Correction of an Immaterial Prior Year Error

12 Months Ended

Dec. 31, 2017

Correction of an Immaterial Prior Year Error [Abstract]

Correction of an Immaterial Prior Year Error

Note 2 - Correction of an Immaterial Prior Year Error

In 2016, we redeemed the Series B preferred stock sold in 2008 to the U.S. Department of the Treasury (the “TARP Shares”).  At the time of the redemption, the remaining unamortized discount of $511,000 should have been fully amortized into additional paid-in capital and retained earnings and reflected as a reduction to net income available to common stockholders. This treatment was not reflected in the consolidated financial statements included in the 2016 Form 10-K. We determined that this amount was not material to the 2016 consolidated financial statements. Our 2016 consolidated financial statements within these consolidated financial statements have been adjusted to reflect the proper recognition of the remaining discount at the time of the redemption as a $511,000 adjustment to net income available to common stockholders, revising the originally reported amount from $13.8 million to $13.3 million. The adjustment had no impact on total assets at December 31, 2016 and no impact on net income for the year ended December 31, 2016.