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Section 1: 10-Q (10-Q)

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MVB FINANCIAL CORPAccelerated 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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2019
or
¨ TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number: 000-50567
397757229_mvbf-20190331_g1.jpg
MVB Financial Corp.
(Exact name of registrant as specified in its charter)
West Virginia20-0034461
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
301 Virginia Avenue, Fairmont, WV26554 
(Address of principal executive offices)(Zip Code)
(304) 363-4800
Registrant’s telephone number, including area code
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐Accelerated filer ☒Non-accelerated filer ☐Smaller reporting company ☒Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of April 30, 2019, the Registrant had 11,640,843 shares of common stock outstanding with a par value of $1.00 per share.


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Table of Contents
PART I – FINANCIAL INFORMATION 
Item 1 – Financial Statements 
MVB Financial Corp. and Subsidiaries
Consolidated Balance Sheets 
(Unaudited) (Dollars in thousands except per share data)
March 31, 2019December 31, 2018
(Unaudited)(Note 1)
ASSETS
Cash and cash equivalents:
Cash and due from banks$15,185 $14,747 
Interest bearing balances with banks2,773 7,474 
Total cash and cash equivalents17,958 22,221 
Certificates of deposit with other banks14,778 14,778 
Investment Securities:
Securities available-for-sale, at fair value224,741 221,614 
Equity securities9,841 9,599 
Loans held for sale65,955 75,807 
Loans:1,341,218 1,304,366 
Less: Allowance for loan losses(11,242)(10,939)
Net Loans1,329,976 1,293,427 
Premises and equipment25,922 26,545 
Bank owned life insurance34,128 34,291 
Accrued interest receivable and other assets48,129 34,207 
Goodwill18,480 18,480 
TOTAL ASSETS$1,789,908 $1,750,969 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Deposits: 
Noninterest bearing$236,086 $213,597 
Interest bearing1,194,573 1,095,557 
Total deposits1,430,659 1,309,154 
Accrued interest payable and other liabilities33,416 17,706 
Repurchase agreements12,553 14,925 
FHLB and other borrowings114,884 214,887 
Subordinated debt17,524 17,524 
Total liabilities1,609,036 1,574,196 
STOCKHOLDERS’ EQUITY
Preferred stock, par value $1,000; 20,000 authorized; 783 issued in 2019 and 2018, respectively (See Footnote 7)7,834 7,834 
Common stock, par value $1; 20,000,000 shares authorized; 11,665,870 shares issued and 11,614,793 shares outstanding in 2019 and 11,658,370 shares issued and 11,607,293 shares outstanding in 201811,666 11,658 
Additional paid-in capital117,408 116,897 
Retained earnings50,937 48,274 
Accumulated other comprehensive loss(5,889)(6,806)
Treasury stock, 51,077 shares, at cost(1,084)(1,084)
Total stockholders’ equity180,872 176,773 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,789,908 $1,750,969 

