Company Quick10K Filing
Metropolitan Bank Holding
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 8 $348
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-13 Annual: 2018-12-31
10-Q 2018-11-13 Quarter: 2018-09-30
10-Q 2018-08-14 Quarter: 2018-06-30
10-Q 2018-05-15 Quarter: 2018-03-31
10-K 2018-03-28 Annual: 2017-12-31
10-Q 2017-12-19 Quarter: 2017-09-30
8-K 2020-01-22 Earnings, Regulation FD, Exhibits
8-K 2020-01-07 Officers, Exhibits
8-K 2019-11-27 Officers, Exhibits
8-K 2019-10-23
8-K 2019-09-25 Other Events, Exhibits
8-K 2019-07-24 Earnings, Regulation FD, Exhibits
8-K 2019-05-28 Officers, Other Events, Exhibits
8-K 2019-05-28 Shareholder Vote
8-K 2019-05-16 Other Events
8-K 2019-04-24 Earnings, Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Regulation FD, Exhibits
8-K 2018-12-21 Officers, Exhibits
8-K 2018-11-07 Other Events, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-07-30 Other Events, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-07-25 Regulation FD, Exhibits
8-K 2018-05-29 Officers, Code of Ethics, Shareholder Vote, Exhibits
8-K 2018-05-21 Regulation FD, Exhibits
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-04-04 Other Events
8-K 2018-03-06 Officers
8-K 2018-02-05 Officers, Exhibits
8-K 2018-01-29 Earnings, Exhibits
8-K 2018-01-16 Other Events, Exhibits
MCB 2019-09-30
Note 1 - Organization
Note 2 – Basis of Presentation
Note 3 – Summary of Recent Accounting Pronouncements
Note 4 - Investment Securities
Note 5 – Loans and Allowance for Loan Losses
Note 6 – Earnings per Share
Note 7 - Stock Compensation Plan
Note 8 - Fair Value of Financial Instruments
Note 9 - Accumulated Other Comprehensive Loss
Note 10 - Financial Instruments with Off-Balance-Sheet Risk
Note 11 – Revenue From Contracts with Customers
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 mcb-20190930ex311bc9f67.htm
EX-31.2 mcb-20190930ex31220b559.htm
EX-32 mcb-20190930xex32.htm

Metropolitan Bank Holding Earnings 2019-09-30

MCB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BWB 370 2,124 1,894 0 0 30 46 304 6.6 1%
CIVB 369 2,203 1,879 17 0 26 41 369 0% 9.0 1%
GNTY 362 2,333 2,083 0 0 23 52 269 5.2 1%
WTBA 357 2,363 2,161 0 0 28 66 380 5.8 1%
BFST 349 2,154 1,876 4 0 20 46 285 0% 6.2 1%
MCB 348 2,961 2,679 0 0 28 69 -85 -1.2 1%
CZNC 348 1,610 1,370 0 0 20 33 308 9.4 1%
EBTC 343 3,168 2,887 0 0 31 62 156 2.5 1%
MCBC 338 1,978 1,773 0 0 30 49 380 7.7 1%
SMMF 328 2,299 2,063 0 0 30 72 272 3.8 1%

10-Q 1 mcb-20190930x10q.htm 10-Q mcb_Current_Folio_10Q

 

 

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, 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. 001‑38282

Metropolitan Bank Holding Corp.

(Exact Name of Registrant as Specified in Its Charter)

New York

    

13-4042724

(State or Other Jurisdiction of Incorporation or Organization)

 

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

 

 

 

99 Park Avenue, New York, New York

 

10016

(Address of Principal Executive Offices)

 

(Zip Code)

 

(212) 659‑0600

(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, par value $0.01 per share

 

MCB

 

New York Stock Exchange

 

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 ☒

There were 8,319,852 shares of the Registrant’s common stock, par value $0.01 per share, outstanding as of November 04, 2019.

 

 

METROPOLITAN BANK HOLDING CORP.

Form 10‑Q

Table of Contents

 

 

 

Page

 

 

PART I. FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements (unaudited)

 

 

 

Consolidated Statements of Financial Condition as of September 30, 2019 and December 31, 2018 

4

 

 

Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2019 and 2018 

5

 

 

Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2019 and 2018 

6

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the Three and Nine Months ended September 30, 2019 and 2018 

7

 

 

Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2019 and 2018 

9

 

 

Notes to Unaudited Consolidated Financial Statements 

10

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 

30

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk 

45

 

 

Item 4. Controls and Procedures 

47

 

 

PART II. OTHER INFORMATION 

48

 

 

Item 1. Legal Proceedings 

48

 

 

Item 1A. Risk Factors 

48

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

48

 

 

Item 3. Defaults Upon Senior Securities 

48

 

 

Item 4. Mine Safety Disclosures 

48

 

