Price | 10.00 | EPS | 1 | |
Shares | 7 | P/E | 14 | |
MCap | 68 | P/FCF | 8 | |
Net Debt | -35 | EBIT | 13 | |
TEV | 33 | TEV/EBIT | 3 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-10 |
10-Q | 2020-06-30 | Filed 2020-08-12 |
10-Q | 2020-03-31 | Filed 2020-05-14 |
10-K | 2019-12-31 | Filed 2020-03-18 |
10-Q | 2019-09-30 | Filed 2019-11-06 |
10-Q | 2019-06-30 | Filed 2019-08-07 |
10-Q | 2019-03-31 | Filed 2019-05-10 |
10-K | 2018-12-31 | Filed 2019-03-15 |
10-Q | 2018-09-30 | Filed 2018-11-13 |
10-Q | 2018-05-07 | Filed 2018-08-08 |
10-Q | 2018-03-31 | Filed 2018-05-04 |
10-K | 2017-12-31 | Filed 2018-03-15 |
10-Q | 2017-09-30 | Filed 2017-11-08 |
10-Q | 2017-06-30 | Filed 2017-08-09 |
10-Q | 2017-03-31 | Filed 2017-05-05 |
10-K | 2016-12-31 | Filed 2017-03-15 |
10-Q | 2016-09-30 | Filed 2016-11-09 |
10-Q | 2016-06-30 | Filed 2016-08-10 |
10-Q | 2016-03-31 | Filed 2016-05-12 |
10-K | 2015-12-31 | Filed 2016-03-11 |
10-Q | 2015-09-30 | Filed 2015-11-13 |
10-Q | 2015-06-30 | Filed 2015-08-13 |
10-Q | 2015-03-31 | Filed 2015-05-14 |
10-K | 2014-12-31 | Filed 2015-03-12 |
10-Q | 2014-09-30 | Filed 2014-11-13 |
10-Q | 2014-06-30 | Filed 2014-08-13 |
10-Q | 2014-03-31 | Filed 2014-05-14 |
10-K | 2013-12-31 | Filed 2014-03-21 |
10-Q | 2013-09-30 | Filed 2013-11-13 |
10-Q | 2013-06-30 | Filed 2013-08-14 |
10-Q | 2013-03-31 | Filed 2013-05-10 |
10-K | 2012-12-31 | Filed 2013-03-28 |
10-Q | 2012-09-30 | Filed 2012-11-13 |
10-Q | 2012-06-30 | Filed 2012-08-10 |
10-Q | 2012-03-31 | Filed 2012-05-11 |
10-K | 2011-12-31 | Filed 2012-03-30 |
10-Q | 2011-09-30 | Filed 2011-11-14 |
10-Q | 2011-06-30 | Filed 2011-08-12 |
10-Q | 2011-03-31 | Filed 2011-05-23 |
10-K | 2010-12-31 | Filed 2011-03-15 |
10-Q | 2010-09-30 | Filed 2010-11-08 |
10-Q | 2010-06-30 | Filed 2010-08-09 |
10-Q | 2010-03-31 | Filed 2010-05-10 |
10-K | 2009-12-31 | Filed 2010-03-15 |
8-K | 2020-11-18 | Regulation FD, Exhibits |
8-K | 2020-10-30 | Earnings, Exhibits |
8-K | 2020-08-07 | Regulation FD, Exhibits |
8-K | 2020-07-29 | Earnings, Exhibits |
8-K | 2020-05-29 | |
8-K | 2020-05-04 | |
8-K | 2020-04-30 | |
8-K | 2020-02-26 | |
8-K | 2020-01-28 | |
8-K | 2020-01-27 | |
8-K | 2019-10-28 | |
8-K | 2019-09-03 | |
8-K | 2019-07-29 | |
8-K | 2019-07-09 | |
8-K | 2019-05-02 | |
8-K | 2019-05-02 | |
8-K | 2019-04-29 | |
8-K | 2019-01-29 | |
8-K | 2019-01-28 | |
8-K | 2018-11-06 | |
8-K | 2018-08-31 | |
8-K | 2018-08-16 | |
8-K | 2018-08-13 | |
8-K | 2018-07-30 | |
8-K | 2018-04-27 | |
8-K | 2018-04-25 | |
8-K | 2018-04-16 | |
8-K | 2018-01-30 |
Part I. Financial Information |
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 6. Exhibits |
EX-31.1 | fusb-ex311_7.htm |
EX-31.2 | fusb-ex312_8.htm |
EX-32 | fusb-ex32_9.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
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 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: 0-14549
First US Bancshares, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware | 63-0843362 |
(State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
3291 U.S. Highway 280 Birmingham, AL | 35243 |
(Address of Principal Executive Offices) | (Zip Code) |
(205) 582-1200
(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:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.01 par value | FUSB | 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.