See accompanying notes to unaudited consolidated financial statements.
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MVB Financial Corp. and Subsidiaries
Consolidated Statements of Income 
(Unaudited) (Dollars in thousands except per share data)
Three Months Ended March 31
2019 2018 
INTEREST INCOME
Interest and fees on loans$17,662 $13,291 
Interest on deposits with other banks122 90 
Interest on investment securities - taxable879 895 
Interest on tax exempt loans and securities960 778 
Total interest income19,623 15,054 
INTEREST EXPENSE
Interest on deposits4,123 2,298 
Interest on repurchase agreements14 19 
Interest on FHLB and other borrowings1,229 714 
Interest on subordinated debt285 558 
Total interest expense5,651 3,589 
NET INTEREST INCOME13,972 11,465 
Provision for loan losses300 474 
Net interest income after provision for loan losses13,672 10,991 
NONINTEREST INCOME
Service charges on deposit accounts315 185 
Income on bank owned life insurance525 218 
Interchange and debit card transaction fees141 150 
Mortgage fee income6,670 6,563 
Gain on sale of portfolio loans55 212 
Insurance and investment services income156 164 
(Loss) gain on sale of available-for-sale securities, net(118)326 
Gain on derivatives, net450 584 
Commercial swap fee income80 413 
Holding gain (loss) on equity securities180 (30)
Other operating income311 254 
Total noninterest income8,765 9,039 
NONINTEREST EXPENSES
Salary and employee benefits11,734 10,473 
Occupancy expense1,185 1,049 
Equipment depreciation and maintenance854 784 
Data processing and communications988 835 
Mortgage processing809 892 
Marketing, contributions, and sponsorships214 347 
Professional fees828 745 
Printing, postage, and supplies135 165 
Insurance, tax, and assessment expense505 390 
Travel, entertainment, dues, and subscriptions690 648 
Other operating expenses506 411 
Total noninterest expense18,448 16,739 
Income before income taxes3,989 3,291 
Income tax expense797 697 
Net income$3,192 $2,594 
Preferred dividends121 121 
Net income available to common shareholders$3,071 $2,473 
Earnings per share - basic$0.26 $0.24 
Earnings per share - diluted$0.26 $0.23 
Cash dividends declared$0.035 $0.025 
Weighted average shares outstanding - basic11,607,543 10,474,138 
Weighted average shares outstanding - diluted13,177,281 12,714,353 
See accompanying notes to unaudited consolidated financial statements. 
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Table of Contents
MVB Financial Corp. and Subsidiaries
Consolidated Statements of Comprehensive Income 
(Unaudited) (Dollars in thousands)
Three Months Ended March 31
2019 2018 
Net Income $3,192 $2,594 
Other comprehensive income (loss): 
Unrealized holding gains (losses) on securities available-for-sale1,859 (4,448)
Income tax effect (502)1,201 
Reclassification adjustment for loss (gain) recognized in income 118 (326)
Income tax effect (32)88 
Change in defined benefit pension plan (263) 
Income tax effect 71  
Carrying Value Adjustment - Investment hedge(458) 
Income tax effect 124  
Total other comprehensive income (loss) 917 (3,485)
Comprehensive income (loss) $4,109 $(891)

See accompanying notes to unaudited consolidated financial statements.

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Table of Contents
MVB Financial Corp. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity 
(Unaudited) (Dollars in thousands except per share data)
 Preferred StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive (Loss)Treasury StockTotal Stockholders' Equity
January 1, 2018$7,834 $10,496 $98,698 $37,236 $(2,988)$(1,084)$150,192 
Net Income— — — 2,594 — — 2,594 
Other comprehensive loss— — — — (3,485)— (3,485)
Cash dividends paid ($0.025 per common share)— — — (263)— — (263)
Dividends on preferred stock— — — (121)— — (121)
Stock based compensation— — 244 — — — 244 
Common stock options exercised— 94 1,166 — — — 1,260 
Stranded AOCI (See Note 2)— — — 646 (646)— — 
Mark to Market on equity positions held at December 31, 2017 (See Note 2)— — — 98 (98)— — 
Balance March 31, 2018$7,834 $10,590 $100,108 $40,190 $(7,217)$(1,084)$150,421 
January 1, 2019$7,834 $11,658 $116,897 $48,274 $(6,806)$(1,084)$176,773 
Net Income— — — 3,192 — — 3,192 
Other comprehensive income— — — — 917 — 917 
Cash dividends paid ($0.035 per common share)— — — (408)— — (408)
Dividends on preferred stock— — — (121)— — (121)
Stock based compensation— — 425 — — — 425 
Common stock options exercised— 8 86 — — — 94 
Balance March 31, 2019$7,834 $11,666 $117,408 $50,937 $(5,889)$(1,084)$180,872 

See accompanying notes to unaudited consolidated financial statements.

