Company Quick10K Filing
CVB Financial
Price20.92 EPS1
Shares140 P/E15
MCap2,932 P/FCF20
Net Debt-438 EBIT281
TEV2,495 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-04
8-K 2020-05-20
8-K 2020-05-06
8-K 2020-04-22
8-K 2020-03-31
8-K 2020-02-14
8-K 2020-02-06
8-K 2020-01-22
8-K 2020-01-22
8-K 2019-11-01
8-K 2019-10-23
8-K 2019-07-29
8-K 2019-07-29
8-K 2019-07-24
8-K 2019-07-17
8-K 2019-05-30
8-K 2019-05-22
8-K 2019-04-24
8-K 2019-03-04
8-K 2019-02-20
8-K 2019-01-23
8-K 2018-11-01
8-K 2018-10-31
8-K 2018-10-24
8-K 2018-09-12
8-K 2018-08-10
8-K 2018-07-30
8-K 2018-07-26
8-K 2018-07-18
8-K 2018-06-21
8-K 2018-06-12
8-K 2018-05-30
8-K 2018-05-23
8-K 2018-04-18
8-K 2018-03-05
8-K 2018-02-26
8-K 2018-01-24

CVBF 10Q Quarterly Report

Part I - Financial Information (Unaudited)
Item 1. Condensed Consolidated 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 d907559dex311.htm
EX-31.2 d907559dex312.htm
EX-32.1 d907559dex321.htm
EX-32.2 d907559dex322.htm

CVB Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q
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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, 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:
000-10140
CVB FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
     
California
 
95-3629339
(State or other jurisdiction of
Incorporation or organization)
 
(I.R.S. Employer
Identification No.)
     
701 North Haven Ave., Suite 350
 
Ontario, California
 
91764
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(909)
980-4030
(Registrant’s telephone number,
including area code)
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, No Par Value
 
CVBF
 
The 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
    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, accelerated filer,
non-accelerated
filer or smaller reporting company, or emerging growth company. See definition 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 whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).
Yes
 
 
 No
Number of shares of common stock of the registrant: 135,510,811
outstanding as of April 30, 2020.

Table of Contents
TABLE OF CONTENTS
             
PART I –
 
 
 
3
 
 
 
 
 
 
 
 
ITEM 1.
 
 
 
5
 
 
 
 
 
 
 
 
 
 
 
10
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
36
 
 
 
 
 
 
 
 
 
 
 
37
 
 
 
 
 
 
 
 
 
 
 
38
 
 
 
 
 
 
 
 
 
 
 
40
 
 
 
 
 
 
 
 
 
 
 
47
 
 
 
 
 
 
 
 
 
 
 
62
 
 
 
 
 
 
 
 
ITEM 3.
 
 
 
64
 
 
 
 
 
 
 
 
ITEM 4.
 
 
 
65
 
 
 
 
 
 
 
 
PART II –
 
 
 
66
 
 
 
 
 
 
 
 
ITEM 1.
 
 
 
66
 
 
 
 
 
 
 
 
ITEM 1A.
 
 
 
66
 
 
 
 
 
 
 
 
ITEM 2.
 
 
 
68
 
 
 
 
 
 
 
 
ITEM 3.
 
 
 
68
 
 
 
 
 
 
 
 
ITEM 4.
 
 
 
68
 
 
 
 
 
 
 
 
ITEM 5.
 
 
 
68
 
 
 
 
 
 
 
 
ITEM 6.
 
 
 
68
 
 
 
 
 
 
 
 
 
 
 
69
 
2

Table of Contents
PART I – FINANCIAL INFORMATION (UNAUDITED)
GENERAL
Cautionary Note Regarding Forward-Looking Statements
Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will”, “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to:
 
local, regional, national and international economic and market conditions and political events and the impact they may have on us, our customers and our assets and liabilities;
 
 
 
 
 
 
 
our ability to attract deposits and other sources of funding or liquidity;
 
 
 
 
 
 
 
supply and demand for commercial or residential real estate and periodic deterioration in real estate prices and/or values in California or other states where we lend;
 
 
 
 
 
 
 
a sharp or prolonged slowdown or decline in real estate construction, sales or leasing activities;
 
 
 
 
 
 
 
changes in the financial performance and/or condition of our borrowers, depositors, key vendors or counterparties;
 
 
 
 
 
 
 
changes in our levels of delinquent loans, nonperforming assets, allowance for credit losses and charge-offs;
 
 
 
 
 