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.
Class | Outstanding at November 9, 2020 |
Common Stock, $0.01 par value | 6,176,556 shares |
FIRST US BANCSHARES, INC. AND SUBSIDIARIES
2
Statements contained in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). In addition, First US Bancshares, Inc. (“Bancshares” and, together with its subsidiaries, the “Company”), through its senior management, from time to time makes forward-looking statements concerning its expected future operations, performance and other developments. The words “estimate,” “project,” “intend,” “anticipate,” “expect,” “believe,” “continues” and similar expressions are indicative of forward-looking statements. Such forward-looking statements are necessarily estimates reflecting the Company’s best judgment based on current information and involve a number of risks and uncertainties, and various factors could cause results to differ materially from those contemplated by such forward-looking statements. Such factors could include those identified from time to time in the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements, including the risk factors described in Part I, Item 1A of the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2019 and in Part II, Item 1A of this Quarterly Report on Form 10-Q. Specifically, with respect to statements relating to the sufficiency of the allowance for loan and lease losses, loan demand, cash flows, interest costs, growth and earnings potential, expansion and the Company’s positioning to handle the challenges presented by COVID-19, these factors include, but are not limited to, the rate of growth (or lack thereof) in the economy generally and in the Company’s service areas; market conditions and investment returns; changes in interest rates; the impact of the current COVID-19 pandemic on the Company’s business, the Company’s customers, the communities that the Company serves and the United States economy, including the impact of actions taken by governmental authorities to try to contain the virus or address the impact of the virus on the United States economy (including, without limitation, the Coronavirus Aid, Relief and Economic Security (CARES) Act and subsequent federal legislation) and the resulting effect on the Company’s operations, liquidity and capital position and on the financial condition of the Company’s borrowers and other customers; the pending discontinuation of LIBOR as an interest rate benchmark; the availability of quality loans in the Company’s service areas; the relative strength and weakness in the consumer and commercial credit sectors and in the real estate markets; collateral values; cybersecurity threats; and risks related to the Paycheck Protection Program. There can be no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements.
3
FIRST US BANCSHARES, INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
|
| September 30, |
|
| December 31, |
| ||
|
| 2020 |
|
| 2019 |
| ||
|
| (Unaudited) |
|
|
|
|
| |
ASSETS |
| |||||||
Cash and due from banks |
| $ | 14,709 |
|
| $ | 11,939 |
|
Interest-bearing deposits in banks |
|
| 50,934 |
|
|
| 45,091 |
|
Total cash and cash equivalents |
|
| 65,643 |
|
|
| 57,030 |
|
Federal funds sold |
|
| 86 |
|
|
| 10,080 |
|
Investment securities available-for-sale, at fair value |
|
| 85,682 |
|
|
| 94,016 |
|
Investment securities held-to-maturity, at amortized cost |
|
| 7,723 |
|
|
| 14,340 |
|
Federal Home Loan Bank stock, at cost |
|
| 1,135 |
|
|
| 1,137 |
|
Loans, net of allowance for loan and lease losses of $7,185 and $5,762, respectively |
|
| 627,605 |
|
|
| 545,243 |
|
Premises and equipment, net of accumulated depreciation of $23,443 and $22,570, respectively |
|
| 28,337 |
|
|
| 29,216 |
|
Cash surrender value of bank-owned life insurance |
|
| 15,771 |
|
|
| 15,546 |
|
Accrued interest receivable |
|
| 2,883 |
|
|
| 2,488 |
|
Goodwill and core deposit intangible, net |
|
| 8,502 |
|
|
| 8,825 |
|
Other real estate owned |
|
| 985 |
|
|
| 1,078 |
|
Other assets |
|
| 8,589 |
|
|
| 9,739 |