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MVB Financial Corp. and Subsidiaries
Consolidated Statements of Cash Flows 
(Unaudited) (Dollars in thousands)
,Three Months Ended March 31
2019 2018 
OPERATING ACTIVITIES 
Net Income $3,192 $2,594 
Adjustments to reconcile net income to net cash provided by operating activities: 
Net amortization and accretion of investments 280 361 
Net amortization of deferred loan costs 72 16 
Provision for loan losses 300 474 
Depreciation and amortization 759 741 
Stock based compensation 425 244 
Loans originated for sale (239,160)(238,935)
Proceeds of loans sold 255,682 261,012 
Mortgage fee income (6,670)(6,563)
Gain on sale of securities (33)(326)
Loss on sale of securities 151  
Gain on sale of portfolio loans (55)(212)
Income on bank owned life insurance (525)(218)
Deferred taxes 21 (51)
Amortization of operating lease right-of-use asset20 — 
Other, net (1,534)(3,924)
Net cash provided by operating activities 12,925 15,213 
INVESTING ACTIVITIES 
Purchases of investment securities available-for-sale(20,400)(14,859)
Maturities/paydowns of investment securities available-for-sale5,236 7,364 
Sales of investment securities available-for-sale13,694 680 
Purchases of premises and equipment (115)(506)
Net increase in loans (36,866)(51,321)
Purchases of restricted bank stock (6,119)(5,901)
Redemptions of restricted bank stock 8,352 3,797 
Proceeds from sale of other real estate owned 97 181 
Proceeds from death benefit of bank owned life insurance policies 688  
Purchase of equity securities (450) 
Net cash used in investing activities (35,883)(60,565)
FINANCING ACTIVITIES 
Net increase in deposits 121,505 (5,673)
Net decrease in repurchase agreements (2,372)(1,727)
Net change in short-term FHLB & other borrowings(99,982)67,421 
Principal payments on FHLB & other borrowings (21)(12,220)
Common stock options exercised 94 1,260 
Cash dividends paid on common stock (408)(263)
Cash dividends paid on preferred stock (121)(121)
Net cash provided by financing activities 18,695 48,677 
(Decrease) increase in cash and cash equivalents (4,263)3,325 
Cash and cash equivalents at beginning of period 22,221 20,305 
Cash and cash equivalents at end of period $17,958 $23,630 
Supplemental disclosure of cash flow information: 
Loans transferred to other real estate owned $63 $720 
Initial recognition of operating lease right-of-use assets12,935 — 
Initial recognition of operating lease liabilities 15,659 — 
Cash payments for: 
Interest on deposits, repurchase agreements and borrowings $6,136 $3,635 
Income taxes  87 
See accompanying notes to unaudited consolidated financial statements.
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Notes to the Consolidated Financial Statements

Note 1 – Summary of Significant Accounting Policies

Nature of Operations

MVB Financial Corp. (“the Company”) is a financial holding company and was organized in 2003. MVB operates principally through its wholly-owned subsidiary, MVB Bank, Inc. (“MVB Bank”). MVB Bank’s operating subsidiaries include Potomac Mortgage Group (“PMG” which began doing business under the registered trade name “MVB Mortgage”), MVB Insurance, LLC (“MVB Insurance”), and MVB Community Development Corporation (“CDC”).

Principles of Consolidation and Basis of Presentation

These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with instructions to Form 10-Q. Accordingly, they do not include all the information and footnotes required by GAAP for annual year-end financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal, recurring nature. The consolidated balance sheet as of December 31, 2018 has been derived from audited financial statements included in the Company’s 2018 filing on Form 10-K. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States and practices in the banking industry. The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Estimates, such as the allowance for loan losses, are based upon known facts and circumstances. Estimates are revised by management in the period such facts and circumstances change. Actual results could differ from those estimates. All significant inter-company accounts and transactions have been eliminated in consolidation.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the company’s December 31, 2018, Form 10-K filed with the Securities and Exchange Commission (the “SEC”).

In certain instances, amounts reported in prior periods’ consolidated financial statements have been reclassified to conform to the current presentation.

Information is presented in these notes with dollars expressed in thousands, unless otherwise noted or specified.

Accounting Changes

On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842). This pronouncement requires that lessees and lessors recognize lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 provides for a modified retrospective transition approach requiring lessees to recognize and measure leases on the balance sheet at the beginning of either the earliest period presented or as of the beginning of the period of adoption with the option to elect certain practical expedients. The Company has elected to apply ASU 2016-02 as of the beginning of the period (January 1, 2019) and has not restated comparative periods. Of the optional practical expedients available under ASU 2016-02, all have been adopted. Upon adoption, the Company recognized right-of-use assets and related lease liabilities totaling $12.9 million and $15.7 million, respectively.

Certain of the Company's leases contain options to renew the lease; however, some of these renewal options are not included in the calculation of the lease liabilities as they are not reasonably expected to be exercised. The Company's leases do not contain residual value guarantees or material variable lease payments, and the Company does not have any material restrictions or covenants imposed by leases that would impact the Company's ability to pay dividends or cause the Company to incur additional financial obligations.

