Company Quick10K Filing
CapStar Financial
Price15.07 EPS1
Shares19 P/E17
MCap281 P/FCF-5
Net Debt-154 EBIT44
TEV127 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-03-08
10-Q 2017-09-30 Filed 2017-10-18
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-08
8-K 2020-10-22 Earnings, Regulation FD, Exhibits
8-K 2020-09-21 Officers, Regulation FD, Exhibits
8-K 2020-07-24 Other Events, Exhibits
8-K 2020-07-23 Earnings, Regulation FD, Exhibits
8-K 2020-07-01 M&A, Other Events, Exhibits
8-K 2020-06-29 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-06-16
8-K 2020-05-04
8-K 2020-04-28
8-K 2020-04-27
8-K 2020-04-24
8-K 2020-04-24
8-K 2020-03-10
8-K 2020-01-23
8-K 2020-01-23
8-K 2020-01-23
8-K 2019-12-04
8-K 2019-10-24
8-K 2019-10-24
8-K 2019-09-12
8-K 2019-09-09
8-K 2019-09-05
8-K 2019-07-25
8-K 2019-06-05
8-K 2019-05-13
8-K 2019-04-25
8-K 2019-04-25
8-K 2019-04-24
8-K 2019-02-19
8-K 2019-02-01
8-K 2019-01-24
8-K 2018-12-28
8-K 2018-12-21
8-K 2018-11-06
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-10-01
8-K 2018-09-13
8-K 2018-08-29
8-K 2018-07-26
8-K 2018-06-11
8-K 2018-06-11
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-01-25

CSTR 10Q Quarterly Report

Part I. Financial Information
Item 1. Consolidated Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Acquisitions
Note 3 - Securities
Note 4 - Loans and Allowance for Loan Losses
Note 5 - Premises and Equipment
Note 6 - Short Term Borrowings and Long - Term Debt
Note 7 - Accumulated Other Comprehensive Income (Loss)
Note 8 - Income Taxes
Note 9 - Commitments and Contingencies
Note 10 - Derivatives
Note 11 - Stock Options and Restricted Shares
Note 12 - Regulatory Capital Requirements
Note 13 - Earnings per Share
Note 14 - Fair Value
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 6. Exhibits
EX-31.1 cstr-ex311_9.htm
EX-31.2 cstr-ex312_8.htm
EX-32.1 cstr-ex321_6.htm
EX-32.2 cstr-ex322_7.htm

CapStar Financial Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
14011284562802015201620182020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12015201620182020
Ops, Inv, Fin

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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 September 30, 2020

OR

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

For the transition period from _______ to ________.

Commission File Number:  001-37886

 

CAPSTAR FINANCIAL HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 

Tennessee

81-1527911

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification No.)

 

 

1201 Demonbreun Street, Suite 700

Nashville, Tennessee

(Address of principal executive offices)

37203

(zip code)

 

(615) 732-6400

(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 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      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

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  

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

 

 

Shares outstanding as of October 30, 2020

Common Stock, par value $1.00 per share

 

21,945,314

 

 

 

 

 

 


 

CAPSTAR FINANCIAL HOLDINGS, INC.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

Item

 

 

Page

 

 

 

 

PART I – FINANCIAL INFORMATION

 

5

 

 

 

 

Item 1.

Consolidated Financial Statements

 

5

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2020 (Unaudited) and December 31, 2019

 

5

 

 

 

 

 

Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2020 and 2019

 

6

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2020 and 2019

 

7

 

 

 

 

 

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited) for the nine months ended September 30, 2020 and 2019

 

8

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2020 and 2019

 

10

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

11

 

 

 

 

Item 2.

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

 

35

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 

48

 

 

 

 

Item 4.

Controls and Procedures

 

48

 

 

 

PART II – OTHER INFORMATION

 

49

 

 

 

 

Item 1. 

Legal Proceedings

 

49

 

 

 

 

Item 1A.

Risk Factors

 

49

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

50

 

 

 

 

Item 6.

