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0Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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, 2017

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 1-31987

 

Hilltop Holdings Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

Maryland

 

84-1477939

(State or other jurisdiction of incorporation or

 

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

organization)

 

 

 

 

 

2323 Victory Avenue, Suite 1400

 

 

Dallas, TX

 

75219

(Address of principal executive offices)

 

(Zip Code)

 

(214) 855-2177

(Registrant’s telephone number, including area code)

 

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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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 ☐
(Do not check if a smaller reporting company)

 

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 ☒

 

The number of shares of the registrant's common stock outstanding at October 26, 2017 was 95,910,314.

 

 

 

 

 


 

Table of Contents

HILLTOP HOLDINGS INC.

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2017

 

TABLE OF CONTENTS

 

 

 

 

PART I — FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

 

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Operations

4

 

Consolidated Statements of Comprehensive Income

5

 

Consolidated Statements of Stockholders’ Equity

6

 

Consolidated Statements of Cash Flows

7

 

Notes to Consolidated Financial Statements

8

 

Schedule I - Insurance Incurred and Cumulative Paid Losses and Allocated Loss and Loss Adjustment Expenses, Net of Reinsurance

55

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

56

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

94

 

 

 

Item 4. 

Controls and Procedures

97

 

 

 

 

 

 

PART II — OTHER INFORMATION 

 

 

 

Item 1. 

Legal Proceedings

99

 

 

 

Item 1A. 

Risk Factors

99

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

99

 

 

 

Item 6. 

Exhibits

100

2


 

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

    

2017

    

2016

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

354,569

 

$

669,357

Federal funds sold

 

 

400

 

 

21,407

Securities purchased under agreements to resell

 

 

134,654

 

 

89,430

Assets segregated for regulatory purposes

 

 

207,336

 

 

180,993

Securities:

 

 

 

 

 

 

Trading, at fair value

 

 

676,411

 

 

265,534

Available for sale, at fair value (amortized cost of $762,984 and $598,198, respectively)

 

 

765,542

 

 

598,007

Held to maturity, at amortized cost (fair value of $364,122 and $345,088, respectively)

 

 

368,031

 

 

351,831

 

 

 

1,809,984

 

 

1,215,372

 

 

 

 

 

 

 

Loans held for sale

 

 

1,939,321

 

 

1,795,463

Non-covered loans, net of unearned income

 

 

6,148,813

 

 

5,843,499

Allowance for non-covered loan losses

 

 

(58,779)

 

 

(54,186)

Non-covered loans, net

 

 

6,090,034

 

 

5,789,313

 

 

 

 

 

 

 

Covered loans, net of allowance of $2,141 and $413, respectively

 

 

188,269

 

 

255,714

Broker-dealer and clearing organization receivables

 

 

1,672,123

 

 

1,497,741

Premises and equipment, net

 

 

176,281

 

 

190,361

FDIC indemnification asset

 

 

33,143

 

 

71,313

Covered other real estate owned

 

 

40,343

 

 

51,642

Other assets

 

 

596,095

 

 

613,453

Goodwill

 

 

251,808

 

 

251,808

Other intangible assets, net

 

 

38,440

 

 

44,695

Total assets

 

$

13,532,800

 

$

12,738,062

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

2,279,633

 

$

2,199,483

Interest-bearing

 

 

5,383,814

 

 

4,864,328

Total deposits

 

 

7,663,447

 

 

7,063,811

 

 

 

 

 

 

 

Broker-dealer and clearing organization payables

 

 

1,517,698

 

 

1,347,128

Short-term borrowings

 

 

1,477,201

 

 

1,417,289

Securities sold, not yet purchased, at fair value

 

 

173,509

 

 

153,889

Notes payable

 

 

300,196

 

 

317,912

Junior subordinated debentures

 

 

67,012

 

 

67,012

Other liabilities

 

 

424,381

 

 

496,501

Total liabilities

 

 

11,623,444

 

 

10,863,542

Commitments and contingencies (see Notes 12 and 13)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Hilltop stockholders' equity:

 

 

 

 

 

 

Common stock, $0.01 par value, 125,000,000 shares authorized; 95,904,322 and 98,543,774 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively

 

 

959

 

 

985

Additional paid-in capital

 

 

1,525,169

 

 

1,572,877

Accumulated other comprehensive income

 

 

2,585

 

 

485

Retained earnings

 

 

376,873

 

 

295,568

Deferred compensation employee stock trust, net

 

 

840

 

 

903

Employee stock trust (12,066 and 15,492 shares, at cost, respectively)

 

 

(241)

 

 

(309)

Total Hilltop stockholders' equity

 

 

1,906,185

 

 

1,870,509

Noncontrolling interests

 

 

3,171

 

 

4,011

Total stockholders' equity

 

 

1,909,356

 

 

1,874,520

Total liabilities and stockholders' equity

 

$

13,532,800

 

$

12,738,062

 

See accompanying notes.

