Company Quick10K Filing
Shore Bancshares
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 13 $200
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-09 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-15 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-16 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-09 Quarter: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-K 2017-03-16 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-03-11 Annual: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-11 Quarter: 2015-03-31
10-K 2015-03-13 Annual: 2014-12-31
10-Q 2014-11-12 Quarter: 2014-09-30
10-Q 2014-08-14 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-03-20 Annual: 2013-12-31
10-Q 2013-11-14 Quarter: 2013-09-30
10-Q 2013-08-14 Quarter: 2013-06-30
10-Q 2013-05-15 Quarter: 2013-03-31
10-K 2013-03-15 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-09 Quarter: 2012-03-31
10-K 2012-03-15 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-15 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-16 Annual: 2009-12-31
8-K 2020-01-03 Officers, Regulation FD, Exhibits
8-K 2019-11-06 Other Events, Exhibits
8-K 2019-10-24 Earnings, Exhibits
8-K 2019-09-18 Regulation FD, Exhibits
8-K 2019-09-11 Regulation FD, Exhibits
8-K 2019-08-07 Other Events, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-19 Officers, Exhibits
8-K 2019-06-26 Regulation FD, Exhibits
8-K 2019-05-08 Other Events, Exhibits
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-04-24 Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2019-04-15 Other Events, Exhibits
8-K 2019-02-28 Officers
8-K 2019-02-05 Other Events, Exhibits
8-K 2019-01-31 Earnings, Exhibits
8-K 2019-01-14 Officers, Regulation FD, Exhibits
8-K 2018-12-31 Officers, Regulation FD, Other Events, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-11-05 Other Events, Exhibits
8-K 2018-11-01 Officers, Exhibits
8-K 2018-10-18 Earnings, Exhibits
8-K 2018-09-18 Regulation FD, Exhibits
8-K 2018-09-12 Regulation FD, Exhibits
8-K 2018-08-31 Officers
8-K 2018-08-08 Other Events, Exhibits
8-K 2018-07-31 Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-09 Other Events, Exhibits
8-K 2018-04-25 Shareholder Vote
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-02-01 Other Events, Exhibits
8-K 2018-01-25 Earnings, Exhibits
SHBI 2019-09-30
Part I – Financial Information
Item 1. Financial Statements.
Note 1 – Basis of Presentation
Note 2 – Sale of Subsidiary
Note 3 – Earnings per Share
Note 4 – Investment Securities
Note 5 – Loans and Allowance for Credit Losses
Note 6 – Leases
Note 7 – Goodwill and Other Intangibles
Note 8 – Other Assets
Note 9 – Other Liabilities
Note 10 - Stock-Based Compensation
Note 11 – Accumulated Other Comprehensive Income
Note 12 – Fair Value Measurements
Note 13 – Financial Instruments with Off-Balance Sheet Risk
Note 14 – Revenue Recognition
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 shbi-20190930ex311e74a51.htm
EX-31.2 shbi-20190930ex31240f4c1.htm
EX-32 shbi-20190930xex32.htm

Shore Bancshares Earnings 2019-09-30

SHBI 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
INBK 210 3,959 3,663 0 0 22 99 -138 -1.4 1%
MPB 209 2,136 1,905 0 0 15 43 161 3.7 1%
NWFL 205 1,223 1,091 3 0 14 26 230 0% 9.0 1%
FBIZ 204 2,070 1,881 0 0 22 54 159 2.9 1%
PWOD 201 1,712 1,560 1 0 16 33 122 0% 3.6 1%
SHBI 200 1,489 1,297 5 0 25 38 176 0% 4.6 2%
PMBC 197 1,419 1,273 0 0 12 30 -68 -2.3 1%
BOCH 191 1,442 1,274 0 0 15 26 160 6.2 1%
DNBF 190 1,154 1,036 0 0 11 25 144 5.7 1%
MSL 190 1,715 1,494 0 0 -36 -28 -42 1.5 -2%

10-Q 1 shbi-20190930x10q.htm 10-Q shbi_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 number 0‑22345

SHORE BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

Maryland

    

52‑1974638

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification No.)