Exhibits

 

51

 

 

 

 

SIGNATURES

 

52

 

 

2


 

TERMINOLOGY

The terms “we,” “our,” “us,” “CapStar,” “the Company,” “CSTR” and “CapStar Financial” that appear in this Quarterly Report on Form 10-Q (this “Report”) refer to CapStar Financial Holdings, Inc. and its wholly-owned subsidiary, CapStar Bank, which we sometimes refer to as “CapStar Bank,” “our bank subsidiary,” “the Bank” and “our Bank”.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “aspire,” “roadmap,” “achieve,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “goal,” “target,” “would,” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. The inclusion of these forward-looking statements should not be regarded as a representation by us or any other person that such expectations, estimates and projections will be achieved. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict and that are beyond our control. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date of this Report, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

The COVID-19 pandemic is adversely affecting us, our customers, employees, and third-party service providers, and the ultimate extent of the impacts on our business, including on our credit quality, business operations and liquidity, as well as its impact on general economic and financial market conditions, is uncertain. Continued deterioration in general business and economic conditions, or turbulence in domestic or global financial markets could adversely affect CapStar’s revenues and the values of our assets and liabilities, reduce the availability of funding, affect credit quality, and increase stock price volatility. The Company may not capitalize on opportunities to enhance market share in certain markets and the Company’s services may not be generally accepted in new markets; the ability of the Company to meet expectations regarding the benefits, costs, synergies and financial and operational impact of the FCB Corporation (“FCB”) and the Bank of Waynesboro (“BOW”) mergers; reputational risks and the reaction of shareholders, customers, employees or other constituents of the Company to the FCB and BOW mergers; the acceptance by customers of FCB and BOW of the Company’s products and services; the possibility that the FCB and BOW merger integrations will be more expensive or take more time to complete than anticipated; economic conditions (including interest rate environment, government economic and monetary policies, the strength of global financial markets and inflation and deflation) that impact the financial services industry as a whole and/or our business; the concentration of our business in our Target Market and the effect of changes in the economic, political and environmental conditions on this market; increased competition in the financial services industry, locally, regionally or nationally, which may adversely affect pricing and the other terms offered to our clients; an increase in the cost of deposits, loss of deposits or a change in the deposit mix, which could increase our cost of funding; an increase in the costs of capital, which could negatively affect our ability to borrow funds, successfully raise additional capital or participate in strategic acquisition opportunities; our dependence on our management team and board of directors and changes in our management and board composition; our reputation in the community; our ability to execute our strategy to achieve our loan, ROAA and efficiency ratio goals, hire seasoned bankers, and achieve deposit growth through organic growth and strategic acquisitions; credit risks related to the size of our borrowers and our ability to adequately identify, assess and limit our credit risk; our concentration of large loans to a small number of borrowers as well as geographic concentrations located within our Target Market; the significant portion of our loan portfolio that originated during the past two years and therefore may less reliably predict future collectability than older loans; the adequacy of reserves (including our allowance for loan losses) and the appropriateness of our methodology for calculating such reserves; non-performing loans and leases; non-performing assets; charge-offs, non-accruals, troubled debt restructurings, impairments and other credit-related issues; adverse trends in the healthcare service industry, which is an integral component of our Target Market’s economy and which could adversely affect the business operations of certain of our key borrowers; our management of risks inherent in our commercial real estate loan portfolio, and the risk of a prolonged downturn in the real estate market, which could impair the value of our collateral and our ability to sell collateral upon any foreclosure; our inability to realize operating efficiencies and tax savings from the implementation of our strategic plan; governmental legislation and regulation, including changes in the nature and timing of the adoption and effectiveness of new requirements under the Dodd-Frank Act of 2010, as amended, the Tax Cuts and Jobs Act of 2017, as amended, Basel guidelines, capital requirements, accounting regulation or standards and other applicable laws and regulations; the loss of large depositor relationships, which could force us to fund our business through more expensive and less stable sources; operational and liquidity risks

3


 

associated with our business, including liquidity risks inherent in correspondent banking; volatility in interest rates and our overall management of interest rate risk, including managing the sensitivity of our interest-earning assets and interest-bearing liabilities to interest rates, and the impact to our earnings from a change in interest rates; the potential for our Bank’s regulatory lending limits and other factors related to our size to restrict our growth and prevent us from effectively implementing our business strategy; strategic acquisitions we may undertake to achieve our goals; the sufficiency of our capital, including sources of capital and the extent to which we may be required to raise additional capital to meet our goals; fluctuations in the fair value of our investment securities that are beyond our control; deterioration in the fiscal position of the U.S. government and downgrades in Treasury and federal agency securities; potential exposure to fraud, negligence, computer theft and cyber-crime; the adequacy of our risk management framework; our dependence on our information technology and telecommunications systems and the potential for any systems failures or interruptions; threats to and breaches of our information technology systems and data security, including cyber-attacks; our dependence upon outside third parties for the processing and handling of our records and data; our ability to adapt to technological change; the financial soundness of other financial institutions; our exposure to environmental liability risk associated with our lending activities; our engagement in derivative transactions; our involvement from time to time in legal proceedings and examinations and remedial actions by regulators; our involvement from time to time in litigation or other proceedings instituted by or against shareholders, customers, employees or third parties and the cost of legal fees associated with such litigation or proceedings; the susceptibility of our market to natural disasters and acts of God; and the effectiveness of our internal controls over financial reporting and our ability to remediate any future material weakness in our internal controls over financial reporting.