 

Item 5. Other Information 

48

 

 

Item 6. Exhibits 

48

 

 

Signatures 

50

 

 

2

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10‑Q contains certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “consider,” “should,” “plan,” “estimate,” “predict,” “continue,” “probable,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Metropolitan Bank Holding Corp. (the “Company”) and its wholly-owned subsidiary Metropolitan Commercial Bank (the “Bank”), and the Company’s strategies, plans, objectives, expectations and intentions, and other statements contained in this Quarterly Report on Form 10‑Q that are not historical facts. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from those results expressed or implied include those factors listed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 13, 2019 and its Quarterly Report on Form 10-Q filed with the SEC on August 7, 2019. In addition, these factors include but are not limited to:

·

increases in competitive pressure among financial institutions or from non-financial institutions;

·

changes in the interest rate environment may reduce interest margins or affect the value of the Bank’s investments;

·

changes in deposit flows, loan demand or real estate values may adversely affect the Bank’s business;

·

changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently;

·

general economic conditions, including unemployment rates, either nationally or locally in some or all of the areas in which the Bank does business, or conditions in the securities markets or the banking industry may be less favorable than currently anticipated;

·

declines in real estate values in Bank’s market area may adversely affect its loan production;

·

legislative or regulatory changes may adversely affect the Bank’s business;

·

applicable technological changes may be more difficult or expensive than anticipated;

·

success or consummation of new business initiatives may be more difficult or expensive than anticipated;

·

the risks associated with adverse changes to credit quality, including changes in the level of loan delinquencies and non-performing assets and charge-offs and changes in estimates of the adequacy of the allowance for loan losses;

·

difficulties associated with achieving or predicting expected future financial results; and

·

the potential impact on the Bank’s operations and customers resulting from natural or man-made disasters, wars, acts of terrorism and cyber-attacks.

The Company’s ability to predict results or the actual effects of its plans or strategies is inherently uncertain. As such, forward-looking statements can be affected by inaccurate assumptions made or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect conditions only as of the date of this filing. The Company does not intend to update any of the forward-looking statements after the date of this Form 10‑Q or to conform these statements to actual events.

3

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited)

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2019

    

2018

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

11,270

 

$

9,246

Overnight deposits

 

 

424,170

 

 

223,704

Total cash and cash equivalents

 

 

435,440

 

 

232,950

Investment securities available for sale, at fair value (substantially restricted)

 

 

250,674

 

 

30,439

Investment securities held to maturity (estimated fair value of $3,914 and $4,403 at September 30, 2019 and December 31, 2018 respectively)

 

 

3,938

 

 

4,571

Marketable equity investments, at fair value

 

 

2,223

 

 

2,110

Total securities

 

 

256,835

 

 

37,120

Other investments

 

 

20,921

 

 

22,287

Loans, net of deferred fees and unamortized costs

 

 

2,496,697

 

 

1,865,216

Allowance for loan losses

 

 

(24,444)

 

 

(18,942)

Net loans

 

 

2,472,253

 

 

1,846,274

Receivable from prepaid card programs, net

 

 

16,257

 

 

8,218

Accrued interest receivable

 

 

8,273

 

 

5,507

Premises and equipment, net

 

 

9,628

 

 

6,877

Prepaid expenses and other assets

 

 

9,859

 

 

8,158

Goodwill

 

 

9,733

 

 

9,733

Accounts receivable, net

 

 

3,972

 

 

5,520

Total assets

 

$

3,243,171

 

$

2,182,644

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

1,041,102

 

$

798,563

Interest-bearing deposits

 

 

1,664,104

 

 

861,991

Total deposits

 

 

2,705,206

 

 

1,660,554

Federal Home Loan Bank of New York advances

 

 

144,000

 

 

185,000

Trust preferred securities

 

 

20,620

 

 

20,620

Subordinated debt, net of issuance cost

 

 

24,587

 

 

24,545

Accounts payable, accrued expenses and other liabilities

 

 

41,067

 

 

18,439

Accrued interest payable

 

 

958

 

 

1,282

Prepaid third-party debit cardholder balances

 

 

15,731

 

 

7,687

Total liabilities

 

 

2,952,169

 

 

1,918,127

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class B preferred stock, $0.01 par value, authorized 2,000,000 shares, 272,636 issued and outstanding at September 30, 2019 and December 31, 2018

 

 

 3

 

 

 3

Common stock, $0.01 par value, 25,000,000 shares authorized, 8,319,852 and 8,217,274 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

 

 

82

 

 

82

Additional paid in capital

 

 

215,677

 

 

213,490

Retained earnings

 

 

73,501

 

 

51,415

Accumulated other comprehensive gain (loss), net of tax effect

 

 

1,739

 

 

(473)

Total stockholders’ equity

 

