Correction of an Immaterial Prior Year Error

6 Months Ended

Jun. 30, 2018

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 June 30, 2017 Quarterly Report on Form 10‑Q. We determined that this amount was not material to the 2017 consolidated financial statements. Our June 30, 2017 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 $67,000 and $135,000 adjustment to net income available to common stockholders for the three and six months ended June 30, 2017, respectively, revising the originally reported amounts from $845,000 to $912,000 for the three months ended June 30, 2017 and from $1.6 million to $1.8 million for the six months ended June 30, 2017. The adjustment had no impact on total assets at June 30, 2017 or December 31, 2017 and no impact on net income for the three and six months ended June 30, 2017.