The foregoing factors should not be construed as exhaustive and should be read in conjunction with those factors that are detailed from time to time in the Company’s periodic and current reports filed with the Securities and Exchange Commission (the “SEC”), including those factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 under the heading “Item 1A. Risk Factors” and in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this Report, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for us to predict their occurrence or how they will affect us.

4


 

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

CAPSTAR FINANCIAL HOLDINGS, INC. & SUBSIDIARY

Consolidated Balance Sheets

(Dollars in thousands, except share data)

 

 

September 30, 2020

 

 

 

 

 

 

 

(unaudited)

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

39,917

 

 

$

17,726

 

Interest-bearing deposits in financial institutions

 

 

416,008

 

 

 

83,368

 

Federal funds sold

 

 

 

 

 

175

 

Total cash and cash equivalents

 

 

455,925

 

 

 

101,269

 

Securities available-for-sale, at fair value

 

 

308,337

 

 

 

213,129

 

Securities held-to-maturity, fair value of $2,526 and $3,411 at

   September 30, 2020 and December 31, 2019, respectively

 

 

2,413

 

 

 

3,313

 

Loans held for sale, includes $112,002 and $30,740 measured

   at fair value at September 30, 2020 and December 31, 2019, respectively

 

 

198,603

 

 

 

168,222

 

Loans

 

 

1,906,603

 

 

 

1,420,102

 

Less allowance for loan losses

 

 

(23,167

)

 

 

(12,604

)

Loans, net

 

 

1,883,436

 

 

 

1,407,498

 

Premises and equipment, net

 

 

27,728

 

 

 

19,184

 

Restricted equity securities

 

 

13,625

 

 

 

13,689

 

Accrued interest receivable

 

 

9,814

 

 

 

5,792

 

Goodwill

 

 

41,068

 

 

 

37,510

 

Core deposit intangible, net

 

 

9,154

 

 

 

6,883

 

Other real estate owned, net

 

 

171

 

 

 

1,044

 

Other assets

 

 

74,074

 

 

 

59,668

 

Total assets

 

$

3,024,348

 

 

$

2,037,201

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Non interest-bearing

 

$

716,707

 

 

$

312,096

 

Interest-bearing

 

 

791,601

 

 

 

607,211

 

Savings and money market accounts

 

 

604,495

 

 

 

506,692

 

Time

 

 

504,739

 

 

 

303,452

 

Total deposits

 

 

2,617,542

 

 

 

1,729,451

 

Federal Home Loan Bank advances

 

 

10,000

 

 

 

10,000

 

Subordinated notes

 

 

29,418

 

 

 

 

Other liabilities

 

 

33,493

 

 

 

24,704

 

Total liabilities

 

 

2,690,453

 

 

 

1,764,155

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common stock, voting, $1 par value; 25,000,000 shares authorized; 21,947,805 and

   18,361,922 shares issued and outstanding at September 30, 2020 and December 31,

   2019, respectively

 

 

21,948

 

 

 

18,362

 

Additional paid-in capital

 

 

246,847

 

 

 

207,083

 

Retained earnings

 

 

58,296

 

 

 

46,218

 

Accumulated other comprehensive income, net of income tax

 

 

6,804

 

 

 

1,383

 

Total shareholders’ equity

 

 

333,895

 

 

 

273,046

 

Total liabilities and shareholders’ equity

 

$

3,024,348

 

 

$

2,037,201

 

 

See accompanying notes to consolidated financial statements (unaudited).