 

291,002

 

 

264,517

Total liabilities and stockholders’ equity

 

$

3,243,171

 

$

2,182,644

 

See accompanying notes to unaudited consolidated financial statements

4

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 

 

Nine months ended September 30, 

 

 

 

    

2019

    

2018

    

2019

    

2018

 

    

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

31,208

 

$

20,255

 

$

84,277

 

$

55,467

 

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,561

 

 

183

 

 

2,181

 

 

547

 

 

Tax-exempt

 

 

 —

 

 

 7

 

 

11

 

 

22

 

 

Money market funds

 

 

93

 

 

48

 

 

239

 

 

288

 

 

Overnight deposits

 

 

2,381

 

 

1,233

 

 

5,830

 

 

3,810

 

 

Other interest and dividends

 

 

253

 

 

181

 

 

776

 

 

468

 

 

Total interest income

 

$

35,496

 

$

21,907

 

$

93,314

 

$

60,602

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

7,881

 

$

2,565

 

$

18,463

 

$

5,802

 

 

Borrowed funds

 

 

943

 

 

355

 

 

3,369

 

 

697

 

 

Trust preferred securities interest expense

 

 

214

 

 

231

 

 

699

 

 

623

 

 

Subordinated debt interest expense

 

 

405

 

 

405

 

 

1,215

 

 

1,214

 

 

Total interest expense

 

$

9,443

 

$

3,556

 

$

23,746

 

$

8,336

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

26,053

 

 

18,351

 

 

69,568

 

 

52,266

 

 

Provision (credit) for loan losses

 

 

2,004

 

 

(453)

 

 

1,923

 

 

2,294

 

 

Net interest income after provision for loan losses

 

$

24,049

 

$

18,804

 

$

67,645

 

$

49,972

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

$

852

 

$

693

 

$

2,579

 

$

3,422

 

 

Prepaid third-party debit card income

 

 

1,482

 

 

1,080

 

 

4,161

 

 

3,506

 

 

Other service charges and fees

 

 

349

 

 

239

 

 

940

 

 

3,076

 

 

Unrealized gain on equity securities

 

 

17

 

 

 —

 

 

87

 

 

 —

 

 

Losses on call of securities

 

 

 —

 

 

 —

 

 

 —

 

 

(37)

 

 

Total non-interest income

 

$

2,700

 

$

2,012

 

$

7,767

 

$

9,967

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

$

7,875

 

$

6,253

 

$

23,286

 

$

18,696

 

 

Bank premises and equipment

 

 

1,790

 

 

1,273

 

 

4,473

 

 

3,739

 

 

Professional fees

 

 

906

 

 

587

 

 

2,617

 

 

2,207

 

 

Technology costs

 

 

3,526

 

 

847

 

 

7,529

 

 

2,961

 

 

Other expenses

 

 

1,398

 

 

1,395

 

 

5,008

 

 

4,265

 

 

Total non-interest expense

 

$

15,495

 

$

10,355

 

$

42,913

 

$

31,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income before income tax expense

 

 

11,254

 

 

10,461

 

 

32,499

 

 

28,071

 

 

Income tax expense

 

 

3,571

 

 

3,348

 

 

10,228

 

 

8,803

 

 

Net income

 

$

7,683

 

$

7,113

 

$

22,271

 

$

19,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings

 

$

0.92

 

$

0.87

 

$

2.69

 

$

2.35

 

 

Diluted earnings

 

$

0.90

 

$

0.85

 

$

2.63

 

$

2.31

 

 

 

See accompanying notes to unaudited consolidated financial statements

5

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30, 

 

Nine months ended September 30, 

 

 

 

    

2019

    

2018

    

2019

    

2018

    

 

Net Income

 

$

7,683

 

$

7,113

 

$

22,271

 

$

19,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     Unrealized holding gain (loss) arising during the period

 

 

1,740

 

 

(138)

 

 

3,134

 

 

(726)

 

 

Reclassification adjustments for net losses included in net income 

 

 

 —

 

 

 —

 

 

 —

 

 

37

 

 

    Tax effect

 

 

(548)

 

 

52

 

 

(990)

 

 

192

 

 

       Total unrealized gains (loss) on securities available for sale, net

 

 

1,192

 

 

(86)

 

 

2,144

 

 

(497)

 

 

Comprehensive income

 

$

8,875

 

$

7,027

 

$

24,415

 

$

18,771

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements

6

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)

For the three months ended September 30, 2019 and 2018

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

 

 

 

 

 

 

Additional

 

 

 

 

AOCI

 

 

 

 

 

Stock,

 

 

Common

 

Paid-in

 

Retained

 

(Loss),

 

 

 

 

  

Class B

  

 

Stock

  

Capital

  

Earnings

  

Net

  