|
Total assets |
| $ | 852,941 |
|
| $ | 788,738 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
| |||||||
Deposits: |
|
|
|
|
|
|
|
|
Non-interest-bearing |
| $ | 152,942 |
|
| $ | 112,729 |
|
Interest-bearing |
|
| 592,394 |
|
|
| 570,933 |
|
Total deposits |
|
| 745,336 |
|
|
| 683,662 |
|
Accrued interest expense |
|
| 365 |
|
|
| 537 |
|
Other liabilities |
|
| 11,537 |
|
|
| 9,766 |
|
Short-term borrowings |
|
| 10,045 |
|
|
| 10,025 |
|
Total liabilities |
|
| 767,283 |
|
|
| 703,990 |
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share, 10,000,000 shares authorized; 7,596,351 and 7,568,053 shares issued, respectively; 6,176,556 and 6,157,692 shares outstanding, respectively |
|
| 75 |
|
|
| 75 |
|
Additional paid-in capital |
|
| 13,680 |
|
|
| 13,814 |
|
Accumulated other comprehensive loss, net of tax |
|
| (106 | ) |
|
| (46 | ) |
Retained earnings |
|
| 93,862 |
|
|
| 92,755 |
|
Less treasury stock: 1,419,795 and 1,410,361 shares at cost, respectively |
|
| (21,853 | ) |
|
| (21,850 | ) |
Total shareholders’ equity |
|
| 85,658 |
|
|
| 84,748 |
|
Total liabilities and shareholders’ equity |
| $ | 852,941 |
|
| $ | 788,738 |
|
The accompanying notes are an integral part of these Interim Condensed Consolidated Statements.
4
FIRST US BANCSHARES, INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Data)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
|
| (Unaudited) |
|
| (Unaudited) |
| ||||||||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
| $ | 9,557 |
|
| $ | 10,114 |
|
| $ | 28,433 |
|
| $ | 29,620 |
|
Interest on investment securities |
|
| 439 |
|
|
| 913 |
|
|
| 1,740 |
|
|
| 3,143 |
|
Total interest income |
|
| 9,996 |
|
|
| 11,027 |
|
|
| 30,173 |
|
|
| 32,763 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
| 994 |
|
|
| 1,622 |
|
|
| 3,600 |
|
|
| 4,952 |
|
Interest on borrowings |
|
| 37 |
|
|
| 58 |
|
|
| 99 |
|
|
| 58 |
|
Total interest expense |
|
| 1,031 |
|
|
| 1,680 |
|
|
| 3,699 |
|
|
| 5,010 |
|
Net interest income |
|
| 8,965 |
|
|
| 9,347 |
|
|
| 26,474 |
|
|
| 27,753 |
|
Provision for loan and lease losses |
|
| 1,046 |
|
|
| 883 |
|
|
| 2,476 |
|
|
| 1,998 |
|
Net interest income after provision for loan and lease losses |
|
| 7,919 |
|
|
| 8,464 |
|
|
| 23,998 |
|
|
| 25,755 |
|
Non-interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service and other charges on deposit accounts |
|
| 298 |
|
|
| 472 |
|
|
| 995 |
|
|
| 1,375 |
|
Credit insurance income |
|
| 54 |
|
|
| 175 |
|
|
| 252 |
|
|
| 426 |
|
Net gain on sales and prepayments of investment securities |
|
| — |
|
|
| 45 |
|
|
| 326 |
|
|
| 67 |
|
Mortgage fees from secondary market |
|
| 196 |
|
|
| 91 |
|
|
| 499 |
|
|
| 380 |
|
Lease income |
|
| 206 |
|
|
| 212 |
|
|
| 630 |
|
|
| 633 |
|
Other income, net |
|
| 621 |
|
|
| 419 |
|
|
| 1,300 |
|
|
| 1,089 |
|
Total non-interest income |
|
| 1,375 |
|
|
| 1,414 |
|
|
| 4,002 |
|
|
| 3,970 |
|
Non-interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
| 5,138 |
|
|
| 5,089 |
|
|
| 15,467 |
|
|
| 15,272 |
|
Net occupancy and equipment |
|
| 1,078 |
|
|
| 1,055 |
|
|
| 3,074 |
|
|
| 3,190 |
|
Computer services |
|
| 470 |
|
|
| 421 |
|
|
| 1,311 |
|
|
| 1,105 |
|
Fees for professional services |
|
| 325 |
|
|
| 316 |
|
|
| 1,004 |
|
|
| 879 |
|
Other expense |
|
| 1,736 |
|
|
| 1,665 |
|
|
| 4,966 |
|
|
| 5,057 |
|
Total non-interest expense |
|
| 8,747 |
|
|
| 8,546 |
|
|
| 25,822 |
|
|
| 25,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
| 547 |
|
|
| 1,332 |
|
|
| 2,178 |
|
|
| 4,222 |
|
Provision for income taxes |
|
| 136 |
|
|
| 214 |
|
|
| 516 |
|
|
| 865 |
|
Net income |
| $ | 411 |
|
| $ | 1,118 |
|
| $ | 1,662 |
|
| $ | 3,357 |
|
Basic net income per share |
| $ | 0.07 |
|
| $ | 0.17 |
|
| $ | 0.27 |
|
| $ | 0.52 |
|
Diluted net income per share |
| $ | 0.06 |
|
| $ | 0.16 |
|
| $ | 0.25 |
|
| $ | 0.49 |
|
Dividends per share |
| $ | 0.03 |
|
| $ | 0.02 |
|
| $ | 0.09 |
|
| $ | 0.06 |
|
The accompanying notes are an integral part of these Interim Condensed Consolidated Statements.