5


 

CAPSTAR FINANCIAL HOLDINGS, INC. & SUBSIDIARY

Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

22,796

 

 

$

21,005

 

 

$

61,620

 

 

$

62,596

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,193

 

 

 

1,028

 

 

 

3,465

 

 

 

3,540

 

Tax-exempt

 

 

343

 

 

 

354

 

 

 

975

 

 

 

1,093

 

Federal funds sold

 

 

 

 

 

1

 

 

 

 

 

 

26

 

Restricted equity securities

 

 

139

 

 

 

183

 

 

 

421

 

 

 

584

 

Interest-bearing deposits in financial institutions

 

 

171

 

 

 

645

 

 

 

640

 

 

 

1,502

 

Total interest income

 

 

24,642

 

 

 

23,216

 

 

 

67,121

 

 

 

69,341

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

 

640

 

 

 

2,102

 

 

 

3,371

 

 

 

5,523

 

Savings and money market accounts

 

 

2,537

 

 

 

1,944

 

 

 

4,819

 

 

 

5,445

 

Time deposits

 

 

1,299

 

 

 

1,887

 

 

 

4,197

 

 

 

5,917

 

Federal funds purchased

 

 

 

 

 

 

 

 

 

 

 

4

 

Securities sold under agreements to repurchase

 

 

 

 

 

 

 

 

 

 

 

5

 

Federal Home Loan Bank advances

 

 

116

 

 

 

127

 

 

 

348

 

 

 

1,281

 

Subordinated notes

 

 

394

 

 

 

 

 

 

394

 

 

 

 

Total interest expense

 

 

4,986

 

 

 

6,060

 

 

 

13,129

 

 

 

18,175

 

Net interest income

 

 

19,656

 

 

 

17,156

 

 

 

53,992

 

 

 

51,166

 

Provision for loan losses

 

 

2,119

 

 

 

(125

)

 

 

11,295

 

 

 

761

 

Net interest income after provision for loan losses

 

 

17,537

 

 

 

17,281

 

 

 

42,697

 

 

 

50,405

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury management and other deposit service charges

 

 

1,064

 

 

 

788

 

 

 

2,531

 

 

 

2,399

 

Net gain (loss) on sale of securities

 

 

34

 

 

 

 

 

 

74

 

 

 

(108

)

Tri-Net fees

 

 

668

 

 

 

847

 

 

 

2,528

 

 

 

2,511

 

Mortgage banking income

 

 

9,686

 

 

 

2,679

 

 

 

19,063

 

 

 

7,151

 

Wealth management fees

 

 

382

 

 

 

379

 

 

 

1,162

 

 

 

1,018

 

Interchange and debit card transaction fees

 

 

936

 

 

 

754

 

 

 

2,389

 

 

 

2,323

 

Other noninterest income

 

 

2,034

 

 

 

1,341

 

 

 

3,753

 

 

 

3,261

 

Total noninterest income

 

 

14,804

 

 

 

6,788

 

 

 

31,500

 

 

 

18,555

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,949

 

 

 

9,229

 

 

 

33,256

 

 

 

26,224

 

Data processing and software

 

 

2,353

 

 

 

1,790

 

 

 

6,317

 

 

 

5,126

 

Professional fees

 

 

638

 

 

 

528

 

 

 

1,854

 

 

 

1,571

 

Occupancy

 

 

999

 

 

 

858

 

 

 

2,615

 

 

 

2,550

 

Equipment

 

 

864

 

 

 

1,012

 

 

 

2,295

 

 

 

2,890

 

Regulatory fees

 

 

397

 

 

 

18

 

 

 

893

 

 

 

564

 

Merger related expenses

 

 

2,548

 

 

 

187

 

 

 

3,286

 

 

 

2,491

 

Amortization of intangibles

 

 

539

 

 

 

408

 

 

 

1,300

 

 

 

1,258

 

Other operating

 

 

1,452

 

 

 

1,501

 

 

 

4,067

 

 

 

4,054

 

Total noninterest expense

 

 

22,739

 

 

 

15,531

 

 

 

55,883

 

 

 

46,728

 

Income before income taxes

 

 

9,602

 

 

 

8,538

 

 

 

18,314

 

 

 

22,232

 

Income tax expense

 

 

2,115

 

 

 

2,072

 

 

 

3,299

 

 

 

5,231

 

Net income

 

$

7,487

 

 

$

6,466

 

 

$

15,015

 

 

$

17,001

 

Per share information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share of common stock

 

$

0.34

 

 

$

0.36

 

 

$

0.77

 

 

$

0.96

 

Diluted net income per share of common stock

 

$

0.34

 

 

$

0.35

 

 

$

0.77

 

 

$

0.91

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

21,948,579

 

 

 

17,741,778