for $106.3 million and $112.6 million, respectively. See "Note 6 - Leases" for additional information and expanded lessee disclosures.

This standards update also provides additional guidance on lessor accounting. The Corporation provides equipment lease financing to its customers, which are categorized as direct financing leases. The adoption of this standards update did not result in any changes to the accounting for this type of lease as the lessor.

In March 2017, the FASB issued ASC Update 2017-08, "Premium Amortization on Purchased Callable Debt Securities." This standards update requires that a company amortize the premium on callable debt securities to the earliest call date versus current GAAP which requires amortization over the contractual life of the securities. The amortization period for callable debt securities purchased at a discount was not impacted by the new accounting standards update. ASC Update 2017-08 was effective for annual and interim reporting periods beginning after December 15, 2018. The Corporation adopted this standards update effective with its March 31, 2019 quarterly report on Form 10-Q and the adoption of ASC Update 2017-08 did not have a material impact on its consolidated financial statements.









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Recently Issued Accounting Standards

Standard
Description
Date of Anticipated Adoption
Effect on Financial Statements
ASC Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
The new impairment model prescribed by this standards update is a single impairment model for all financial assets (i.e., loans and held to maturity investments). The recognition of credit losses would be based on an entity’s current estimate of expected losses (referred to as the Current Expected Credit Loss model, or "CECL"), as opposed to recognition of losses only when they are incurred under current GAAP. This update also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This adjustment will also be recognized in regulatory capital. This update is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted.

In November 2018, the FASB issued ASC Update 2018-19, "Codifications Improvements to Topic 326, Financial Instruments - Credit Losses" which clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments.
First Quarter of 2020
The Corporation intends to adopt these standards updates effective with its March 31, 2020 quarterly report on Form 10-Q. The Corporation believes that total credit loss reserves will increase at the adoption date and that the magnitude of the increase will depend on the composition, characteristics and quality of its loan portfolio and off balance sheet credit exposures as well as the prevailing economic conditions and forecasts as of the adoption date. The Corporation’s steering committee and working group, which are comprised of individuals from various functional areas, are finalizing the processes, accounting policies and interpretations and systems requirements and solutions for the implementation of these standard updates. Current activities also include data gathering and testing the loss models. The Corporation anticipates it will begin full parallel runs of the new processes, systems and controls in mid-2019.
ASC Update 2017-04 Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
The FASB issued this update to simplify the subsequent quantitative measurement of goodwill by eliminating Step 2 of the goodwill impairment test. Instead, identifying and measuring impairment will take place in a single quantitative step. In addition, no separate qualitative assessment for reporting units with zero or negative carrying amounts is required. Entities must disclose the existence of these reporting units and the amount of goodwill allocated to them. This update should be applied on a prospective basis, and an entity is required to disclose the nature of and reason for the change in accounting principle upon transition. This update is effective for annual or interim goodwill impairment tests in reporting periods beginning after December 15, 2019. Early adoption is permitted.
Fourth Quarter of 2020, in line with its annual impairment testing in October of each year
The Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. The Corporation has not needed to perform step 2 since its 2012 impairment testing.
ASC Update 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
This update changes the fair value measurement disclosure requirements of ASC Topic 820 "Fair Value Measurement." Among other things, the update modifies the disclosure objective paragraphs of ASC 820 to eliminate: (1) "at a minimum" from the phrase "an entity shall disclose at a minimum;" and (2) other similar disclosure requirements to promote the appropriate exercise of discretion by entities.
First Quarter of 2020
The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q. This standard will impact the Corporation's Fair Value Measurement disclosure, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements.
 
 
 
 

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Standard
Description
Date of Anticipated Adoption
Effect on Financial Statements
ASC Update 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans
This update amends ASC Topic 715-20 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. This update is effective for annual reporting periods beginning after December 15, 2020. Early adoption is permitted.
First Quarter of 2021
The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This standard will impact the Corporation's disclosure relating to employee benefit plans, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements.
ASC Update 2018-15 Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract
This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as assets. This update is effective for annual or interim reporting periods beginning after December 15, 2019. Early adoption is permitted.
First Quarter of 2020
The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and does not expect the adoption of this update to have a material impact on its consolidated financial statements.