 
 
the costs or effects of mergers, acquisitions or dispositions we may make, whether we are able to obtain any required governmental approvals in connection with any such mergers, acquisitions or dispositions, and/or our ability to realize the contemplated financial or business benefits or cost savings associated with any such mergers, acquisitions or dispositions;
 
 
 
 
 
 
 
the effects of new laws, regulations and/or government programs, including those laws, regulations and programs enacted by federal, state or local governments in the geographic jurisdictions in which we do business in response to the recent national emergency declared in connection with the COVID-19 pandemic;
 
 
 
 
 
 
 
the impact of the federal CARES Act and the significant additional lending activities undertaken by the Company in connection with the Small Business Administration’s Paycheck Protection Program enacted thereunder, including risks to the Company with respect to the uncertain application by the Small Business Administration of new borrower and loan eligibility, forgiveness and audit criteria;
 
 
 
 
 
 
 
the effect of changes in laws, regulations and applicable judicial decisions (including laws, regulations and judicial decisions concerning financial reforms, taxes, bank capital levels, allowance for credit losses, consumer, commercial or secured lending, securities and securities trading and hedging, bank operations, compliance, fair lending, the Community Reinvestment Act, employment, executive compensation, insurance, cybersecurity, vendor management and information security technology) with which we and our subsidiaries must comply or believe we should comply or which may otherwise impact us;
 
 
 
 
 
 
 
changes in estimates of future reserve requirements and minimum capital requirements based upon the periodic review thereof under relevant regulatory and accounting standards, including changes in the Basel Committee framework establishing capital standards for bank credit, operations and market risks;
 
 
 
 
 
 
 
the accuracy of the assumptions and estimates and the absence of technical error in implementation or calibration of models used to estimate the fair value of financial instruments or currently expected credit losses or delinquencies;
 
 
 
 
 
 
 
the sensitivity of our assets and liabilities to changes in market interest rates, or our current allowance for credit losses;
 
 
 
 
 
 
 
inflation, changes in market interest rates, securities market and monetary fluctuations;
 
 
 
 
 
 
 
changes in government-established interest rates, reference rates or monetary policies, including the possible imposition of negative interest rates on bank reserves;
 
 
 
 
 
 
 
the impact of the anticipated phase-out of the London Interbank Offered Rate (LIBOR) on interest rate indexes specified in certain of our customer loan agreements and our interest rate swap arrangements, including any economic and compliance effects related to the expected change from LIBOR to an alternative reference rate;
 
 
 
 
 
 
 
changes in the amount, cost and availability of deposit insurance;
 
 
 
 
 
 
 
disruptions in the infrastructure that supports our business and the communities where we are located, which are concentrated in California, involving or related to physical site access and/or communication facilities; cyber incidents or theft or loss of Company or customer data or money; political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, or natural disasters, such as earthquakes, drought, the effects of pandemic diseases, climate changes, extreme weather events, that may affect electrical, environmental, computer servers, and communications or other services or facilities we use, or that may affect our customers, employees or third parties with whom we conduct business;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3

Table of Contents
 
our timely development and implementation of new banking products and services and the perceived overall value of these products and services by customers and potential customers;
 
 
 
 
 
 
 
the Company’s relationships with and reliance upon outside vendors with respect to certain of the Company’s
key internal and external systems, applications and controls;
 
 
 
 
 
 
 
changes in commercial or consumer spending, borrowing and savings preferences or behaviors;
 
 
 
 
 
 
 
technological changes and the expanding use of technology in banking and financial services (including the adoption of mobile banking, funds transfer applications, electronic marketplaces for loans, blockchain technology and other banking products, systems or services);
 
 
 
 
 
 
 
our ability to retain and increase market share, retain and grow customers and control expenses;
 
 
 
 
 
 
 
changes in the competitive environment among banks and other financial services and technology providers;
 
 
 
 
 
 
 
competition and innovation with respect to financial products and services by banks, financial institutions and
non-traditional
providers including retail businesses and technology companies;
 
 
 
 
 
 
 
volatility in the credit and equity markets and its effect on the general economy or local or regional business conditions or on the Company’s assets, liabilities, or customers;
 
 
 
 
 
 
 
fluctuations in the price of the Company’s common stock or other securities, and the resulting impact on the Company’s ability to raise capital or make acquisitions;
 
 
 
 
 
 
 
the effect of changes in accounting policies and practices, as may be adopted from
time-to-time
by the regulatory agencies, as well as by the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters;
 
 
 
 
 
