Company Quick10K Filing
Quick10K
Bridge Bancorp
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$30.37 20 $603
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-29 Regulation FD, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-07-08 Other Events, Exhibits
8-K 2019-07-02 Regulation FD, Exhibits
8-K 2019-05-14 Regulation FD, Exhibits
8-K 2019-05-03 Regulation FD, Exhibits
8-K 2019-05-03 Officers, Shareholder Vote, Exhibits
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-04-05 Other Events, Exhibits
8-K 2019-04-02 Regulation FD, Exhibits
8-K 2019-03-08 Regulation FD, Exhibits
8-K 2019-02-19 Other Events, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-28 Earnings, Exhibits
8-K 2019-01-18 Other Events, Exhibits
8-K 2019-01-07 Other Events, Exhibits
8-K 2018-12-05 Regulation FD, Exhibits
8-K 2018-11-05 Regulation FD, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-10-05 Other Events, Exhibits
8-K 2018-10-01 Earnings, Regulation FD, Exhibits
8-K 2018-08-22 Regulation FD, Exhibits
8-K 2018-07-30 Regulation FD, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-07-09 Other Events, Exhibits
8-K 2018-05-15 Regulation FD, Exhibits
8-K 2018-05-04 Shareholder Vote
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-04-06 Other Events, Exhibits
8-K 2018-02-05 Regulation FD, Exhibits
8-K 2018-01-29 Earnings, Exhibits
8-K 2018-01-08 Other Events, Exhibits
ACIA Acacia Communications 2,230
MEI Methode Electronics 1,050
CMO Capstead Mortgage 726
NERV Minerva Neurosciences 274
NHTC Natural Health Trends 125
HOS Hornbeck Offshore Services 55
IMAC IMAC Holdings 29
ATOS Atossa Genetics 24
ACT Advanced Credit Technologies 13
MSOF Multi Soft II 0
BDGE 2019-06-30
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 bdge-20190630ex3115c956a.htm
EX-31.2 bdge-20190630ex3124d8eb8.htm
EX-32.1 bdge-20190630ex321176543.htm

Bridge Bancorp Earnings 2019-06-30

BDGE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 bdge-20190630x10q.htm 10-Q bdge_Current_Folio_10Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2019

Commission file number 001‑34096


BRIDGE BANCORP, INC.

(Exact name of registrant as specified in its charter)


NEW YORK

11-2934195

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification Number)

 

 

2200 MONTAUK HIGHWAY, BRIDGEHAMPTON, NEW YORK

11932

(Address of principal executive offices)

(Zip Code)

 

Registrant's telephone number, including area code: (631) 537‑1000

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

Trading Symbol

Name of each exchange on which registered

 Common Stock

 BDGE

 NASDAQ STOCK MARKET, LLC

 

 

 

 

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 [X] No [    ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

Yes [X] No [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.

 

 

Large accelerated filer [  ]

Accelerated filer [X]

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 whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes [    ] No [X]

There were 19,843,723 shares of common stock outstanding as of July  31, 2019.

 

 

 

 

BRIDGE BANCORP, INC.

 

 

 

PART I

FINANCIAL INFORMATION

 

 

 

 

Item 1.  

Financial Statements (unaudited)

3

 

 

 

 

Consolidated Balance Sheets as of  June 30, 2019 and December 31, 2018

3

 

 

 

 

Consolidated Statements of Income for the Three and Six Months Ended June 30, 2019 and 2018

4

 

 

 

 

Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2019 and 2018

5

 

 

 

 

Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2019 and 2018

6

 

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2019 and 2018

7

 

 

 

 

Condensed Notes to the Consolidated Financial Statements

8

 

 

 

Item 2.  

Management's Discussion and Analysis of Financial Condition and Results of Operations

36

 

 

 

Item 3.  

Quantitative and Qualitative Disclosures About Market Risk

52

 

 

 

Item 4.  

Controls and Procedures

54

 

 

 

PART II  

OTHER INFORMATION

 

 

 

 

Item 1.  

Legal Proceedings

55

 

 

 

Item 1A. 

Risk Factors

55

 

 

 

Item 2.  

Unregistered Sales of Equity Securities and Use of Proceeds

55

 

 

 

Item 3.  

Defaults Upon Senior Securities

56

 

 

 

Item 4. 

Mine Safety Disclosures

56

 

 

 

Item 5.  

Other Information

56

 

 

 

Item 6.  

