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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022, or
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☐ | 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. 001-39680
FULTON FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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Pennsylvania | | | 23-2195389 |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) |
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One Penn Square | P. O. Box 4887 | Lancaster, | Pennsylvania | | 17604 |
(Address of principal executive offices) | | (Zip Code) |
(717) 291-2411
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $2.50 | FULT | The Nasdaq Stock Market, LLC |
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | FULTP | 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, 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.
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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 Act). Yes ☐ No ☒
APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Common Stock, $2.50 Par Value –167,494,361 shares outstanding as of October 28, 2022.
FULTON FINANCIAL CORPORATION
FORM 10-Q FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022
INDEX
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Description | Page |
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Glossary of Terms | |
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PART I. FINANCIAL INFORMATION | |
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |
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Item 3. Defaults Upon Senior Securities - (not applicable) | |
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Item 4. Mine Safety Disclosures - (not applicable) | |
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Item 5. Other Information - (none to be reported) | |
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Note: Some numbers contained in the document may not sum due to rounding
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FULTON FINANCIAL CORPORATION |
GLOSSARY OF DEFINED ACRONYMS AND TERMS |
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ACL | | Allowance for credit losses |
AFS | | Available for sale |
ALCO | | Asset/Liability Management Committee |
Annual Meeting | | The annual meeting of the Corporation's shareholders held on May 17, 2022 |
AOCI | | Accumulated other comprehensive (loss) income |
ARC | | Auction rate security |
ASC | | Accounting Standards Codification |
ASU | | Accounting Standards Update |
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BHCA | | Bank Holding Company Act of 1956, as amended |
bp or bps | | Basis point(s) |
CARES Act | | Coronavirus Aid, Relief, and Economic Security Act |
CDI | | Core deposit intangible |
CECL Day 1 Provision | | Initial provision for credit losses required on non-purchased credit deteriorated loans acquired in the Merger |
Corporation or Company | | Fulton Financial Corporation |
COVID-19 | | Coronavirus |
Directors' Plan | | Amended and Restated Directors’ Equity Participation Plan |
Dodd-Frank Act | | Dodd-Frank Wall Street Reform and Consumer Protection Act |
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Employee Equity Plan | | 2022 Amended and Restated Equity and Cash Incentive Compensation Plan |
ESG | | Environmental, social and governance |
ETR | | Effective tax rate |
Exchange Act | | Securities Exchange Act of 1934 |
FASB | | Financial Accounting Standards Board |
FDIC | | Federal Deposit Insurance Corporation |
Fed Funds Rate | | Target federal funds rate |
Federal Reserve Board | | Board of Governors of the Federal Reserve System |
FHLB | | Federal Home Loan Bank |
FOMC | | Federal Open Market Committee |
Foreign Currency Nostro Accounts | | Foreign currency with international correspondent banks |
FRB | | Federal Reserve Bank |
FTE | | Fully taxable-equivalent |
Fulton Bank or the Bank | | Fulton Bank, N.A. |
GAAP | | U.S. generally accepted accounting principles |
HTM | | Held to maturity |
LIBOR | | London Interbank Offered Rate |
Management Discussion | | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Merger | | The acquisition by the Corporation of Prudential Bancorp that was completed effective as of July 1, 2022 |
Merger Agreement | | Agreement and Plan of Merger, dated as of March 1, 2022, between the Corporation and Prudential Bancorp |
