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Label Element Value
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 $ 1,553,000 [1]
Operating Lease, Liability us-gaap_OperatingLeaseLiability 34,100,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability 32,777,000 [2]
Operating Lease, Right-of-Use Asset us-gaap_OperatingLeaseRightOfUseAsset 32,800,000 [2]
Deferred Rent Credit us-gaap_DeferredRentCredit 1,300,000
Retained Earnings [Member]  
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 $ 1,553,000 [1]
[1]
Represents adjustment needed to reflect the cumulative impact on retained earnings pursuant to the Company's adoption of Accounting Standards Update 2016-13. The adjustment presented includes $1.1 million ($817,000, net of tax) attributable to the change in accounting methodology for estimating the allowance for credit losses and $1.0 million ($736,000, net of tax) related to the reserve for unfunded commitments resulting from the Company's adoption of the standard. Amount shown in the table above is presented net of tax.
[2]
Represents adjustment needed to reflect the opening balance of the Company's Right of Use ("ROU") assets and lease liabilities pursuant to the adoption of Accounting Standards Update 2016-02 effective January 1, 2019. Upon adoption, the Company recognized on its balance sheet ROU assets of approximately $32.8 million, with a corresponding operating lease liability of approximately $34.1 million, with an adjustment to remove the Company's existing deferred rent liability of approximately $1.3 million.