 

 

 

28969 Information Lane, Easton, Maryland

 

21601

(Address of Principal Executive Offices)

 

(Zip Code)

 

(410) 763‑7800

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

SHBI

NASDAQ

 

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 periods 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 or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting 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 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:  12,687,972 shares of common stock outstanding as of October 31, 2019.

 

 

 

 

 

 

INDEX

 

   

Page

 

 

 

Part I. Financial Information 

 

3

 

 

 

Item 1. Financial Statements 

 

3

 

 

 

Consolidated Balance Sheets –September 30, 2019 (unaudited) and December 31, 2018 

 

3

 

 

 

Consolidated Statements of Income For the three and nine months ended September  30, 2019 and 2018 (unaudited) 

 

4

 

 

 

Consolidated Statements of Comprehensive Income For the three and nine months ended September 30, 2019 and 2018 (unaudited) 

 

5

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity For the three and nine months ended September 30, 2019 and 2018 (unaudited) 

 

6

 

 

 

Consolidated Statements of Cash Flows For the nine months ended September 30, 2019 and 2018 (unaudited) 

 

8

 

 

 

Notes to Consolidated Financial Statements (unaudited) 

 

9

 

 

 

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

 

37

 

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk 

 

50

 

 

 

Item 4. Controls and Procedures 

 

50

 

 

 

Part II. Other Information 

 

50

 

 

 

Item 1. Legal Proceedings 

 

50

 

 

 

Item 1A. Risk Factors 

 

50

 

 

 

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

 

51

 

 

 

Item 3. Defaults Upon Senior Securities 

 

51

 

 

 

Item 4. Mine Safety Disclosures 

 

51

 

 

 

Item 5. Other Information 

 

51

 

 

 

Item 6. Exhibits 

 

51

 

 

 

Exhibit Index 

 

52

 

 

 

Signatures 

 

53

 

 

 

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

SHORE BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

 

2019

 

2018

ASSETS

 

 

(Unaudited)

 

 

  

Cash and due from banks

 

$

22,777

 

$

16,294

Interest-bearing deposits with other banks

 

 

80,596

 

 

50,931

Cash and cash equivalents

 

 

103,373

 

 

67,225

Investment securities:

 

 

 

 

 

  

Available-for-sale, at fair value

 

 

138,911

 

 

154,432

Held to maturity, at amortized cost - fair value of $9,715 (2019) and $6,000 (2018)

 

 

9,780

 

 

6,043

Equity securities, at fair value

 

 

1,339

 

 

1,269

Restricted securities

 

 

4,655

 

 

6,476

 

 

 

 

 

 

 

Loans

 

 

1,235,035

 

 

1,195,355

Less: allowance for credit losses

 

 

(10,438)

 

 

(10,343)

Loans, net

 

 

1,224,597

 

 

1,185,012

 

 

 

 

 

 

 

Premises and equipment, net

 

 

23,871

 

 

22,711

Goodwill

 

 

17,518

 

 

17,518

Other intangible assets, net

 

 

2,396

 

 

2,857

Other real estate owned, net

 

 

74

 

 

1,222

Right-of-use assets

 

 

4,908

 

 

 —

Other assets

 

 

30,257

 

 

17,678

Assets of discontinued operations

 

 

 —

 

 

633

TOTAL ASSETS

 

$

1,561,679

 

$

1,483,076

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

  

Deposits:

 

 

 

 

 

  

Noninterest-bearing

 

$

362,557

 

$

330,466

Interest-bearing

 

 

962,934

 

 

881,875

Total deposits

 

 

1,325,491

 

 

1,212,341

 

 

 

 

 

 

 

Short-term borrowings

 

 

17,263

 

 

60,812

Long-term borrowings

 

 

15,000

 

 

15,000

Lease liabilities

 

 

4,923

 

 

 —

Other liabilities

 

 

5,039

 

 

8,415

Liabilities of discontinued operations

 

 