The Company has made an accounting policy election to not apply the recognition requirements in Topic 842 to short-term leases. The Company has also elected to use the practical expedient to make an accounting policy election for property leases to include both lease and non-lease components as a single component and account for as a lease.

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The Company's leases are not complex; therefore, there were no significant assumptions or judgments made in applying the requirements of Topic 842, including the determination of whether the contracts contained a lease, the allocation of consideration in the contracts between lease and non-lease components, and the determination of the discount rates for the leases.

Note 2 – Recent Accounting Pronouncements

In February 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update requires a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate in the Tax Reform Act, which was enacted on December 22, 2017. The Tax Reform Act included a reduction to the corporate income tax rate from 34 percent to 21 percent effective January 1, 2018. The amendments in the ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company elected to early adopt ASU 2018-02 during the first quarter of 2018 and elected to reclassify the income tax effects of the Tax Reform Act from AOCI to retained earnings. The amount of the reclassification is the difference between the historical corporate income tax rate and the newly enacted 21 percent corporate income tax rate, which amounted to $646 thousand.

In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which amends the existing hedge accounting model and expands an entity’s ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest-rate risk. The ASU eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The ASU also changes certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this ASU in accordance with paragraph ASC 815-20-65-3 subpart C. The adoption of this ASU did not have a significant impact on the Company’s financial condition, results of operations and consolidated financial statements. The Company can now employ additional hedging strategies as described above, including the ability to apply fair value hedge accounting to a specified pool of assets by excluding the portion of the hedged items related to prepayments, defaults and other events. This allows the Company to better align its accounting and the financial reporting of its hedging activities with their economic objectives thereby reducing the earnings volatility resulting from these hedging activities.

In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. This ASU amends guidance on the amortization period of premiums on certain purchased callable debt securities. Specifically, the amendments shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date (that is, at a premium). For public companies, this update is effective for fiscal years beginning after December 15, 2018, including all interim periods within those fiscal years. The adoption of this guidance was not material to the consolidated financial statements, as it is our current policy to amortize premiums of investment securities to the earliest call date.

In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. Topic 350, IntangiblesGoodwill and Other (Topic 350), currently requires an entity that has not elected the private company alternative for goodwill to perform a two-step test to determine the amount, if any, of goodwill impairment. In Step 1, an entity compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the entity performs Step 2 and compares the implied fair value of goodwill with the carrying amount of that goodwill for that reporting unit. An impairment charge equal to the amount by which the carrying amount of goodwill for the reporting unit exceeds the implied fair value of that goodwill is recorded, limited to the amount of goodwill allocated to that reporting unit to address concerns over the cost and complexity of the two-step goodwill impairment test. The amendments in this Update remove the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. For public companies, this update will be effective for fiscal years beginning after December 15, 2019, including all interim periods within those fiscal years. The adoption of this guidance will not have a material impact on the consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new guidance replaces the incurred loss impairment methodology in current GAAP with an
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expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit impaired loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. The guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company has formed an implementation team led by the CFO, that also includes other lines of business and functions within the Company. The Company has also engaged a third party to assist with a data gap analysis and will utilize the data to determine the impact of the pronouncement. Additionally, the Company has researched and acquired software to assist in the development of models that can meet the requirements of the new guidance. While this standard may potentially have a material impact on the Company’s consolidated financial statements, we are still in the process of completing our evaluation.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date:(1) A lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) A right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and Topic 606, Revenue from Contracts with Customers. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. ASU 2016-02 initially required transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which, among other things, provides an additional transition method that would allow entities to not apply the guidance in ASU 2016-02 in the comparative periods presented in the financial statements and instead recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In December 2018, the FASB also issued ASU 2018-20, Leases (Topic 842) - Narrow Scope Improvements, for Lessors which provides certain policy elections and changes lessor accounting for sales and similar taxes and certain lessor costs. Upon the adoption of ASU 2016-02, ASU 2018-11, and ASU 2018-20 on January 1, 2019, the Company recognized right-of-use assets and related lease liabilities totaling $12.9 million and $15.7 million, respectively. The initial balance sheet gross up upon adoption was primarily related to operating leases of certain real estate properties and financing leases of certain office equipment. The Company has no material subleases or leasing arrangements for which it is the lessor of property or equipment. The Company applied certain practical expedients provided under ASU 2016-02 whereby the Company did reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any existing leases. The Company did not apply the recognition requirements of ASU 2016-02 to any short-term leases (as defined by related accounting guidance). The Company accounted for lease and non-lease components separately because such amounts are readily determinable under our lease contracts and because this election resulted in a lower impact on our balance sheet. The Company utilized the modified-retrospective transition approach prescribed by ASU 2018-11. See Note 5, “Premises and Equipment” of the Notes to the Consolidated Financial Statements, included in Item 1, Financial Statements, of this Quarterly Report on Form 10-Q.`