Merger Consideration | | For each share of Prudential Bancorp common stock, $3.65 in cash and 0.7974 of a share of the Corporation's common stock, with cash paid in lieu of each fractional share of the Corporation's common stock that would otherwise be issued, determined by multiplying such fractional share amount by $18.25 |
MSRs | | Mortgage servicing rights |
Net loans | | Loans and lease receivables (net of unearned income) |
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NIM | | Net interest margin |
N/M | | Not meaningful |
OBS | | Off-balance-sheet |
OCI | | Other comprehensive income |
OREO | | Other real estate owned |
Pension Plan | | Defined Benefit Pension Plan |
Postretirement Plan | | Postretirement Benefits Plan |
PPP | | Paycheck Protection Program |
Prudential Bancorp | | Prudential Bancorp, Inc. |
PSU | | Performance-based restricted stock unit |
RSU | | Restricted stock unit |
SBA | | Small Business Administration |
SEC | | United States Securities and Exchange Commission |
TCI | | Tax credit investment |
TDR | | Troubled debt restructuring |
TruPS | | Trust Preferred Securities |
Visa Shares | | Visa, Inc. Class B restricted shares |
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS
(in thousands, except per-share data)
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| September 30, 2022 | | December 31, 2021 |
| (unaudited) | |
ASSETS | | | |
Cash and due from banks | $ | 143,465 | | | $ | 172,276 | |
Interest-bearing deposits with other banks | 385,250 | | | 1,466,338 | |
Cash and cash equivalents | 528,715 | | | 1,638,614 | |
FRB and FHLB stock | 81,914 | | | 57,635 | |
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Loans held for sale | 14,411 | | | 35,768 | |
Investment securities | | | |
AFS, at estimated fair value | 2,597,384 | | | 3,187,390 | |
HTM, at amortized cost | 1,339,310 | | | 980,384 | |
Net loans | 19,695,199 | | | 18,325,350 | |
Less: ACL - loans | (266,838) | | | (249,001) | |
Loans, net | 19,428,361 | | | 18,076,349 | |
Net premises and equipment | 221,496 | | | 220,357 | |
Accrued interest receivable | 72,821 | | | 57,451 | |
Goodwill and net intangible assets | 561,495 | | | 538,053 | |
Other assets | 1,300,135 | | | 1,004,397 | |
Total Assets | $ | 26,146,042 | | | $ | 25,796,398 | |
LIABILITIES | | | |
Deposits: | | | |
Noninterest-bearing | $ | 7,372,896 | | | $ | 7,370,963 | |
Interest-bearing | 14,003,658 | | | 14,202,536 | |
Total Deposits | 21,376,554 | | | 21,573,499 | |
Borrowings: | | | |
Federal funds purchased | 136,000 | | | — | |
Federal Home Loan Bank advances | 265,500 | | | — | |
Senior debt and subordinated debt | 539,461 | | | 620,406 | |
Other borrowings | 483,720 | | | 417,703 | |
Total borrowings | 1,424,681 | | | 1,038,109 | |
Accrued interest payable | 5,739 | | | 7,000 | |
Other liabilities | 867,909 | | | 465,110 | |
Total Liabilities | 23,674,883 | | | 23,083,718 | |
SHAREHOLDERS' EQUITY | | | |
Preferred stock, no par value, 10.0 million shares authorized; Series A, 0.2 million shares authorized and issued as of September 30, 2022 and December 31, 2021, liquidation preference of $1,000 per share | 192,878 | | | 192,878 | |
Common stock, $2.50 par value, 600.0 million shares authorized, 224.5 million shares issued as of September 30, 2022 and 223.9 million issued as of December 31, 2021 | 561,272 | | | 559,766 | |
Additional paid-in capital | 1,536,584 | | | 1,519,873 | |
Retained earnings | 1,406,544 | | | 1,282,383 | |
Accumulated other comprehensive (loss) income | (442,947) | | | 27,411 | |
Treasury stock, at cost, 57.1 million as of September 30, 2022 and 63.4 million shares as of December 31, 2021 | (783,172) | | | (869,631) | |
Total Shareholders' Equity | 2,471,159 | | | 2,712,680 | |
Total Liabilities and Shareholders' Equity | $ | 26,146,042 | | | $ | 25,796,398 | |
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See Notes to Consolidated Financial Statements | | | |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
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(in thousands, except per-share data) | Three months ended September 30 | | Nine months ended September 30 |
| 2022 | | 2021 | | 2022 | | 2021 |
Interest Income | | | | | | | |
Loans, including fees | $ | 205,468 | | | $ | 161,889 | | | $ | 519,375 | | | $ | 480,955 | |
Investment securities | 25,927 | | | 20,003 | | | 72,424 | | | 59,165 | |
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Loans held for sale | 194 | | | 299 | | | 694 | | | 969 | |
Other interest income | 2,102 | | | 1,888 | | | 4,498 | | | 4,599 | |