 —

 

 

3,323

TOTAL LIABILITIES

 

 

1,367,716

 

 

1,299,891

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

  

Common stock, par value $.01 per share; shares authorized - 35,000,000; shares issued and outstanding - 12,742,372 (2019) and 12,749,497 (2018)

 

 

127

 

 

127

Additional paid in capital

 

 

64,879

 

 

65,434

Retained earnings

 

 

128,924

 

 

120,574

Accumulated other comprehensive income (loss)

 

 

33

 

 

(2,950)

TOTAL STOCKHOLDERS' EQUITY

 

 

193,963

 

 

183,185

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

$

1,561,679

 

$

1,483,076

 

See accompanying notes to Consolidated Financial Statements.

3

SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For Three Months Ended

 

For Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

 

2019

    

2018

    

2019

    

2018

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

14,100

 

$

13,205

 

$

41,348

 

$

37,880

 

Interest and dividends on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

870

 

 

947

 

 

2,755

 

 

2,950

 

Interest on deposits with other banks

 

 

223

 

 

84

 

 

499

 

 

183

 

Total interest income

 

 

15,193

 

 

14,236

 

 

44,602

 

 

41,013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,288

 

 

826

 

 

6,439

 

 

1,954

 

Interest on short-term borrowings

 

 

117

 

 

463

 

 

475

 

 

1,150

 

Interest on long-term borrowings

 

 

108

 

 

 —

 

 

321

 

 

 —

 

Total interest expense

 

 

2,513

 

 

1,289

 

 

7,235

 

 

3,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

 

12,680

 

 

12,947

 

 

37,367

 

 

37,909

 

Provision for credit losses

 

 

200

 

 

307

 

 

500

 

 

1,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES

 

 

12,480

 

 

12,640

 

 

36,867

 

 

36,695

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

990

 

 

982

 

 

2,952

 

 

2,834

 

Trust and investment fee income

 

 

383

 

 

383

 

 

1,140

 

 

1,197

 

Other noninterest income

 

 

1,156

 

 

1,100

 

 

3,234

 

 

2,870

 

Total noninterest income

 

 

2,529

 

 

2,465

 

 

7,326

 

 

6,901

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and wages

 

 

3,853

 

 

4,209

 

 

11,411

 

 

12,536

 

Employee benefits

 

 

1,299

 

 

983

 

 

3,621

 

 

3,204

 

Occupancy expense

 

 

697

 

 

646

 

 

2,056

 

 

1,973

 

Furniture and equipment expense

 

 

263

 

 

212

 

 

821

 

 

714

 

Data processing

 

 

972

 

 

930

 

 

2,801

 

 

2,487

 

Directors' fees

 

 

140

 

 

145

 

 

342

 

 

411

 

Amortization of other intangible assets

 

 

144

 

 

270

 

 

461

 

 

597

 

FDIC insurance premium expense

 

 

 —

 

 

193

 

 

386

 

 

612

 

Other real estate owned expenses, net

 

 

133

 

 

166

 

 

426

 

 

125

 

Legal and professional fees

 

 

495

 

 

443

 

 

1,655

 

 

1,378

 

Other noninterest expenses

 

 

1,388

 

 

1,113

 

 

3,732

 

 

3,578

 

Total noninterest expense

 

 

9,384

 

 

9,310

 

 

27,712

 

 

27,615

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

 

5,625

 

 

5,795

 

 

16,481

 

 

15,981

 

Income tax expense

 

 

1,411

 

 

1,539

 

 

4,211

 

 

4,071

 

Income from continuing operations

 

 

4,214

 

 

4,256

 

 

12,270

 

 

11,910

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from discontinued operations before income taxes

 

 

(10)

 

 

269

 

 

(113)

 

 

1,317

 

Income tax (benefit) expense

 

 

(2)

 

 

71

 

 

(27)

 

 

324

 

(Loss) income from discontinued operations

 

 

(8)

 

 

198

 

 

(86)

 

 

993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

$

4,206

 

$

4,454

 

$

12,184

 

