Company Quick10K Filing
Pathfinder Bancorp
Price13.15 EPS1
Shares5 P/E25
MCap62 P/FCF9
Net Debt21 EBIT13
TEV83 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-29
10-K 2019-12-31 Filed 2020-03-23
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-14
10-K 2018-12-31 Filed 2019-03-27
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-10
10-Q 2018-03-31 Filed 2018-05-11
10-K 2017-12-31 Filed 2018-03-30
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-31
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-29
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 2015-03-18
10-Q 2014-09-30 Filed 2014-11-12
8-K 2020-07-21 Other Events
8-K 2020-06-30 Other Events, Exhibits
8-K 2020-05-18
8-K 2020-05-15
8-K 2020-03-25
8-K 2020-03-23
8-K 2020-02-03
8-K 2019-12-23
8-K 2019-11-01
8-K 2019-09-23
8-K 2019-07-29
8-K 2019-06-21
8-K 2019-05-09
8-K 2019-05-09
8-K 2019-05-08
8-K 2019-04-26
8-K 2019-03-29
8-K 2019-03-29
8-K 2019-02-04
8-K 2019-01-23
8-K 2018-12-31
8-K 2018-12-21
8-K 2018-10-26
8-K 2018-09-28
8-K 2018-07-27
8-K 2018-06-29
8-K 2018-05-09
8-K 2018-05-09
8-K 2018-04-30
8-K 2018-04-13
8-K 2018-04-10
8-K 2018-03-29
8-K 2018-02-02

PBHC 10Q Quarterly Report

Part I - Financial Information
Item 1 - Consolidated Financial Statements
Note 1: Basis of Presentation
Note 2: New Accounting Pronouncements
Note 3: Earnings per Common Share
Note 4: Investment Securities
Note 5: Pension and Postretirement Benefits
Note 6: Loans
Note 7: Allowance for Loan Losses
Note 8: Foreclosed Real Estate
Note 9: Guarantees
Note 10: Fair Value Measurements
Note 11: Interest Rate Derivatives
Note 12: Accumulated Other Comprehensive Income (Loss)
Note 13: Noninterest Income
Note 14: Leases
Note 15: Covid - 19
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)
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 pbhc-ex311_6.htm
EX-31.2 pbhc-ex312_8.htm
EX-32 pbhc-ex32_7.htm

Pathfinder Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

10-Q 1 pbhc-10q_20200331.htm 10-Q pbhc-10q_20200331.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 March 31, 2020

 

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from _______ to _______

 

(Exact Name of Company as Specified in its Charter)

 

Maryland

(State of Other Jurisdiction of Incorporation)

001-36695

(Commission File No.)

38-3941859

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

 

214 West First Street, Oswego, NY 13126

(Address of Principal Executive Office) (Zip Code)

(315) 343-0057

(Issuer's Telephone Number including area code)

 

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

PBHC

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 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 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

As of May 28, 2020, there were 4,753,883 shares outstanding of the registrant’s common stock.

 

 


Table of Contents

PATHFINDER BANCORP, INC.

INDEX

 

PART I - FINANCIAL INFORMATION

 

PAGE NO.

 

 

 

 

Item 1.

Consolidated Financial Statements (Unaudited)

 

3

 

Consolidated Statements of Condition

 

3

 

Consolidated Statements of Income

 

4

 

Consolidated Statements of Comprehensive Income

 

5

 

Consolidated Statements of Changes in Shareholders' Equity

 

6

 

Consolidated Statements of Cash Flows

 

7

 

Notes to Consolidated Financial Statements

 

9

 

 

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)

 

50

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

70

 

 

 

 

Item 4.

Controls and Procedures

 

70

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

71

Item 1A.

Risk Factors

 

71

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

71

Item 3.

Defaults upon Senior Securities

 

71

Item 4.

Mine Safety Disclosures

 

71

Item 5.

Other information

 

71

Item 6.

Exhibits

 

71

 

 

 

 

SIGNATURES

 

72

 

 


Table of Contents

PART I - FINANCIAL INFORMATION

Item 1 – Consolidated Financial Statements

Pathfinder Bancorp, Inc.