Total Interest Income | 233,691 | | | 184,079 | | | 596,991 | | | 545,688 | |
Interest Expense | | | | | | | |
Deposits | 10,049 | | | 6,525 | | | 21,451 | | | 24,108 | |
Federal funds purchased | 550 | | | — | | | 540 | | | — | |
Federal Home Loan Bank advances | 1,404 | | | — | | | 1,404 | | | 2,286 | |
Senior debt and subordinated debt | 5,494 | | | 6144 | | | 16,921 | | | 20,704 | |
Other borrowings | 612 | | | 140 | | | 952 | | | 472 | |
Total Interest Expense | 18,109 | | | 12,809 | | | 41,268 | | | 47,570 | |
Net Interest Income | 215,582 | | | 171,270 | | | 555,723 | | | 498,118 | |
Provision for credit losses | 18,958 | | | (600) | | | 13,508 | | | (9,600) | |
Net Interest Income After Provision for Credit Losses | 196,624 | | | 171,870 | | | 542,215 | | | 507,718 | |
Non-Interest Income | | | | | | | |
Commercial banking | 20,808 | | | 16,738 | | | 57,175 | | | 50,209 | |
Consumer banking | 13,275 | | | 11,801 | | | 37,421 | | | 33,415 | |
Wealth management | 17,610 | | | 18,532 | | | 55,312 | | | 53,513 | |
Mortgage banking | 3,720 | | | 9,535 | | | 12,064 | | | 26,333 | |
Other | 3,802 | | | 5,971 | | | 10,863 | | | 12,883 | |
Non-Interest Income Before Investment Securities Gains | 59,215 | | | 62,577 | | | 172,835 | | | 176,353 | |
Investment securities gains (losses), net | (53) | | | — | | | (26) | | | 33,511 | |
Total Non-Interest Income | 59,162 | | | 62,577 | | | 172,809 | | | 209,864 | |
Non-Interest Expense | | | | | | | |
Salaries and employee benefits | 94,283 | | | 82,679 | | | 264,151 | | | 243,632 | |
Data processing and software | 15,807 | | | 14,335 | | | 44,807 | | | 41,828 | |
Net occupancy | 14,025 | | | 12,957 | | | 42,134 | | | 39,433 | |
Other outside services | 9,361 | | | 7,889 | | | 26,292 | | | 24,557 | |
State taxes | 3,583 | | | 4,994 | | | 10,188 | | | 13,883 | |
Equipment | 3,548 | | | 3,416 | | | 10,393 | | | 10,268 | |
FDIC insurance | 3,158 | | | 2,727 | | | 9,328 | | | 7,633 | |
Professional fees | 2,373 | | | 2,271 | | | 6,178 | | | 7,701 | |
Marketing | 1,859 | | | 1,448 | | | 4,505 | | | 3,798 | |
Intangible amortization | 690 | | | 150 | | | 1,043 | | | 443 | |
Debt extinguishment | — | | | — | | | — | | | 32,575 | |
Merger-related expenses | 7,006 | | | — | | | 8,434 | | | — | |
Other | 13,865 | | | 11,730 | | | 37,813 | | | 38,060 | |
Total Non-Interest Expense | 169,558 | | | 144,596 | | | 465,266 | | | 463,811 | |
Income Before Income Taxes | 86,228 | | | 89,851 | | | 249,758 | | | 253,771 | |
Income taxes | 15,357 | | | 14,268 | | | 44,610 | | | 40,160 | |
Net Income | 70,871 | | | 75,583 | | | 205,148 | | | 213,611 | |
Preferred stock dividends | (2,562) | | | (2,562) | | | (7,686) | | | (7,715) | |
Net Income Available to Common Shareholders | $ | 68,309 | | | $ | 73,021 | | | $ | 197,462 | | | $ | 205,896 | |
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PER SHARE: | | | | | | | |
Net income available to common shareholders (basic) | $ | 0.41 | | | $ | 0.45 | | | $ | 1.21 | | | $ | 1.27 | |
Net income available to common shareholders (diluted) | 0.40 | | | 0.45 | | | 1.20 | | | 1.26 | |
Cash dividends | 0.15 | | | 0.14 | | | 0.45 | | | 0.42 | |
See Notes to Consolidated Financial Statements | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
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| Three months ended September 30 | | Nine months ended September 30 |
| 2022 | | 2021 | | 2022 | | 2021 |
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Net Income | $ | 70,871 | | | $ | 75,583 | | | $ | 205,148 | | | $ | 213,611 | |
Other Comprehensive (Loss)/Income, net of tax: | | | | | | | |
Unrealized gains (losses) on AFS investment securities | | | | | | | |
Unrealized (loss)/gain on securities | (120,385) | | | (21,622) | | | (362,596) | | | (16,073) | |
Reclassification adjustment for securities gains included in net income | (41) | | | — | | | (20) | | | (25,901) | |
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,653 | | | 637 | | | (46,024) | | | 2,154 | |
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Net unrealized gains (losses) on AFS investment securities | (118,773) | | | (20,985) | | | (408,640) | | | (39,820) | |
Unrealized (losses) gains on interest rate swaps used in cash flow hedges | | | | | | | |
Net unrealized holding (losses) gains arising during the period | (22,472) | | | (216) | | | (62,434) | | | 938 | |
Reclassification adjustment for net (losses) gains realized in net income | 2,483 | | | (675) | | | 641 | | | (1,462) | |
