Company Quick10K Filing
Quick10K
Esquire Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$24.00 8 $181
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
8-K 2019-07-25 Officers, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-30 Officers, Shareholder Vote, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-03-29 Other Events, Exhibits
8-K 2019-01-25 Earnings, Exhibits
8-K 2019-01-25 Earnings, Exhibits
8-K 2019-01-09 Other Events, Exhibits
8-K 2018-12-10 Officers, Exhibits
8-K 2018-12-03 Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-09 Other Events, Exhibits
8-K 2018-09-21 Regulation FD, Exhibits
8-K 2018-09-04 Other Events
8-K 2018-08-17 Other Events, Exhibits
8-K 2018-08-10 Other Events, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-06-19 Other Events, Exhibits
8-K 2018-05-30 Shareholder Vote
8-K 2018-04-24 Earnings, Other Events, Exhibits
8-K 2018-01-25 Earnings, Exhibits
ING ING Group 36,894
KB KB Financial Group 12,729
SMFG Sumitomo Mitsui Financial Group 9,054
BFR BBVA Banco Frances 7,983
BMA Macro Bank 0
AVAL Grupo Aval Acciones Y Valores 0
GGAL Grupo Financiero Galicia 0
BLX Foreign Trade Bank of Latin America 0
BSBR Banco Santander 0
RBS Royal Bank of Scotland 0
ESQ 2019-06-30
Part I – Financial Information
Item 1.Financial Statements
Note 1 — Basis of Presentation and Summary of Significant Accounting Policies
Note 2 — Debt Securities
Note 3 — Loans
Note 4 — Noninterest Income
Note 5 — Share-Based Payment Plans
Note 6 — Earnings per Share
Note 7 — Leases
Note 8 — Fair Value Measurements
Note 9 — Accumulated Other Comprehensive Loss
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 esq-20190630ex311548c67.htm
EX-31.2 esq-20190630ex312622539.htm
EX-32 esq-20190630xex32.htm

Esquire Financial Earnings 2019-06-30

ESQ 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 esq-20190630x10q.htm 10-Q esq_Current_Folio_10Q

 

 

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

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 No. 001‑38131


Esquire Financial Holdings, Inc.

(Exact Name of Registrant as Specified in Its Charter)


Maryland

    

27-5107901

(State or Other Jurisdiction of
Incorporation or Organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

100 Jericho Quadrangle, Suite 100, Jericho, New York

 

11753

(Address of Principal Executive Offices)

 

(Zip Code)

 

(516) 535‑2002

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)


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

 

 

 

 

 

 

 

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, $0.01 par value

 

ESQ

 

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 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 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, 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 issuer’s classes of common stock, as of the latest practicable date: As of August 1, 2019, there were 7,541,670 outstanding shares of the issuer’s common stock.

 

 

 

Esquire Financial Holdings, Inc.

Form 10‑Q

Table of Contents

 

    

 

    

Page

PART I. FINANCIAL INFORMATION 

 

3

 

 

 

Item 1. 

 

Financial Statements (unaudited)

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Financial Condition

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

 

7

 

 

 

 

 

 

 

Notes to Interim Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2. 

 

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

 

22

 

 

 

 

 

Item 3. 

 

Quantitative and Qualitative Disclosures About Market Risk

 

36

 

 

 

 

 

Item 4. 

 

Controls and Procedures

 

37

 

 

 

 

 

PART II. OTHER INFORMATION 

 

38

 

 

 

Item 1. 

 

Legal Proceedings

 

38

 

 

 

 

 

Item 1A. 

 

Risk Factors

 

38

 

 

 

 

 

Item 2. 

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

38

 

 

 

 

 

Item 3. 

 

Defaults Upon Senior Securities

 

38

 

 

 

 

 

Item 4. 

 

Mine Safety Disclosures

 

38

 

 

 

 

 

Item 5. 

 

Other Information

 

38

 

 

 

 

 

Item 6. 