Consolidated Statements of Condition

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

(In thousands, except share and per share data)

 

2020

 

 

2019

 

ASSETS:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

48,671

 

 

$

8,284

 

Interest-earning deposits (including restricted balances of $1,300 and $0, respectively)

 

 

8,908

 

 

 

11,876

 

Total cash and cash equivalents

 

 

57,579

 

 

 

20,160

 

Available-for-sale securities, at fair value

 

 

121,458

 

 

 

111,134

 

Held-to-maturity securities, at amortized cost (fair value of $117,088 and $124,148, respectively)

 

 

120,549

 

 

 

122,988

 

Marketable equity securities, at fair value

 

 

340

 

 

 

534

 

Federal Home Loan Bank stock, at cost

 

 

4,758

 

 

 

4,834

 

Loans

 

 

750,372

 

 

 

745,516

 

Loans held-for-sale (1)

 

 

150

 

 

 

35,935

 

Less: Allowance for loan losses

 

 

9,606

 

 

 

8,669

 

Loans receivable, net

 

 

740,916

 

 

 

772,782

 

Premises and equipment, net

 

 

22,304

 

 

 

22,699

 

Operating lease right-of-use assets

 

 

2,349

 

 

 

2,386

 

Accrued interest receivable

 

 

3,700

 

 

 

3,712

 

Foreclosed real estate

 

 

58

 

 

 

88

 

Intangible assets, net

 

 

145

 

 

 

149

 

Goodwill

 

 

4,536

 

 

 

4,536

 

Bank owned life insurance

 

 

17,519

 

 

 

17,403

 

Other assets

 

 

11,432

 

 

 

10,402

 

Total assets

 

$

1,107,643

 

 

$

1,093,807

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Interest-bearing

 

$

786,316

 

 

$

774,392

 

Noninterest-bearing

 

 

113,544

 

 

 

107,501

 

Total deposits

 

 

899,860

 

 

 

881,893

 

Short-term borrowings

 

 

8,138

 

 

 

25,138

 

Long-term borrowings

 

 

83,299

 

 

 

67,987

 

Subordinated loans

 

 

15,136

 

 

 

15,128

 

Accrued interest payable

 

 

407

 

 

 

396

 

Operating lease liabilities

 

 

2,618

 

 

 

2,650

 

Other liabilities

 

 

9,874

 

 

 

9,946

 

Total liabilities

 

 

1,019,332

 

 

 

1,003,138

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, par value $0.01 per share; no liquidation preference; 10,000,000 and 10,000,000 shares

   authorized, respectively; 1,155,283 and 1,155,283 shares issued and outstanding, respectively

 

 

12

 

 

 

12

 

Common stock, par value $0.01; 25,000,000 authorized shares; 4,740,446 and 4,709,238

   shares issued and outstanding, respectively

 

 

47

 

 

 

47

 

Additional paid in capital

 

 

49,659

 

 

 

49,362

 

Retained earnings

 

 

46,174

 

 

 

44,839

 

Accumulated other comprehensive loss

 

 

(7,077

)

 

 

(2,971

)

Unearned ESOP

 

 

(809

)

 

 

(855

)

Total Pathfinder Bancorp, Inc. shareholders' equity

 

 

88,006

 

 

 

90,434

 

Noncontrolling interest

 

 

305

 

 

 

235

 

Total equity

 

 

88,311

 

 

 

90,669

 

Total liabilities and shareholders' equity

 

$

1,107,643

 

 

$

1,093,807

 

 

(1)

Based on ASC 948, Mortgage Banking, loans shall be classified as held-for-sale once a decision has been made to sell the loans and shall be transferred to the held-for-sale category at lower of cost or fair value.  At March 31, 2020, the loans under contract to be sold had a principal balance of $151,000 and net deferred fees of $76.  These loans were transferred at their fair value of $150,000 as of March 31, 2020 as the fair value of these loans was less than the amortized cost.  During the three months ended March 31, 2020, the loss recorded on the write-down of the loan held-for-sale was immaterial.   At December 31, 2019, the loans under contract to be sold had a principal balance of $35.8 million and net deferred fees of $146,000.  These loans were transferred at their amortized cost of $35.9 million as of December 31, 2019, as the fair value of these loans was greater than the amortized cost.

 

The accompanying notes are an integral part of the consolidated financial statements.