$

12,903

 

Earnings per common share - Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.33

 

$

0.33

 

$

0.96

 

$

0.93

 

(Loss) income from discontinued operations

 

 

 —

 

 

0.02

 

 

(0.01)

 

 

0.08

 

Net income

 

$

0.33

 

$

0.35

 

$

0.95

 

$

1.01

 

Earnings per common share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

0.33

 

$

0.33

 

$

0.96

 

$

0.93

 

(Loss) income from discontinued operations

 

 

 —

 

 

0.02

 

 

(0.01)

 

 

0.08

 

Net income

 

$

0.33

 

$

0.35

 

$

0.95

 

$

1.01

 

Dividends paid per common share

 

 

0.10

 

 

0.08

 

$

0.30

 

$

0.23

 

 

See accompanying notes to Consolidated Financial Statements.

4

 

SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For Three Months Ended

 

For Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

 

 

2019

    

2018

    

2019

    

2018

 

Net income

 

$

4,206

 

$

4,454

 

$

12,184

 

$

12,903

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

303

 

 

(420)

 

 

4,083

 

 

(3,836)

 

Tax effect

 

 

(83)

 

 

116

 

 

(1,116)

 

 

1,058

 

Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity

 

 

 8

 

 

 7

 

 

22

 

 

22

 

Tax effect

 

 

(2)

 

 

(2)

 

 

(6)

 

 

(7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total other comprehensive income (loss)

 

 

226

 

 

(299)

 

 

2,983

 

 

(2,763)

 

Comprehensive income

 

$

4,432

 

$

4,155

 

$

15,167

 

$

10,140

 

 

See accompanying notes to Consolidated Financial Statements.

5

 

SHORE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)

For the Three and Nine months Ended September 30, 2019 and 2018

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

Total

 

 

Common

 

Paid in

 

Retained

 

Comprehensive

 

Stockholders’

 

    

Stock

    

Capital

    

Earnings

    

Income(Loss)

    

Equity

Balances, January 1, 2019

 

$

127

 

$

65,434

 

$

120,574

 

$

(2,950)

 

$

183,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 —

 

 

 —

 

 

3,754

 

 

 —

 

 

3,754

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

1,446

 

 

1,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 —

 

 

63

 

 

 —

 

 

 —

 

 

63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of options and vesting of restricted stock, net of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shares surrendered

 

 

 1

 

 

(89)

 

 

 —

 

 

 —

 

 

(88)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared

 

 

 —

 

 

 —

 

 

(1,278)

 

 

 —

 

 

(1,278)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, March 31, 2019

 

$

128

 

$

65,408

 

$

123,050

 

$

(1,504)

 

$

187,082

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 —

 

 

 —

 

 

4,224

 

 

 —

 

 

4,224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

1,311

 

 

1,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 —

 

 

(32)

 

 

 —

 

 

 —

 

 

(32)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared

 

 

 —

 

 

 —

 

 

(1,278)

 

 

 —

 

 

(1,278)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, June 30, 2019

 

$

128

 

$

65,376

 

$

125,996

 

$

(193)

 

$

191,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 —

 

 

 —

 

 

4,206

 

 

 —

 

 

4,206

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

226

 

 

226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retirement of common stock

 

 

(1)

 

 

(558)

 

 

 —

 

 

 —

 

 

(559)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 —

 

 

61

 

 

 —

 

 

 —

 

 

61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared

 

 

 —

 

 

 —

 

 

(1,278)

 

 

 —

 

 

(1,278)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, September 30, 2019

 

$

127

 

$

64,879

 

$

128,924

 

$

33

 

$

193,963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

Total

 

 

Common

 

Paid in

 

Retained

 

Comprehensive

 

Stockholders’

 

 

Stock

    

Capital

    

Earnings

    

Income(Loss)

    

Equity

Balances, January 1, 2018

 

$

127

 

$

65,256

 

$

99,662

 

$

(1,309)

 

$

163,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

 

 —

 

 

 —

 

 

4,058

 

 

 —