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Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Use of Estimates, Policy [Policy Text Block]
Use of Estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Material estimates common to the banking industry that are particularly susceptible to significant change in the near term include, but are
not
limited to, the determination of the allowance for loan losses, the valuation of other real estate acquired in connection with foreclosure or in satisfaction of loans and valuation allowances associated with the realization of deferred tax assets, which are based on future taxable income.
New Accounting Pronouncements, Policy [Policy Text Block]
Summary of Significant Accounting Policies - The accounting and reporting policies of the Company conform to GAAP and general practices within the banking industry. There have been
no
material changes or developments in the application of principles or in our evaluation of the accounting estimates and the underlying assumptions or methodologies that we believe to be Critical Accounting Policies as disclosed in our Form
10
-K for the year ended
December 31, 2019.
 
Accounting Standards Update – In
January 2020,
the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update
2020
-
01
(“ASU
2020
-
01”
),
Investments – Equity Securities (Topic
321
), Investments – Equity Method and Joint Ventures (Topic
323
) and Derivatives and Hedging (Topic
815
).
The amendments in this update improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU
2020
-
01
is effective for fiscal years and interim periods within those fiscal years, beginning after
December 15, 2020.
The adoption of this ASU is
not
expected to have a material impact on the Company’s financial position, results of operations or cash flows.
 
In
February 2020,
the FASB issued Accounting Standards Update
2020
-
02
(“ASU
2020
-
02”
),
Financial Instruments – Credit Losses (Topic
326
) and Leases (Topic
843
)
– Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin
No.
119
and Update to SEC Section on Effective Date Related to Accounting Standards Update
No.
2016
-
02,
Lease (Topic
842
)
.
This update adds an SEC paragraph pursuant to the issuance of SEC Staff Accounting Bulletin
No.
119
relating the credit losses and addresses the adoption of new lease guidance. ASU
2020
-
02
is effective upon issuance. The adoption of this ASU is
not
expected to have a material impact on the Company’s financial position, results of operations or cash flows.
 
In
March 2020,
the FASB issued Accounting Standards Update
2020
-
03
(“ASU
2020
-
03”
),
Codification Improvements to Financial Instruments
.
This update amends or clarifies specific issues relating to fair value option disclosures, alignment of certain disclosures for depository and lending institutions, and improvement of guidance for debt instruments and net asset value practical expedient, leases, transfers and servicing. ASU
2020
-
03
is effective for various fiscal years, including interim periods within those fiscal years, beginning after
December 15, 2019
and beginning after
December 15, 2022.
The adoption of this ASU is
not
expected to have a material impact on the Company’s financial position, results of operations or cash flows.