- 3 -


Table of Contents

Pathfinder Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended,

 

 

(In thousands, except per share data)

 

March 31, 2020

 

 

March 31, 2019

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

9,242

 

 

$

7,575

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,692

 

 

 

1,799

 

 

Tax-exempt

 

 

7

 

 

 

108

 

 

Dividends

 

 

70

 

 

 

77

 

 

Federal funds sold and interest earning deposits

 

 

32

 

 

 

110

 

 

Total interest and dividend income

 

 

11,043

 

 

 

9,669

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,556

 

 

 

2,345

 

 

Interest on short-term borrowings

 

 

57

 

 

 

167

 

 

Interest on long-term borrowings

 

 

445

 

 

 

393

 

 

Interest on subordinated loans

 

 

206

 

 

 

217

 

 

Total interest expense

 

 

3,264

 

 

 

3,122

 

 

Net interest income

 

 

7,779

 

 

 

6,547

 

 

Provision for loan losses

 

 

1,067

 

 

 

144

 

 

Net interest income after provision for loan losses

 

 

6,712

 

 

 

6,403

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

356

 

 

 

282

 

 

Earnings and gain on bank owned life insurance

 

 

116

 

 

 

121

 

 

Loan servicing fees

 

 

49

 

 

 

27

 

 

Net gains on sales and redemptions of investment securities

 

 

26

 

 

 

79

 

 

(Losses) gains on marketable equity securities

 

 

(194

)

 

 

41

 

 

Net gains (losses) on sales of loans and foreclosed real estate

 

 

672

 

 

 

(8

)

 

Debit card interchange fees

 

 

163

 

 

 

144

 

 

Insurance agency revenue

 

 

337

 

 

 

243

 

 

Other charges, commissions & fees

 

 

223

 

 

 

164

 

 

Total noninterest income

 

 

1,748

 

 

 

1,093

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

3,247

 

 

 

3,650

 

 

Building and occupancy

 

 

754

 

 

 

655

 

 

Data processing

 

 

600

 

 

 

574

 

 

Professional and other services

 

 

316

 

 

 

336

 

 

Advertising

 

 

176

 

 

 

239

 

 

FDIC assessments

 

 

189

 

 

 

111

 

 

Audits and exams

 

 

125

 

 

 

100

 

 

Insurance agency expense

 

 

192

 

 

 

199

 

 

Community service activities

 

 

107

 

 

 

138

 

 

Foreclosed real estate expenses

 

 

30

 

 

 

237

 

 

Other expenses

 

 

509

 

 

 

472

 

 

Total noninterest expense

 

 

6,245

 

 

 

6,711

 

 

Income before income taxes

 

 

2,215

 

 

 

785

 

 

Provision for income taxes

 

 

455

 

 

 

251

 

 

Net income attributable to noncontrolling interest and

   Pathfinder Bancorp, Inc.

 

 

1,760

 

 

 

534

 

 

Net income attributable to noncontrolling interest

 

 

70

 

 

 

20

 

 

Net income attributable to Pathfinder Bancorp Inc.

 

$

1,690

 

 

$

514

 

 

Convertible preferred stock dividends

 

 

69

 

 

 

-

 

 

Warrant dividends

 

 

8

 

 

 

-

 

 

Undistributed earnings allocated to participating securities

 

 

290

 

 

 

-

 

 

Net income available to common shareholders

 

$

1,323

 

 

$

514

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share - basic

 

$

0.29

 

 

$

0.12

 

 

Earnings per common share - diluted

 

$

0.29

 

 

$

0.12

 

 

Dividends per common share

 

$

0.06

 

 

$

0.06

 

 

 

The accompanying notes are an integral part of the consolidated financial statements.

- 4 -


Table of Contents

Pathfinder Bancorp, Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

 

 

 

For the three months ended

 

 

(In thousands)

 

March 31, 2020

 

 

March 31, 2019

 

 

Net Income

 

$

1,760

 

 

$

534

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive (Loss) Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement Plans:

 

 

 

 

 

 

 

 

 

Retirement plan net losses recognized in plan expenses

 

 

58

 

 

 

84

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (losses) gains on available-for-sale securities:

 

 

 

 

 

 

 

 

 

Unrealized holding (losses) gains arising during the period

 

 

(3,633

)

 

 

1,988

 

 

Reclassification adjustment for net gains included in net

   income

 

 

(26

)

 

 

(79

)

 

Net unrealized (losses) gains on available-for-sale securities

 

 

(3,659

)

 

 

1,909

 

 

 

 

 

 

 

 

 

 

 

 

Derivatives and hedging activities:

 

 

 

 

 

 

 

 

 

Unrealized holding losses arising during the period

 

 

(1,344

)

 

 

-

 

 

Net unrealized losses on derivatives and hedging activities

 

 

(1,344

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Accretion of net unrealized loss on securities transferred to held-to-

   maturity(1)

 

 

8

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income, before tax

 

 

(4,937

)

 

 

1,999

 

 

Tax effect

 

 

1,037

 

 

 

(419

)

 

Other comprehensive (loss) income, net of tax

 

 

(3,900

)

 

 

1,580

 

 

Comprehensive (loss) income

 

$

(2,140

)

 

$

2,114

 

 

Comprehensive income, attributable to noncontrolling interest

 

$

70

 

 

$

20

 

 

Comprehensive (loss) income attributable to Pathfinder Bancorp, Inc.