 

Exhibits

 

39

 

 

 

 

 

 

 

SIGNATURES

 

40

 

 

 

2

PART I – FINANCIAL INFORMATION

Item 1.Financial Statements

ESQUIRE FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

    

2019

    

2018

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

614

 

$

659

Interest earning deposits

 

 

39,538

 

 

29,903

Total cash and cash equivalents

 

 

40,152

 

 

30,562

 

 

 

 

 

 

 

Securities available-for-sale, at fair value

 

 

147,693

 

 

145,698

Securities, restricted, at cost

 

 

2,665

 

 

2,583

 

 

 

 

 

 

 

Loans

 

 

514,558

 

 

468,101

Less: allowance for loan losses

 

 

(6,433)

 

 

(5,629)

Loans, net

 

 

508,125

 

 

462,472

Premises and equipment, net

 

 

2,902

 

 

2,694

Accrued interest receivable

 

 

3,356

 

 

3,855

Other assets

 

 

27,557

 

 

16,035

Total assets

 

$

732,450

 

$

663,899

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Demand

 

$

234,507

 

$

212,721

Savings, NOW and money market

 

 

368,793

 

 

335,283

Time

 

 

19,870

 

 

20,417

Total deposits

 

 

623,170

 

 

568,421

 

 

 

 

 

 

 

Secured borrowings

 

 

88

 

 

89

Accrued expenses and other liabilities

 

 

6,841

 

 

2,615

Total liabilities

 

$

630,099

 

$

571,125

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 —

 

 

 —

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, par value $0.01; authorized 2,000,000 shares; no shares issued and outstanding at June 30, 2019 and December 31, 2018

 

 

 —

 

 

 —

Common stock, par value $0.01; authorized 15,000,000 shares; issued and outstanding 7,536,723 shares at June 30, 2019 and 7,532,723 shares at December 31, 2018

 

 

75

 

 

75

Additional paid-in capital

 

 

89,129

 

 

88,539

Retained earnings

 

 

13,227

 

 

6,774

Accumulated other comprehensive loss

 

 

(80)

 

 

(2,614)

Total stockholders’ equity

 

 

102,351

 

 

92,774

Total liabilities and stockholders’ equity

 

$

732,450

 

$

663,899

 

See accompanying condensed notes to interim condensed consolidated financial statements.

3

ESQUIRE FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months

 

For the Six Months

 

 

Ended June 30, 

 

Ended June 30, 

 

    

2019

    

2018

    

2019

    

2018

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

8,020

 

$

5,657

 

$

15,212

 

$

10,946

Securities

 

 

1,058

 

 

1,006

 

 

2,123

 

 

1,870

Interest earning deposits and other

 

 

244

 

 

201

 

 

471

 

 

317

Total interest income

 

 

9,322

 

 

6,864

 

 

17,806

 

 

13,133

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Savings, NOW and money market deposits

 

 

611

 

 

167

 

 

1,040

 

 

289

Time deposits

 

 

126

 

 

51

 

 

251

 

 

98

Borrowings

 

 

 1

 

 

 5

 

 

 3

 

 

10

Total interest expense

 

 

738

 

 

223

 

 

1,294

 

 

397

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

8,584

 

 

6,641

 

 

16,512

 

 

12,736

Provision for loan losses

 

 

400

 

 

300

 

 

825

 

 

525

Net interest income after provision for loan losses

 

 

8,184

 

 

6,341

 

 

15,687

 

 

12,211

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Merchant processing income

 

 

2,895

 

 

1,211

 

 

4,709

 

 

2,232

Customer related fees and service charges

 

 

195

 

 

769

 

 

462

 

 

1,823

Total noninterest income

 

 

3,090

 

 

1,980

 

 

5,171

 

 

4,055

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Employee compensation and benefits

 

 

3,587

 

 

3,008

 

 

7,023

 

 

6,069

Occupancy and equipment, net

 

 

443

 

 

432

 

 

882

 

 

858

Professional and consulting services

 

 

837

 

 

684

 

 

1,330

 

 