5
FIRST US BANCSHARES, INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
|
| Three Months Ended |
|
| Nine Months Ended |
| ||||||||||
|
| September 30, |
|
| September 30, |
| ||||||||||
|
| 2020 |
|
| 2019 |
|
| 2020 |
|
| 2019 |
| ||||
|
| (Unaudited) |
|
| (Unaudited) |
| ||||||||||
Net income |
| $ | 411 |
|
| $ | 1,118 |
|
| $ | 1,662 |
|
| $ | 3,357 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gains on securities available-for-sale arising during period, net of tax expense (benefit) of $(2), $40, $548 and $726, respectively |
|
| (6 | ) |
|
| 122 |
|
|
| 1,647 |
|
|
| 2,178 |
|
Reclassification adjustment for net gains on securities available-for -sale realized in net income, net of tax of $0, $11, $81 and $16, respectively |
|
| — |
|
|
| (34 | ) |
|
| (245 | ) |
|
| (51 | ) |
Unrealized holding losses arising during the period on effective cash flow hedge derivatives, net of tax expense (benefit) of $15, $(108), $(488) and $(108), respectively |
|
| 45 |
|
|
| (323 | ) |
|
| (1,462 | ) |
|
| (323 | ) |
Other comprehensive income (loss) |
|
| 39 |
|
|
| (235 | ) |
|
| (60 | ) |
|
| 1,804 |
|
Total comprehensive income |
| $ | 450 |
|
| $ | 883 |
|
| $ | 1,602 |
|
| $ | 5,161 |
|
The accompanying notes are an integral part of these Interim Condensed Consolidated Statements.
6
FIRST US BANCSHARES, INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in Thousands, Except Share and Per Share Data)
For the three months ended September 30, 2020 and 2019 (Unaudited)
|
| Common Stock Shares Outstanding |
|
| Common Stock |
|
| Additional Paid-in Capital |
|
| Accumulated Other Comprehensive Income (Loss) |
|
| Retained Earnings |
|
| Treasury Stock, at Cost |
|
| Total Shareholders’ Equity |
| |||||||
|
| 6,306,161 |
|
| $ | 75 |
|
| $ | 13,646 |
|
| $ | (338 | ) |
| $ | 90,737 |
|
| $ | (20,372 | ) |
| $ | 83,748 |
| |
Net income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,118 |
|
|
| — |
|
|
| 1,118 |
|
Net change in fair value of securities available-for-sale, net of tax |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 88 |
|
|
| — |
|
|
| — |
|
|
| 88 |
|
Net change in fair value of derivative instruments, net of tax |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (323 | ) |
|
| — |
|
|
| — |
|
|
| (323 | ) |
Dividends declared: $.02 per share |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (124 | ) |
|
| — |
|
|
| (124 | ) |
Impact of stock-based compensation plans, net |
|
| 269 |
|
|
| — |
|
|
| 84 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 84 |
|
Treasury stock repurchases |
|
| (84,200 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (801 | ) |
|
| (801 | ) |
Balance, September 30, 2019 |
|
| 6,222,230 |
|
| $ | 75 |
|
| $ | 13,730 |
|
| $ | (573 | ) |
| $ | 91,731 |
|
| $ | (21,173 | ) |
| $ | 83,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2020 |
|
| 6,176,433 |
|
| $ | 75 |
|
| $ | 13,573 |
|
| $ | (145 | ) |
| $ | 93,636 |
|
| $ | (21,858 | ) |
| $ | 85,281 |
|
Net income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 411 |
|
|
| — |
|
|
| 411 |
|
Net change in fair value of securities available-for-sale, net of tax |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (6 | ) |
|
| — |
|
|
| — |
|
|
| (6 | ) |
Net change in fair value of derivative instruments, net of tax |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 45 |
|
|
| — |
|
|
| — |
|