 

$

(2,210

)

 

$

2,094

 

 

 

 

 

 

 

 

 

 

 

 

Tax Effect Allocated to Each Component of Other Comprehensive (Loss)

   Income

 

 

 

 

 

 

 

 

 

Retirement plan net losses recognized in plan expenses

 

$

(12

)

 

$

(19

)

 

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

   period

 

 

764

 

 

 

(416

)

 

Reclassification adjustment for net gains included in net

   income

 

 

5

 

 

 

17

 

 

Unrealized losses on derivatives and hedging arising during the

   period

 

 

282

 

 

 

-

 

 

Accretion of net unrealized loss on securities transferred to held-to-

   maturity(1)

 

 

(2

)

 

 

(1

)

 

Income tax effect related to other comprehensive (loss) income

 

$

1,037

 

 

$

(419

)

 

 

(1)

The accretion of the unrealized holding losses in accumulated other comprehensive loss at the date of transfer at September 30, 2013 partially offsets the amortization of the difference between the par value and the fair value of the investment securities at the date of transfer, and is an adjustment of yield.

 

The accompanying notes are an integral part of the consolidated financial statements.

 

- 5 -


Table of Contents

Pathfinder Bancorp, Inc.

Consolidated Statements of Changes in Shareholders’ Equity

Three months ended March 31, 2020 and March 31, 2019

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other Com-

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

Preferred

 

 

Common

 

 

Paid in

 

 

Retained

 

 

prehensive

 

 

Unearned

 

 

controlling

 

 

 

 

 

(In thousands, except share and per share data)

 

Stock

 

 

Stock

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

ESOP

 

 

Interest

 

 

Total

 

Balance, January 1, 2020

 

$

12

 

 

$

47

 

 

$

49,362

 

 

$

44,839

 

 

$

(2,971

)

 

$

(855

)

 

$

235

 

 

$

90,669

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,690

 

 

 

-

 

 

 

-

 

 

 

70

 

 

 

1,760

 

Reevaluation of deferred tax asset valuation allowance (1)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(206

)

 

 

-

 

 

 

-

 

 

 

(206

)

Other comprehensive loss, net of tax

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,900

)

 

 

-

 

 

 

-

 

 

 

(3,900

)

ESOP shares earned (6,111 shares)

 

 

-

 

 

 

-

 

 

 

37

 

 

 

-

 

 

 

-

 

 

 

46

 

 

 

-

 

 

 

83

 

Stock based compensation

 

 

-

 

 

 

-

 

 

 

66

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

66

 

Stock options exercised

 

 

-

 

 

 

-

 

 

 

194

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

194

 

Common stock dividends declared ($0.06 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(278

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(278

)

Preferred stock dividends declared ($0.06 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(69

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(69

)

Warrant dividends declared ($0.06 per share)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8

)

Balance, March 31, 2020

 

$

12

 

 

$

47

 

 

$

49,659

 

 

$

46,174

 

 

$

(7,077

)

 

$

(809

)

 

$

305

 

 

$

88,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2019

 

$

-

 

 

$

44

 

 

$

29,139

 

 

$

42,114

 

 

$

(6,042

)

 

$

(1,034

)

 

$

238

 

 

$

64,459

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

514

 

 

 

-

 

 

 

-

 

 

 

20

 

 

 

534

 

Other comprehensive income, net of tax

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,580

 

 

 

-

 

 

 

-

 

 

 

1,580

 

ESOP shares earned (6,111 shares)

 

 

-

 

 

 

-

 

 

 

42

 

 

 

-

 

 

 

-

 

 

 

45

 

 

 

-

 

 

 

87

 

Stock based compensation

 

 

-

 

 

 

-

 

 

 

73

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

73

 

Stock options exercised

 

 

-

 

 

 

-

 

 

 

200

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

200

 

Cumulative effect of change in measurement of

   operating leases (2)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(239

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(239

)

Common stock dividends declared ($0.06 per share)

 

 

-