1,312

FDIC and regulatory assessments

 

 

86

 

 

83

 

 

172

 

 

155

Advertising and marketing

 

 

294

 

 

171

 

 

362

 

 

296

Travel and business relations

 

 

124

 

 

111

 

 

237

 

 

268

Data processing

 

 

713

 

 

446

 

 

1,219

 

 

930

Other operating expenses

 

 

423

 

 

354

 

 

763

 

 

673

Total noninterest expense

 

 

6,507

 

 

5,289

 

 

11,988

 

 

10,561

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income before income taxes

 

 

4,767

 

 

3,032

 

 

8,870

 

 

5,705

Income tax expense

 

 

1,299

 

 

811

 

 

2,417

 

 

1,526

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,468

 

$

2,221

 

$

6,453

 

$

4,179

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.47

 

$

0.30

 

$

0.87

 

$

0.57

Diluted

 

$

0.45

 

$

0.29

 

$

0.83

 

$

0.54

 

See accompanying condensed notes to interim condensed consolidated financial statements

4

ESQUIRE FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Three Months

 

For the Six Months

 

 

Ended June 30, 

 

Ended June 30, 

 

    

2019

    

2018

    

2019

    

2018

Net income

 

$

3,468

 

$

2,221

 

$

6,453

 

$

4,179

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) arising during the period on securities available-for-sale

 

 

1,524

 

 

(844)

 

 

3,487

 

 

(2,572)

Reclassification adjustment for net gains included in net income

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Tax effect

 

 

(434)

 

 

232

 

 

(953)

 

 

705

Total other comprehensive income (loss)

 

 

1,090

 

 

(612)

 

 

2,534

 

 

(1,867)

Total comprehensive income

 

$

4,558

 

$

1,609

 

$

8,987

 

$

2,312

 

See accompanying condensed notes to interim condensed consolidated financial statements.

5

ESQUIRE FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Dollars in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Total

 

Preferred

 

Common

 

 

Preferred

 

 

Common

 

 

 

paid-in

 

 

Retained

 

 

 

comprehensive

 

 

stockholders'

 

shares

 

shares

 

 

stock

 

 

stock

 

 

 

capital

 

 

earnings

 

 

 

loss

 

 

equity

Three months ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 1, 2019

 —

 

7,532,723

 

$

 —

 

$

75

 

 

$

88,809

 

$

9,759

 

 

$

(1,170)

 

$

97,473

Net income

 —

 

 —

 

 

 —

 

 

 —

 

 

 

 —

 

 

3,468

 

 

 

 —

 

 

3,468

Other comprehensive income

 —

 

 —

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

 

 

 

1,090

 

 

1,090

Exercise of stock options, net of repurchases

 —

 

4,000

 

 

 —

 

 

 —

 

 

 

50

 

 

 —

 

 

 

 —

 

 

50

Stock compensation expense

 —

 

 —

 

 

 —

 

 

 —

 

 

 

270

 

 

 —

 

 

 

 —

 

 

270

Balance at June 30, 2019

 —

 

7,536,723

 

$

 —

 

$

75

 

 

$

89,129

 

$

13,227

 

 

$

(80)

 

$

102,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Total

 

Preferred

 

Common

 

 

Preferred

 

 

Common

 

 

 

paid-in

 

 

Retained

 

 

 

comprehensive

 

 

stockholders'

 

shares

 

shares

 

 

stock

 

 

stock

 

 

 

capital

 

 

earnings

 

 

 

loss

 

 

equity

Three months ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 1, 2018

 —

 

7,445,723

 

$

 —

 

$

74

 

 

$

87,237

 

$

(2)

 

 

$

(2,645)

 

$

84,664

Net income

 —

 

 —

 

 

 —

 

 

 —

 

 

 

 —

 

 

2,221

 

 

 

 —

 

 

2,221

Other comprehensive loss

 —

 

 —

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

 

 

 

(612)

 

 

(612)

Stock compensation expense

 —

 

 —

 

 

 —

 

 