Exhibits

56

 

 

 

Signatures 

 

56

 

 

 

 

 

2

Item 1. Financial Statements

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

     

2019

    

2018

 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

Cash and due from banks

 

$

71,292

 

$

142,145

Interest-bearing deposits with banks

 

 

87,349

 

 

153,223

Total cash and cash equivalents

 

 

158,641

 

 

295,368

 

 

 

 

 

 

 

Securities available for sale, at fair value

 

 

642,897

 

 

680,886

Securities held to maturity (fair value of $145,480 and $156,792, respectively)

 

 

144,716

 

 

160,163

Total securities

 

 

787,613

 

 

841,049

 

 

 

 

 

 

 

Securities, restricted

 

 

24,104

 

 

24,028

 

 

 

 

 

 

 

Loans held for sale

 

 

12,643

 

 

 —

 

 

 

 

 

 

 

Loans held for investment

 

 

3,430,023

 

 

3,275,811

Allowance for loan losses

 

 

(31,171)

 

 

(31,418)

Loans, net

 

 

3,398,852

 

 

3,244,393

 

 

 

 

 

 

 

Premises and equipment, net

 

 

34,006

 

 

35,008

Operating lease right-of-use assets

 

 

37,619

 

 

 —

Accrued interest receivable

 

 

12,397

 

 

11,236

Goodwill

 

 

105,950

 

 

105,950

Other intangible assets

 

 

4,025

 

 

4,374

Prepaid pension

 

 

10,483

 

 

10,263

Bank owned life insurance

 

 

90,821

 

 

89,712

Other real estate owned

 

 

 —

 

 

175

Other assets

 

 

37,381

 

 

39,188

Total assets

 

$

4,714,535

 

$

4,700,744

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Demand deposits

 

$

1,385,709

 

$

1,448,605

Savings, NOW and money market deposits

 

 

2,173,946

 

 

2,108,297

Certificates of deposit of $100,000 or more

 

 

215,923

 

 

207,087

Other time deposits

 

 

60,998

 

 

122,404

Total deposits

 

 

3,836,576

 

 

3,886,393

 

 

 

 

 

 

 

Repurchase agreements

 

 

945

 

 

539

Federal Home Loan Bank ("FHLB") advances

 

 

240,000

 

 

240,433

Subordinated debentures, net

 

 

78,850

 

 

78,781

Operating lease liabilities

 

 

40,263

 

 

 —

Other liabilities and accrued expenses

 

 

42,696

 

 

40,768

Total liabilities

 

 

4,239,330

 

 

4,246,914

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 —

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock, par value $.01 per share (2,000,000 shares authorized; none issued)

 

 

 —

 

 

 —

Common stock, par value $.01 per share (40,000,000 shares authorized; 19,877,510 and 19,815,680 shares issued, respectively; and 19,834,416 and 19,790,884 shares outstanding, respectively)

 

 

199

 

 

198

Surplus

 

 

353,729

 

 

352,093

Retained earnings

 

 

131,811

 

 

117,432

Treasury stock at cost, 43,094 and 24,796 shares, respectively

 

 

(1,337)

 

 

(781)

 

 

 

484,402

 

 

468,942

Accumulated other comprehensive loss, net of income taxes

 

 

(9,197)

 

 

(15,112)

Total stockholders’ equity

 

 

475,205

 

 

453,830

Total liabilities and stockholders’ equity

 

$

4,714,535

 

$

4,700,744

 

See accompanying condensed notes to the Unaudited Consolidated Financial Statements.

3

 

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Income (unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 

 

June 30, 

 

    

2019

    

2018

    

2019

    

2018

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans (including fee income)

 

$

39,878

 

$

35,770

 

$

77,490

 

$

71,383

Mortgage-backed securities, CMOs and other asset-backed securities

 

 

4,443

 

 

3,825

 

 

9,232

 

 

7,549

U.S. GSE securities

 

 

166

 

 

243

 

 

358

 

 

522

State and municipal obligations

 

 

577

 

 

747

 

 

1,204

 

 

1,559

Corporate bonds

 

 

319

 

 

358

 

 

655

 

 

713

Deposits with banks

 

 

599

 

 

106

 

 

1,143

 

 

196

Other interest and dividend income

 

 

370

 

 

502

 

 

785

 

 

993

Total interest income

 

 

46,352

 

 

41,551

 

 

90,867

 

 

82,915

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Savings, NOW and money market deposits

 

 

6,997

 

 

3,438

 

 

13,366

 

 

5,952

Certificates of deposit of $100,000 or more

 

 

1,079

 

 

582

 

 

2,062

 

 

1,099

Other time deposits

 

 

288

 

 

493

 

 

850

 

 

688

Federal funds purchased and repurchase agreements

 

 

158

 

 

566

 

 

203

 

 

1,172

FHLB advances

 

 

1,178

 

 

1,408

 

 

2,276

 

 

3,266

Subordinated debentures

 

 

1,135

 

 

1,135

 

 

2,270

 

 

2,270

Total interest expense

 

 

10,835

 

 

7,622

 

 

21,027

 

 

14,447

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

35,517

 

 

33,929

 

 

69,840

 

 

68,468

Provision for loan losses

 

 

3,500

 

 