 
 
changes in our organization, management, compensation and benefit plans, and our ability to retain or expand our workforce, management team and/or our board of directors;
 
 
 
 
 
 
 
our ability to identify suitable and qualified replacements for any of our executive officers who may leave their employment with us, including our Chief Executive Officer;
 
 
 
 
 
 
 
the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, lender liability, bank operations, financial product, consumer or employee class action litigation);
 
 
 
 
 
 
 
regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations or reviews;
 
 
 
 
 
 
 
our ongoing relations with our various federal and state regulators, including the SEC, Federal Reserve Board, FDIC and California DBO;
 
 
 
 
 
 
 
our success at managing the risks involved in the foregoing items; and
 
 
 
 
 
 
 
all other factors set forth in the Company’s public reports, including its Annual Report on Form
10-K
for the year ended December
 31, 2019, and particularly the discussion of risk factors within that document.
 
 
 
 
 
 
Among other risks, the ongoing COVID-19 pandemic may significantly affect the banking industry and the Company’s business prospects. The ultimate impact on our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, the impact on the economy, our customers and our business partners, and actions taken by governmental authorities in response to the pandemic.
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.
4

Table of Contents
ITEM 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
(Unaudited)
                 
 
      
 
March 31,    
 
   
2020
 
  December 31,  
2019
 
Assets
   
     
 
Cash and due from banks
    $
138,615
      $
158,310
 
Interest-earning balances due from Federal Reserve
   
567,124
     
27,208
 
                 
Total cash and cash equivalents
   
705,739
     
185,518
 
                 
Interest-earning balances due from depository institutions
   
23,799
     
2,931
 
Investment securities
available-for-sale,
at fair value (with amortized cost of $1,621,236 at
March 31, 2020, and $1,718,357 at December 31, 2019)
   
1,679,755
     
1,740,257
 
Investment securities
held-to-maturity
(with fair value of $657,819 at March 31, 2020,
and $678,948 at December 31, 2019)
   
642,255
     
674,452
 
                 
Total investment securities
   
2,322,010
     
2,414,709
 
                 
Investment in stock of Federal Home Loan Bank (FHLB)
   
17,688
     
17,688
 
Loans and lease finance receivables
   
7,466,152
     
7,564,577
 
Allowance for credit losses
   
(82,641
)    
(68,660
)
                 
Net loans and lease finance receivables
   
7,383,511
     
7,495,917
 
                 
Premises and equipment, net
   
52,867
     
53,978
 
Bank owned life insurance (BOLI)
   
225,455
     
226,281
 
Accrued interest receivable
   
26,855
     
28,122
 
Intangibles
   
40,541
     
42,986
 
Goodwill
   
663,707
     
663,707
 
Other real estate owned (OREO)
   
4,889
     
4,889
 
Income taxes
   
10,473
     
35,587
 
Other assets
   
129,354
     
110,137
 
                 
Total assets
    $
11,606,888
      $
11,282,450
 
                 
                 
Liabilities and Stockholders’ Equity
 
 
 
 
 
 
Liabilities:
   
     
 
Deposits:
   
     
 
Noninterest-bearing
    $
5,572,649
      $
5,245,517
 
Interest-bearing
   
3,540,955
     
3,459,411
 
                 
Total deposits
   
9,113,604
     
8,704,928
 
Customer repurchase agreements
   
368,915
     
428,659
 
Other borrowings
   
-
     
-
 
Deferred compensation
   
22,454
     
22,666
 
Junior subordinated debentures
   
25,774
     
25,774
 
Other liabilities
   
134,755
     
106,325
 
                 
Total liabilities
   
9,665,502
     
9,288,352
 
                 
                 
Commitments and Contingencies
   
     
 
Stockholders’ Equity
   
     
 
Common stock, authorized, 225,000,000 shares without par; issued and outstanding
135,510,960 at March 31, 2020, and 140,102,480 at December 31, 2019
   
1,208,049
     
1,298,792
 
Retained earnings
   
694,931
     
682,692
 
Accumulated other comprehensive income, net of tax
   
38,406
     
12,614
 
                 
Total stockholders’ equity
   
1,941,386
     
1,994,098
 
                 
Total liabilities and stockholders’ equity
    $
11,606,888
      $
11,282,450
 
                 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements.
5

Table of Contents
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
(Unaudited)
 
 
   
 Three Months Ended 
   
March 31,
 
2020
 
2019
 
Interest income:
   
     
 
Loans and leases, including fees
    $
 
 
 