In January 2016, the FASB issued ASU 2016-01, Accounting for Financial Instruments - Overall: Classification and Measurement (Subtopic 825-10). Amendments within ASU 2016-01 that relate to non-public entities have been excluded from this presentation. The amendments in this ASU 2016-01 address the following: 1) require equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer; 2) simplify the impairment assessment of equity investments without readily-determinable fair values by requiring a qualitative assessment to identify impairment. When a qualitative assessment indicates that impairment exists, an entity is required to measure the investment at fair value; 3) eliminate the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4) require entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5) require separate presentation in other comprehensive income for the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 6) require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (that is, securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; and 7) clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company
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adopted this guidance in the first quarter of 2018. The adoption of ASU 2016-01 on January 1, 2018 did not have a material impact on the Company’s Consolidated Financial Statements. In accordance with 4) above, the Company discloses the fair value of its loan portfolio on a quarterly basis using an exit price notion. See Note 7, “Fair Value of Financial Instruments” of the Notes to the Consolidated Financial Statements, included in Item 1, Financial Statements, of this Quarterly Report on Form 10-Q. 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new revenue pronouncement creates a single source of revenue guidance for all companies in all industries and is more principles-based than current revenue guidance. The pronouncement provides a five-step model for a company to recognize revenue when it transfers control of goods or services to customers at an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. The five steps are: (1) identify the contract with the customer, (2) identify the separate performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the separate performance obligations and (5) recognize revenue when each performance obligation is satisfied. The Company evaluated the impact of this standard on individual customer contracts, while management evaluated the impact of this standard on the broad categories of its customer contracts and revenue streams. The Company determined that this standard did not have a material impact on its consolidated financial statements because revenue related to financial instruments, including loans and investment securities are not in scope of these updates. Loan interest income, investment interest income, insurance services revenue and BOLI are accounted for under other U.S. GAAP standards and out of scope of ASC 606 revenue standard. The Company also completed an evaluation of certain costs related to customer contracts and revenue streams to determine whether such costs should be presented as expenses or contra-revenue (i.e., gross versus net). Based on the evaluation, the Company determined that the classification of certain debit and credit card related costs should change (i.e., costs previously recorded as expense are now recorded as contra-revenue). This classification change resulted in immaterial changes to both revenue and expense. The Company adopted the revenue recognition standard and its related amendments as of January 1, 2018 utilizing the modified retrospective approach. Since there was no net income impact upon adoption of the new guidance, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Consistent with the modified retrospective approach, the Company did not adjust prior period amounts for the debit and credit card related cost reclassifications noted above. 

Note 3 – Investment Securities

There were no held-to-maturity securities at March 31, 2019 or December 31, 2018.

Amortized cost and fair values of investment securities available-for-sale at March 31, 2019 are summarized as follows:
(Dollars in thousands)Amortized CostUnrealized GainUnrealized LossFair Value
U. S. Agency securities$67,631 $ $(1,043)$66,588 
U.S. Sponsored Mortgage-backed securities49,223 1 (1,453)47,771 
Municipal securities100,253 241 (487)100,007 
Total debt securities217,107 242 (2,983)214,366 
Other securities10,294 98 (17)10,375 
Total investment securities available-for-sale$227,401 $340 $(3,000)$224,741 

Amortized cost and fair values of investment securities available-for-sale at December 31, 2018 are summarized as follows:
(Dollars in thousands)Amortized CostUnrealized GainUnrealized LossFair Value
U. S. Agency securities$79,041 $14 $(1,625)$77,430 
U.S. Sponsored Mortgage-backed securities52,154  (2,039)50,115 
Municipal securities84,747 206 (1,192)83,761 
Total debt securities215,942 220 (4,856)211,306 
Other securities