| Summary of Impacts on ASU No. 2016-09 Adoption |
Adoption of the standard impacted the Corporation’s previously reported quarterly results as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | | September 30, 2016 | | June 30, 2016 | | March 31, 2016 | | | As Reported | | As Adjusted | | As Reported | | As Adjusted | | As Reported | | As Adjusted | | | (Dollars in Thousands, Except Share Data) | Income tax (benefit) expense | | $ | (2,895 | ) | | $ | (3,020 | ) | | $ | 1,628 |
| | $ | 1,621 |
| | $ | 2,362 |
| | $ | 2,356 |
| Net income | | 2,540 |
| | 2,665 |
| | 3,716 |
| | 3,723 |
| | 4,547 |
| | 4,553 |
| Effective tax rate | | NM |
| | NM |
| | 30.5 | % | | 30.3 | % | | 34.2 | % | | 34.1 | % | Earnings per common share: | | | | | | | | | | | | | Basic | | $ | 0.29 |
| | $ | 0.31 |
| | $ | 0.43 |
| | $ | 0.43 |
| | $ | 0.52 |
| | $ | 0.52 |
| Diluted | | 0.29 |
| | 0.31 |
| | 0.43 |
| | 0.43 |
| | 0.52 |
| | 0.52 |
| Additional paid-in capital | | 77,544 |
| | 77,419 |
| | 77,127 |
| | 77,120 |
| | 76,851 |
| | 76,845 |
| Retained earnings | | 88,255 |
| | 88,380 |
| | 86,760 |
| | 86,767 |
| | 84,089 |
| | 84,095 |
| Return on average assets (annualized) | | 0.56 | % | | 0.59 | % | | 0.81 | % | | 0.82 | % | | 1.00 | % | | 1.00 | % | Return on average equity (annualized) | | 6.38 | % | | 6.69 | % | | 9.43 | % | | 9.45 | % | | 11.68 | % | | 11.70 | % |
NM = Not meaningful |