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2019

 

272,636

 

$

 3

 

 

8,320,816

 

$

82

 

$

214,880

 

$

65,818

 

$

547

 

$

281,330

Restricted stock forfeited

 

 —

 

 

 —

 

 

(964)

 

 

 —

 

 

(1)

 

 

 —

 

 

 —

 

 

(1)

Employee and non-employee stock-based compensation

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

798

 

 

 —

 

 

 —

 

 

798

Net income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

7,683

 

 

 —

 

 

7,683

Other comprehensive income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,192

 

 

1,192

Balance at September 30, 2019

 

272,636

 

$

 3

 

 

8,319,852

 

$

82

 

$

215,677

 

$

73,501

 

$

1,739

 

$

291,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

 

 

 

 

 

 

Additional

 

 

 

 

AOCI

 

 

 

 

 

Stock,

 

 

Common

 

Paid-in

 

Retained

 

(Loss),

 

 

 

 

  

Class B

  

 

Stock

  

Capital

  

Earnings

  

Net

  

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2018

 

272,636

 

$

 3

 

 

8,205,234

 

$

81

 

$

212,100

 

$

38,016

 

$

(617)

 

$

249,583

Redemption of shares for exercise of stock options and tax withholding for restricted stock vesting

 

 —

 

 

 —

 

 

2,000

 

 

 —

 

 

60

 

 

 —

 

 

 —

 

 

60

Employee and non-employee stock-based compensation

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

599

 

 

 —

 

 

 —

 

 

599

Net Income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

7,113

 

 

 —

 

 

7,113

Other comprehensive loss

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(86)

 

 

(86)

Balance at September 30, 2018

 

272,636

 

$

 3

 

 

8,207,234

 

$

81

 

$

212,759

 

$

45,129

 

$

(703)

 

$

257,269

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statement

 

 

 

 

 

7

 

METROPOLITAN BANK HOLDING CORP. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (unaudited)

For the nine months ended September 30, 2019 and 2018

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

 

 

 

 

 

 

Additional

 

 

 

 

AOCI

 

 

 

 

 

Stock,

 

 

Common

 

Paid-in

 

Retained

 

(Loss),

 

 

 

 

  

Class B

  

 

Stock

  

Capital

  

Earnings

  

Net

  

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2019

 

272,636

 

$

 3

 

 

8,217,274

 

$

82

 

$

213,490

 

$

51,415

 

$

(473)

 

$

264,517

Restricted stock, net of forfeiture

 

 —

 

 

 —

 

 

105,459

 

 

 —

 

 

(1)

 

 

 —

 

 

 —

 

 

(1)

Employee and non-employee stock-based compensation

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

2,276

 

 

 —

 

 

 —

 

 

2,276

Redemption of shares for tax withholding for restricted stock vesting

 

 —

 

 

 —

 

 

(2,881)

 

 

 —

 

 

(88)

 

 

 —

 

 

 —

 

 

(88)

Net income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

22,271

 

 

 —

 

 

22,271

ASU 2016-01 Accounting adjustment to opening retained earnings

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(68)

 

 

68

 

 

 —

ASU 2014-09 Accounting adjustment to opening retained earnings

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(117)

 

 

 —

 

 

(117)

Other comprehensive income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

2,144

 

 

2,144

Balance at September 30, 2019

 

272,636

 

$

 3

 

 

8,319,852

 

$

82

 

$

215,677

 

$

73,501

 

$

1,739

 

$

291,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred

 

 

 

 

 

 

 

Additional

 

 

 

 

AOCI

 

 

 

 

 

Stock,

 

 

Common

 

Paid-in

 

Retained

 

(Loss),

 

 

 

 

  

Class B

  

 

Stock

  

Capital

  

Earnings

  

Net

  

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2018

 

272,636

 

$

 3

 

 

8,196,310

 

$

81

 

$

211,145

 

$

25,861

 

$

(206)

 

$

236,884

Restricted stock, net of forfeiture

 

 —

 

 

 —

 

 

8,987

 

 

 —

 

 

440

 

 

 —

 

 

 —

 

 

440

Issuance of common stock, net (1)

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(33)

 

 

 —

 

 

 —

 

 

(33)

Issuance of shares for exercise of stock options and tax withholding for restricted stock vesting

 

 —

 

 

 —

 

 

1,937

 

 

 —

 

 

(12)

 

 

 —

 

 

 —

 

 

(12)

Employee and non-employee stock-based compensation

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,219

 

 

 —

 

 

 —

 

 

1,219

Net Income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

19,268

 

 

 —

 

 

19,268

Other comprehensive loss

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(497)

 

 

(497)

Balance at September 30, 2018

 

272,636

 

$

 3

 

 

8,207,234

 

$

81

 

$

212,759

 

$

45,129

 

$