 
 
 
 
 
 
 
     
 
 
 
 
 
 
92,117
      $
 
 
 
 
     
 
 
 
 
 
 
 
     
99,687
 
Investment securities:
   
     
 
Investment securities
available-for-sale
   
10,049
     
10,645
 
Investment securities
held-to-maturity
   
3,998
     
4,525
 
                 
Total investment income
   
14,047
     
15,170
 
                 
Dividends from FHLB stock
   
332
     
332
 
Interest-earning deposits with other institutions
   
613
     
94
 
                 
Total interest income
   
107,109
     
115,283
 
                 
Interest expense:
   
     
 
Deposits
   
4,124
     
3,871
 
Borrowings and customer repurchase agreements
   
479
     
1,610
 
Junior subordinated debentures
   
200
     
266
 
                 
Total interest expense
   
4,803
     
5,747
 
                 
Net interest income before provision for credit losses
   
102,306
     
109,536
 
Provision for credit losses
   
12,000
     
1,500
 
                 
Net interest income after provision for credit losses
   
90,306
     
108,036
 
                 
Noninterest income:
   
     
 
Service charges on deposit accounts
   
4,776
     
5,141
 
Trust and investment services
   
2,420
     
2,182
 
Bankcard services
   
577
     
950
 
BOLI income
   
2,059
     
1,336
 
Gain on OREO, net
   
10
     
105
 
Gain on sale of building, net
   
-
     
4,545
 
Other
   
1,798
     
2,044
 
                 
Total noninterest income
   
11,640
     
16,303
 
                 
Noninterest expense:
   
     
 
Salaries and employee benefits
   
30,877
     
29,302
 
Occupancy and equipment
   
4,837
     
5,424
 
Professional services
   
2,256
     
1,925
 
Software licenses and maintenance
   
2,816
     
2,613
 
Marketing and promotion
   
1,555
     
1,394
 
Amortization of intangible assets
   
2,445
     
2,857
 
Acquisition related expenses
   
-
     
3,149
 
Other
   
3,855
     
4,940
 
                 
Total noninterest expense
   
48,641
     
51,604
 
                 
Earnings before income taxes
   
53,305
     
72,735
 
Income taxes
   
15,325
     
21,093
 
                 
Net earnings
    $
37,980
      $
51,642
 
                 
                 
Other comprehensive income:
   
     
 
Unrealized gain on securities arising during the period, before tax
    $
36,618
      $
18,227
 
Less: Income tax benefit related to items of other comprehensive income
   
(10,826
)    
(5,388
)
                 
Other comprehensive income, net of tax
   
25,792
     
12,839
 
                 
Comprehensive income
    $
63,772
      $
64,481
 
                 
                 
Basic earnings per common share
    $
0.27
      $
0.37
 
Diluted earnings per common share
    $
0.27
      $
0.37
 
 
 
 
 
 
 
 
 
 
See accompanying notes to the unaudited condensed consolidated financial statements.
6

Table of Contents 
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Dollars and shares in thousands)
(Unaudited)
Three Months Ended March 31, 2020
 and 2019
                                         
 
Common
Shares
Outstanding
 
Common
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
 
Balance, January 1, 20
20
   
140,102
      $
1,298,792
      $
682,692
      $
12,614
      $
1,994,098
 
Cumulative adjustment upon adoption of ASU 2016-13
   
-
     
-
     
(1,325
)
   
-
     
(1,325
)
Repurchase of common stock
   
(4,988
)
   
(92,402
)
   
-
     
-
     
(92,402
)
Exercise of stock options
   
4
     
42
     
-
     
-
     
42
 
Shares issued pursuant to stock-based compensation plan
   
393
     
1,617
     
-
     
-
     
1,617
 
Cash dividends declared on common stock ($0.18 per share)
   
-
     
-
     
(24,416
)
   
-
     
(24,416
)
Net earnings
   
-
     
-
     
37,980
     
-
     
37,980
 
Other comprehensive income
 
 
-
 
 
 
-
 
 
 
-
 
 
 
25,792
 
 
 
25,792
 
                                         
Balance, March 31, 20
20
   
135,511
      $
1,208,049
      $
694,931
      $
38,406
      $
1,941,386
 
                                         
                                         
Balance, January 1, 20
19
   
140,000
      $
1,293,669
      $
575,805
      $
(18,284
)
    $
1,851,190
 
Repurchase of common stock
   
(33
)
   
(735
)
   
-
     
-
     
(735
)
Exercise of stock options