Company Quick10K Filing
First US Bancshares
Price10.00 EPS1
Shares7 P/E14
MCap68 P/FCF8
Net Debt-35 EBIT13
TEV33 TEV/EBIT3
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

FUSB 10Q Quarterly Report

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

First US Bancshares Earnings 2020-09-30

Balance SheetIncome StatementCash Flow

10-Q 1 fusb-10q_20200930.htm 10-Q fusb-10q_20200930.htm

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

 

 

 

PAGE

 

 

 

PART I.  FINANCIAL INFORMATION

 

4

 

 

 

ITEM  1. FINANCIAL STATEMENTS

 

4

 

 

 

Interim Condensed Consolidated Balance Sheets at September 30, 2020 (Unaudited) and December 31, 2019

 

4

 

 

 

Interim Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

5

 

 

 

Interim Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

6

 

 

 

Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

7

 

 

 

Interim Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019 (Unaudited)

 

9

 

 

 

Notes to Interim Condensed Consolidated Financial Statements (Unaudited)

 

10

 

 

 

ITEM  2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

41

 

 

 

ITEM  3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

54

 

 

 

ITEM  4. CONTROLS AND PROCEDURES

 

55

 

 

 

PART II. OTHER INFORMATION

 

56

 

 

 

ITEM  1. LEGAL PROCEEDINGS

 

56

 

 

 

ITEM  1A. RISK FACTORS

 

56

 

 

 

ITEM  2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

58

 

 

 

ITEM  6. EXHIBITS

 

59

 

 

 

Signature Page

 

60

 

2


FORWARD-LOOKING STATEMENTS

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


PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

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

 

Balance, June 30, 2019

 

 

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