400

 

 

4,100

 

 

1,200

Net interest income after provision for loan losses

 

 

32,017

 

 

33,529

 

 

65,740

 

 

67,268

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and other fees

 

 

2,556

 

 

2,562

 

 

4,984

 

 

4,725

Net securities gains (losses)

 

 

201

 

 

(7,921)

 

 

201

 

 

(7,921)

Title fee income

 

 

335

 

 

450

 

 

641

 

 

955

Gain on sale of Small Business Administration ("SBA") loans

 

 

844

 

 

691

 

 

1,061

 

 

1,062

BOLI income

 

 

556

 

 

555

 

 

1,109

 

 

1,101

Other operating income

 

 

1,007

 

 

1,085

 

 

2,721

 

 

1,613

Total non-interest income (loss)

 

 

5,499

 

 

(2,578)

 

 

10,717

 

 

1,535

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

13,659

 

 

13,055

 

 

26,939

 

 

25,867

Occupancy and equipment

 

 

3,560

 

 

3,205

 

 

7,091

 

 

6,448

Technology and communications

 

 

1,869

 

 

1,568

 

 

3,658

 

 

3,211

Marketing and advertising

 

 

1,424

 

 

1,240

 

 

2,447

 

 

2,202

Professional services

 

 

803

 

 

881

 

 

1,560

 

 

2,093

FDIC assessments

 

 

396

 

 

436

 

 

634

 

 

900

Amortization of other intangible assets

 

 

210

 

 

242

 

 

423

 

 

488

Other operating expenses

 

 

2,083

 

 

1,880

 

 

3,851

 

 

3,896

Total non-interest expense

 

 

24,004

 

 

22,507

 

 

46,603

 

 

45,105

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

13,512

 

 

8,444

 

 

29,854

 

 

23,698

Income tax expense

 

 

2,859

 

 

1,701

 

 

6,274

 

 

4,882

Net income

 

$

10,653

 

$

6,743

 

$

23,580

 

$

18,816

Basic earnings per share

 

$

0.53

 

$

0.34

 

$

1.18

 

$

0.95

Diluted earnings per share

 

$

0.53

 

$

0.34

 

$

1.18

 

$

0.95

 

See accompanying condensed notes to the Unaudited Consolidated Financial Statements.

4

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (unaudited)

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30, 

 

June 30, 

 

    

2019

    

2018

    

2019

    

2018

Net income

 

$

10,653

 

$

6,743

 

$

23,580

 

$

18,816

Other comprehensive income (loss):

 

 

  

 

 

  

  

 

  

  

 

  

Change in unrealized net gains (losses) on securities available for sale, net of reclassifications and deferred income taxes

 

 

5,871

 

 

2,616

 

 

9,789

 

 

(3,472)

Adjustment to pension liability, net of reclassifications and deferred income taxes

 

 

91

 

 

68

 

 

181

 

 

135

Unrealized (losses) gains on cash flow hedges, net of reclassifications and deferred income taxes

 

 

(2,530)

 

 

479

  

 

(4,055)

  

 

2,530

Total other comprehensive income (loss)

 

 

3,432

 

 

3,163

 

 

5,915

 

 

(807)

Comprehensive income

 

$

14,085

 

$

9,906

  

$

29,495

  

$

18,009

 

See accompanying condensed notes to the Unaudited Consolidated Financial Statements.

5

BRIDGE BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders' Equity (unaudited)

(In thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common

 

 

 

 

Retained

 

Treasury

 

Comprehensive

 

 

 

 

   

Stock

   

Surplus

   

 Earnings

   

Stock

   

Loss

   

Total

Balance at March 31, 2019

 

$

199

 

$

352,454

 

$

125,765

 

$

(786)

 

$

(12,629)

 

$

465,003

Net income

 

 

 

  

 

 

 

 

10,653

  

 

 

 

 

 

  

 

10,653

Shares issued under the dividend reinvestment plan

 

 

 

  

 

221

 

 

 

  

 

 

 

 

 

  

 

221

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

(321)

 

 

 

 

 

(321)

Stock awards granted and distributed

 

 

 

  

 

(164)

 

 

 

  

 

164

 

 

 

  

 

 —

Stock awards forfeited

 

 

 

  

 

342

 

 

 

  

 

(342)

 

 

 

  

 

 —

Repurchase of surrendered stock from vesting of stock plans

 

 

 

  

 

(18)

 

 

 

  

 

(52)

 

 

 

  

 

(70)

Share based compensation expense

 

 

 

  

 

894

 

 

 

  

 

 

 

 

 

  

 

894

Cash dividend declared, $0.23 per share

 

 

 

  

 

 

 

 

(4,607)

  

 

 

 

 

 

  

 

(4,607)

Other comprehensive income, net of deferred income taxes

 

 

 

  

 

 

 

 

 