|
| 45 |
|
Dividends declared: $.03 per share |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (185 | ) |
|
| — |
|
|
| (185 | ) |
Impact of stock-based compensation plans, net |
|
| (200 | ) |
|
| — |
|
|
| 112 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 112 |
|
Reissuance of treasury stock as compensation |
|
| 323 |
|
|
| — |
|
|
| (5 | ) |
|
| — |
|
|
| — |
|
|
| 5 |
|
|
| — |
|
Balance, September 30, 2020 |
|
| 6,176,556 |
|
| $ | 75 |
|
| $ | 13,680 |
|
| $ | (106 | ) |
| $ | 93,862 |
|
| $ | (21,853 | ) |
| $ | 85,658 |
|
7
FIRST US BANCSHARES, INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in Thousands, Except Share and Per Share Data)
For the nine months ended September 30, 2020 and 2019 (Unaudited)
|
| Common Stock Shares Outstanding |
|
| Common Stock |
|
| Additional Paid-in Capital |
|
| Accumulated Other Comprehensive Income (Loss) |
|
| Retained Earnings |
|
| Treasury Stock, at Cost |
|
| Non- controlling Interest |
|
| Total Shareholders’ Equity |
| ||||||||
Balance, January 1, 2019 |
|
| 6,298,062 |
|
| $ | 75 |
|
| $ | 13,496 |
|
| $ | (2,377 | ) |
| $ | 88,668 |
|
| $ | (20,414 | ) |
| $ | (11 | ) |
| $ | 79,437 |
|
Net income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 3,357 |
|
|
| — |
|
|
| — |
|
|
| 3,357 |
|
Net change in fair value of securities available-for-sale, net of tax |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 2,127 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 2,127 |
|
Net change in fair value of derivative instruments, net of tax |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (323 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (323 | ) |
Dividends declared: $.06 per share |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (377 | ) |
|
| — |
|
|
| — |
|
|
| (377 | ) |
Impact of stock-based compensation plans, net |
|
| 5,789 |
|
|
| — |
|
|
| 276 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 276 |
|
Reissuance of treasury stock as compensation |
|
| 2,579 |
|
|
| — |
|
|
| (42 | ) |
|
| — |
|
|
| — |
|
|
| 42 |
|
|
| — |
|
|
| — |
|
Treasury stock repurchases |
|
| (84,200 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (801 | ) |
|
| — |
|
|
| (801 | ) |
Discontinuation of partnership consolidation |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 83 |
|
|
| — |
|
|
| 11 |
|
|
| 94 |
|
Balance, September 30, 2019 |
|
| 6,222,230 |
|
| $ | 75 |
|
| $ | 13,730 |
|
| $ | (573 | ) |
| $ | 91,731 |
|
| $ | (21,173 | ) |
| $ | — |
|
| $ | 83,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, January 1, 2020 |
|
| 6,157,692 |
|
| $ | 75 |
|
| $ | 13,814 |
|
| $ | (46 | ) |
| $ | 92,755 |
|
| $ | (21,850 | ) |
| $ | — |
|
| $ | 84,748 |
|
Net income |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,662 |
|
|
| — |
|
|
| — |
|
|
| 1,662 |
|
Net change in fair value of securities available-for-sale, net of tax |
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,402 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,402 |
|
Net change in fair value of derivative instruments, net of tax |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (1,462 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
| (1,462 | ) |
Dividends declared: $.09 per share |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (555 | ) |
|
| — |
|
|
| — |
|
|
| (555 | ) |
Impact of stock-based compensation plans, net |
|
| 28,298 |
|
|
|