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges | (19,989) | | | (891) | | | (61,793) | | | (524) | |
Defined benefit pension plan and postretirement benefits | | | | | | | |
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Amortization of net unrecognized pension and postretirement items | 25 | | | 290 | | | 75 | | | 868 | |
Other Comprehensive (Loss)/Income | (138,737) | | | (21,586) | | | (470,358) | | | (39,476) | |
Total Comprehensive (Loss) Income | $ | (67,866) | | | $ | 53,997 | | | $ | (265,210) | | | $ | 174,135 | |
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See Notes to Consolidated Financial Statements | | | | | | | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(in thousands, except per-share data)
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| Preferred Stock | | Common Stock | | Additional | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total |
| Shares | | Amount | | Shares | | Amount | | Paid-in Capital | | |
Three months ended September 30, 2022 | | | | | | | | | | | | | | | | |
Balance at June 30, 2022 | 200 | | | $ | 192,878 | | | 161,057 | | | $ | 561,181 | | | $ | 1,527,756 | | | $ | 1,363,344 | | | $ | (304,210) | | | $ | (869,856) | | | $ | 2,471,093 | |
Net income | | | | | | | | | | | 70,871 | | | | | | | 70,871 | |
Other comprehensive loss | | | | | | | | | | | | | (138,737) | | | | | (138,737) | |
Common stock issued | | | | | 132 | | | 91 | | | 490 | | | | | | | 1,518 | | | 2,099 | |
Reissuance of treasury stock pursuant to acquisition | | | | | 6,209 | | | | | 4,547 | | | | | | | 85,166 | | | 89,713 | |
Stock-based compensation awards | | | | | | | | | 3,791 | | | | | | | | | 3,791 | |
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Preferred stock dividend | | | | | | | | | | | (2,562) | | | | | | | (2,562) | |
Common stock cash dividends - $0.15 per share | | | | | | | | | | | (25,109) | | | | | | | (25,109) | |
Balance at September 30, 2022 | 200 | | | $ | 192,878 | | | 167,398 | | | $ | 561,272 | | | $ | 1,536,584 | | | $ | 1,406,544 | | | $ | (442,947) | | | $ | (783,172) | | | $ | 2,471,159 | |
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Three months ended September 30, 2021 | | | | | | | | | | | | | | | | |
Balance at June 30, 2021 | 200 | | | $ | 192,878 | | | 162,988 | | | $ | 559,485 | | | $ | 1,513,645 | | | $ | 1,208,086 | | | $ | 47,201 | | | $ | (828,337) | | | $ | 2,692,958 | |
Net income | | | | | | | | | | | 75,583 | | | | | | | 75,583 | |
Other comprehensive income | | | | | | | | | | | | | (21,586) | | | | | (21,586) | |
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Common stock issued | | | | | 132 | | | 137 | | | 781 | | | | | | | 1,049 | | | 1,967 | |
Stock-based compensation awards | | | | | | | | | 2,192 | | | | | | | | | 2,192 | |
Acquisition of treasury stock | | | | | (1,691) | | | | | | | | | | | (26,126) | | | (26,126) | |
Preferred stock dividend | | | | | | | | | | | (2,562) | | | | | | | (2,562) | |
Common stock cash dividends - $0.14 per share | | | | | | | | | | | (22,608) | | | | | | | (22,608) | |
Balance at September 30, 2021 | 200 | | | $ | 192,878 | | | 161,429 | | | $ | 559,622 | | | $ | 1,516,618 | | | $ | 1,258,499 | | | $ | 25,615 | | | $ | (853,414) | | | $ | 2,699,818 | |
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Nine months ended September 30, 2022 | | | | | | | | | | | | | | | | |
Balance at December 31, 2021 | 200 | | | $ | 192,878 | | | 160,490 | | | $ | 559,766 | | | $ | 1,519,873 | | | $ | 1,282,383 | | | $ | 27,411 | | | $ | (869,631) | | | $ | 2,712,680 | |
Net income | | | | | | | | | | | 205,148 | | | | | | | 205,148 | |
Other comprehensive loss | | | | | | | | | | | | | (470,358) | | | | | (470,358) | |
Common stock issued | | | | | 699 | | | 1,506 | | | 1,998 | | | | | | | 1,293 | | | 4,797 | |
Reissuance of treasury stock pursuant to acquisition | | | | | 6,209 | | | | | 4,547 | | | | | | | 85,166 | | | $ | 89,713 | |
Stock-based compensation awards | | | | | | | | | 10,166 | | | | | | | | | 10,166 | |
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Preferred stock dividend | | | | | | | | | | | (7,686) | | | | | | | (7,686) | |
Common stock cash dividends - $0.45 per share | | | | | | | | | | | (73,301) | | | | | | | (73,301) | |
Balance at September 30, 2022 | 200 | | | $ | 192,878 | | | 167,398 | | | $ | 561,272 | | | $ | 1,536,584 | | | $ | 1,406,544 | | | $ | (442,947) | | | $ | (783,172) | | | $ | |