 —

 

 

 

223

 

 

 —

 

 

 

 —

 

 

223

Balance at June 30, 2018

 —

 

7,445,723

 

$

 —

 

$

74

 

 

$

87,460

 

$

2,219

 

 

$

(3,257)

 

$

86,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Total

 

Preferred

 

Common

 

 

Preferred

 

 

Common

 

 

 

paid-in

 

 

Retained

 

 

 

comprehensive

 

 

stockholders'

 

shares

 

shares

 

 

stock

 

 

stock

 

 

 

capital

 

 

earnings

 

 

 

loss

 

 

equity

Six months ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2019

 —

 

7,532,723

 

$

 —

 

$

75

 

 

$

88,539

 

$

6,774

 

 

$

(2,614)

 

$

92,774

Net income

 —

 

 —

 

 

 —

 

 

 —

 

 

 

 —

 

 

6,453

 

 

 

 —

 

 

6,453

Other comprehensive income

 —

 

 —

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

 

 

 

2,534

 

 

2,534

Exercise of stock options, net of repurchases

 —

 

4,000

 

 

 —

 

 

 —

 

 

 

50

 

 

 —

 

 

 

 —

 

 

50

Stock compensation expense

 —

 

 —

 

 

 —

 

 

 —

 

 

 

540

 

 

 —

 

 

 

 —

 

 

540

Balance at June 30, 2019

 —

 

7,536,723

 

$

 —

 

$

75

 

 

$

89,129

 

$

13,227

 

 

$

(80)

 

$

102,351

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

other

 

 

Total

 

Preferred

 

Common

 

 

Preferred

 

 

Common

 

 

 

paid-in

 

 

Retained

 

 

 

comprehensive

 

 

stockholders'

 

shares

 

shares

 

 

stock

 

 

stock

 

 

 

capital

 

 

earnings

 

 

 

loss

 

 

equity

Six months ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2018

 —

 

7,326,536

 

$

 —

 

$

73

 

 

$

86,660

 

$

(1,960)

 

 

$

(1,390)

 

$

83,383

Net income

 —

 

 —

 

 

 —

 

 

 —

 

 

 

 —

 

 

4,179

 

 

 

 —

 

 

4,179

Other comprehensive loss

 —

 

 —

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

 

 

 

(1,867)

 

 

(1,867)

Exercise of stock options, net of repurchases

 —

 

42,687

 

 

 —

 

 

 1

 

 

 

377

 

 

 —

 

 

 

 —

 

 

378

Restricted stock grants

 —

 

76,500

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

 

 

 

 —

 

 

 —

Stock compensation expense

 —

 

 —

 

 

 —

 

 

 —

 

 

 

423

 

 

 —

 

 

 

 —

 

 

423

Balance at June 30, 2018

 —

 

7,445,723

 

$

 —

 

$

74

 

 

$

87,460

 

$

2,219

 

 

$

(3,257)

 

$

86,496

 

See accompanying condensed notes to interim condensed consolidated financial statements.

6

ESQUIRE FINANCIAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

For the Six Months Ended June 30, 

 

    

2019

    

2018

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

6,453

 

$

4,179

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

Net cash used in operating activities:

 

 

 

 

 

 

Provision for loan losses

 

 

825

 

 

525

Depreciation

 

 

234

 

 

205

Stock compensation expense

 

 

540

 

 

423

Net amortization:

 

 

 

 

 

 

Securities

 

 

207

 

 

216

Loans

 

 

214

 

 

198

Right of use asset

 

 

181

 

 

 —

Changes in other assets and liabilities:

 

 

 

 

 

 

Accrued interest receivable

 

 

499

 

 

(1,189)

Other assets

 

 

(9,599)

 

 

(3,612)

Operating lease liability

 

 

(110)

 

 

 —

Accrued expenses and other liabilities

 

 

1,279

 

 

1,900

Net cash provided by operating activities

 

 

723

 

 

2,845

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Net change in loans

 

 

(46,692)

 

 

(42,893)