  

 

 

 

 

3,432

  

 

3,432

Balance at June 30, 2019

 

$

199

 

$

353,729

 

$

131,811

 

$

(1,337)

 

$

(9,197)

 

$

475,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common 

 

 

 

 

Retained

 

Treasury

 

Comprehensive

 

 

 

 

   

Stock

   

Surplus

   

Earnings

   

Stock

   

Loss

   

Total

Balance at March 31, 2018

 

$

198

 

$

348,420

 

$

104,050

 

$

(436)

 

$

(18,909)

 

$

433,323

Net income

 

 

 

  

 

 

 

 

6,743

  

 

 

 

 

 

  

 

6,743

Shares issued under the dividend reinvestment plan

 

 

 

  

 

236

 

 

 

  

 

 

 

 

 

  

 

236

Stock awards granted and distributed

 

 

 

  

 

(216)

 

 

 

  

 

216

 

 

 

  

 

 —

Stock awards forfeited

 

 

 

  

 

95

 

 

 

  

 

(95)

 

 

 

  

 

 —

Repurchase of surrendered stock from vesting of stock plans

 

 

 

  

 

 

 

 

 

  

 

(126)

 

 

 

  

 

(126)

Share based compensation expense

 

 

 

  

 

1,003

 

 

 

  

 

 

 

 

 

  

 

1,003

Cash dividend declared, $0.23 per share

 

 

 

  

 

 

 

 

(4,587)

  

 

 

 

 

 

  

 

(4,587)

Other comprehensive income, net of deferred income taxes

 

 

 

  

 

 

 

 

 

  

 

 

 

 

3,163

  

 

3,163

Balance at June 30, 2018

 

$

198

 

$

349,538

 

$

106,206

 

$

(441)

 

$

(15,746)

 

$

439,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common

 

 

 

 

Retained

 

Treasury

 

Comprehensive

 

 

 

 

   

Stock

   

Surplus

   

 Earnings

   

Stock

   

Loss

   

Total

Balance at January 1, 2019

 

$

198

 

$

352,093

 

$

117,432

 

$

(781)

 

$

(15,112)

 

$

453,830

Net income

 

 

 

  

 

 

 

 

23,580

  

 

 

 

 

 

  

 

23,580

Shares issued under the dividend reinvestment plan

 

 

 

  

 

419

 

 

 

  

 

 

 

 

 

  

 

419

Purchase of treasury stock

 

 

 

 

 

 

 

 

 

 

 

(321)

 

 

 

 

 

(321)

Stock awards granted and distributed

 

 

 1

  

 

(955)

 

 

 

  

 

954

 

 

 

  

 

 —

Stock awards forfeited

 

 

 

  

 

342

 

 

 

  

 

(342)

 

 

 

  

 

 —

Repurchase of surrendered stock from vesting of stock plans

 

 

 

  

 

(18)

 

 

 

  

 

(847)

 

 

 

  

 

(865)

Share based compensation expense

 

 

 

  

 

1,848

 

 

 

  

 

 

 

 

 

  

 

1,848

Cash dividend declared, $0.46 per share

 

 

 

  

 

 

 

 

(9,201)

  

 

 

 

 

 

  

 

(9,201)

Other comprehensive income, net of deferred income taxes

 

 

 

  

 

 

 

 

 

  

 

 

 

 

5,915

  

 

5,915

Balance at June 30, 2019

 

$

199

 

$

353,729

 

$

131,811

 

$

(1,337)

 

$

(9,197)

 

$

475,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

Common

 

 

 

 

Retained

 

Treasury

 

Comprehensive

 

 

 

 

   

Stock

   

Surplus

   

Earnings

   

Stock

   

Loss

   

Total

Balance at January 1, 2018

 

$

197

 

$

347,691

 

$

96,547

 

$

(296)

 

$

(14,939)

 

$

429,200

Net income

 

 

 

  

 

 

 

 

18,816

  

 

 

 

 

 

  

 

18,816

Shares issued under the dividend reinvestment plan

 

 

 

  

 

468

 

 

 

  

 

 

 

 

 

  

 

468

Stock awards granted and distributed

 

 

 1

  

 

(523)

 

 

 

  

 

522

 

 

 

  

 

 —

Stock awards forfeited

 

 

 

  

 

115

 

 

 

  

 

(115)

 

 

 

  

 

 —

Repurchase of surrendered stock from vesting of stock plans

 

 

 

  

 

 

 

 

 

  

 

(552)

 

 

 

  

 

(552)

Share based compensation expense

 

 

 

  

 

1,787

 

 

 

  

 

 

 

 

 

  

 

1,787

Cash dividend declared, $0.46 per share

 

 

 

  

 

 

 

 

(9,157)

  

 

 

 

 

 

  

 

(9,157)

Other comprehensive loss, net of deferred income taxes