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Adjustment to Retained Earnings
12 Months Ended
Dec. 31, 2019
Retained Earnings Note Disclosure [Abstract]  
Adjustment to Retained Earnings

20. ADJUSTMENT TO RETAINED EARNINGS

 

During year-end processing for 2018, the Corporation discovered that its Directors’ Deferred Compensation Plan accrual and the income related to the Cash Surrender Value of related policies to fund the plan had not been calculated properly for a number of years. Once discovered, the proper calculations were made and confirmed. The net effect on prior periods presented was determined to be immaterial and was therefore charged to 2018 Retained Earnings without restating prior periods. See the Consolidated Statements of Changes in Shareholders' Equity for the treatment of the correction. After this adjustment, the 2018 Consolidated Balance Sheets reflect the net present value of payments due under this plan and the 2018 Consolidated Statements of Income reflect the correct current year expense associated with changes in the net present value of payments due under this plan.