Reclassifications

Certain amounts in the 2018 consolidated financial statements and notes have been reclassified to conform to the 2019 presentation.

NOTE 2 – Restrictions on Cash and Cash Equivalents

The Corporation’s subsidiary banks are required to maintain reserves against their deposit liabilities. These reserves are in the form of cash and balances with the Federal Reserve Bank ("FRB"), included in "interest-bearing deposits with other banks." The amounts of such reserves as of March 31, 2019 and December 31, 2018 were $86.3 million and $156.8 million, respectively.

In addition, collateral is posted by the Corporation with counterparties to secure derivative contracts and other contracts, which are included in "interest-bearing deposits with other banks." The amounts of such collateral as of March 31, 2019 and December 31, 2018 were $89.3 million and $45.1 million, respectively.


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NOTE 3 – Investment Securities

The following table presents the amortized cost and estimated fair values of investment securities:
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
March 31, 2019
(in thousands)
Available for Sale
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
26,900

 
$
624

 
$

 
$
27,524

State and municipal securities
293,116

 
5,840

 
(1,272
)
 
297,684

Corporate debt securities
122,006

 
1,610

 
(2,328
)
 
121,288

Collateralized mortgage obligations
889,046

 
5,561

 
(7,202
)
 
887,405

Residential mortgage-backed securities
447,924

 
1,530

 
(8,596
)
 
440,858

Commercial mortgage-backed securities
282,483

 
1,320

 
(1,566
)
 
282,237

Auction rate securities
107,410

 

 
(4,600
)
 
102,810

   Total
$
2,168,885

 
$
16,485

 
$
(25,564
)
 
$
2,159,806

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
State and municipal securities
$
155,998

 
$
5,710

 
$

 
$
161,708

Residential mortgage-backed securities
432,445

 
9,454

 

 
441,899

Total
$
588,443

 
$
15,164

 
$

 
$
603,607

 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
December 31, 2018
(in thousands)
Available for Sale
 
 
 
 
 
 
 
U.S. Government sponsored agency securities
$
31,586

 
$
185

 
$
(139
)
 
$
31,632

State and municipal securities
282,383

 
2,178

 
(5,466
)
 
279,095

Corporate debt securities
111,454

 
1,432

 
(3,353
)
 
109,533

Collateralized mortgage obligations
841,294

 
2,758

 
(11,972
)
 
832,080

Residential mortgage-backed securities
476,973

 
1,583

 
(15,212
)
 
463,344

Commercial mortgage-backed securities
264,165

 
524

 
(3,073
)
 
261,616

Auction rate securities
107,410

 

 
(4,416
)
 
102,994

   Total
$
2,115,265

 
$
8,660

 
$
(43,631
)
 
$
2,080,294

 
 
 
 
 
 
 
 
Held to Maturity
 
 
 
 
 
 
 
State and municipal securities
$
156,134

 
$
1,166

 
$
(93
)
 
$
157,207

Residential mortgage-backed securities
450,545

 
3,667

 

 
454,212

Total
$
606,679

 
$
4,833

 
$
(93
)
 
$
611,419



Securities carried at $896.6 million at March 31, 2019 and $973.4 million at December 31, 2018, were pledged as collateral to secure public and trust deposits and customer repurchase agreements.

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The amortized cost and estimated fair values of debt securities as of March 31, 2019, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties.
 
 
Available for Sale
 
Held to Maturity
 
 
Amortized
Cost
 
Estimated
Fair Value
 
Amortized
Cost
 
Estimated
Fair Value
 
(in thousands)
Due in one year or less
 
$
9,252

 
$
9,256

 
$

 
$

Due from one year to five years
 
55,635

 
57,030

 

 

Due from five years to ten years
 
120,920

 
120,605

 

 

Due after ten years
 
363,625

 
362,415

 
155,998

 
161,708

 
 
549,432

 
549,306

 
155,998

 
161,708

Residential mortgage-backed securities