3


 

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

   

2017

    

2016

   

2017

    

2016

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

102,546

 

$

97,590

 

$

306,330

 

$

287,591

 

Securities borrowed

 

 

11,404

 

 

9,037

 

 

29,054

 

 

22,952

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

11,157

 

 

5,935

 

 

27,723

 

 

19,136

 

Tax-exempt

 

 

1,471

 

 

1,518

 

 

4,090

 

 

4,692

 

Other

 

 

2,366

 

 

1,183

 

 

6,294

 

 

3,248

 

Total interest income

 

 

128,944

 

 

115,263

 

 

373,491

 

 

337,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

6,841

 

 

3,996

 

 

16,995

 

 

11,872

 

Securities loaned

 

 

8,935

 

 

6,954

 

 

22,756

 

 

17,857

 

Short-term borrowings

 

 

4,567

 

 

1,497

 

 

9,633

 

 

3,974

 

Notes payable

 

 

2,680

 

 

2,793

 

 

8,320

 

 

7,993

 

Junior subordinated debentures

 

 

774

 

 

673

 

 

2,229

 

 

1,973

 

Other

 

 

167

 

 

180

 

 

502

 

 

543

 

Total interest expense

 

 

23,964

 

 

16,093

 

 

60,435

 

 

44,212

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

104,980

 

 

99,170

 

 

313,056

 

 

293,407

 

Provision for loan losses

 

 

1,260

 

 

3,990

 

 

8,818

 

 

36,273

 

Net interest income after provision for loan losses

 

 

103,720

 

 

95,180

 

 

304,238

 

 

257,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains on securities

 

 

 —

 

 

 —

 

 

14

 

 

 —

 

Net gains from sale of loans and other mortgage production income

 

 

138,498

 

 

175,412

 

 

416,336

 

 

469,721

 

Mortgage loan origination fees

 

 

25,256

 

 

26,807

 

 

70,788

 

 

71,417

 

Securities commissions and fees

 

 

38,735

 

 

39,722

 

 

115,596

 

 

118,481

 

Investment and securities advisory fees and commissions

 

 

25,620

 

 

31,129

 

 

73,359

 

 

84,302

 

Net insurance premiums earned

 

 

34,493

 

 

38,747

 

 

106,653

 

 

117,201

 

Other

 

 

35,875

 

 

42,641

 

 

131,862

 

 

116,716

 

Total noninterest income

 

 

298,477

 

 

354,458

 

 

914,608

 

 

977,838

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Employees' compensation and benefits

 

 

209,747

 

 

225,194

 

 

611,352

 

 

625,353

 

Occupancy and equipment, net

 

 

29,073

 

 

27,460

 

 

84,285

 

 

82,264

 

Loss and loss adjustment expenses

 

 

31,234

 

 

16,055

 

 

86,118

 

 

75,225

 

Policy acquisition and other underwriting expenses

 

 

10,917

 

 

11,064

 

 

33,397

 

 

33,632

 

Other

 

 

72,871

 

 

84,360

 

 

225,433

 

 

240,213

 

Total noninterest expense

 

 

353,842

 

 

364,133

 

 

1,040,585

 

 

1,056,687

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

48,355

 

 

85,505

 

 

178,261

 

 

178,285

 

Income tax expense

 

 

18,003

 

 

33,017

 

 

58,792

 

 

65,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

30,352

 

 

52,488

 

 

119,469

 

 

112,406

 

Less: Net income attributable to noncontrolling interest

 

 

146

 

 

556

 

 

353

 

 

1,833

 

Income attributable to Hilltop

 

$

30,206

 

$

51,932

 

$

119,116

 

$

110,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.31

 

$

0.53

 

$

1.22

 

$

1.12

 

Diluted

 

$

0.31

 

$

0.53

 

$

1.22

 

$

1.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.06

 

$

 —

 

$

0.18

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average share information:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

96,096

 

 

98,490

 

 

97,554

 

 

98,367

 

Diluted

 

 

96,306

 

 

98,625

 

 

97,803

 

 

98,573

 

 

See accompanying notes.

 

 

4


 

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

   

2017

    

2016

   

2017

    

2016

 

Net income

 

$

30,352

 

$

52,488

 

$

119,469

 

$

112,406

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net unrealized gains (losses) on securities available for sale, net of tax of $263,  $(420),  $1,190 and $3,004, respectively

 

 

473

 

 

(743)

 

 

2,109

 

 

5,410

 

Reclassification adjustment for gains (losses) included in net income, net of tax of $0,  $0,  $(5) and $0, respectively

 

 

 —

 

 

 —

 

 

(9)

 

 

 —

 

Comprehensive income

 

 

30,825

 

 

51,745

 

 

121,569

 

 

117,816

 

Less: comprehensive income attributable to noncontrolling interest

 

 

146

 

 

556

 

 

353

 

 

1,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income applicable to Hilltop

 

$

30,679

 

$

51,189

 

$

121,216

 

$

115,983

 

 

See accompanying notes.

 

 

5


 

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Accumulated

    

 

    

Deferred

    

    

    

 

 

    

Total

    

 

 

    

 

 

 

 

 

 

 

 

Additional

 

Other

 

 

 

Compensation

 

Employee

 

Hilltop

 

 

 

 

Total

 

Common Stock

 

Paid-in

 

Comprehensive

 

Retained

 

Employee Stock

 

Stock Trust

 

Stockholders’

 

Noncontrolling

 

Stockholders’

 

Shares

 

Amount

 

Capital

 

Income

 

Earnings

 

Trust, Net

 

Shares

 

Amount

 

Equity

 

Interest

 

Equity

Balance, December 31, 2015

98,896

 

$

989

 

$

1,577,270

 

$

2,629

 

$

155,475

 

$

1,034

 

22

 

$

(443)

 

$

1,736,954

 

$

1,171

 

$

1,738,125

Net income

 —

 

 

 —

 

 

 —

 

 

 —

 

 

110,573

 

 

 —

 

 —

 

 

 —

 

 

110,573

 

 

1,833

 

 

112,406

Other comprehensive income

 —

 

 

 —

 

 

 —

 

 

5,410

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

5,410

 

 

 —

 

 

5,410

Issuance of common stock

538

 

 

 5

 

 

4,134

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

4,139

 

 

 —

 

 

4,139

Stock-based compensation expense

 —

 

 

 —

 

 

7,274

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

7,274

 

 

 —

 

 

7,274

Common stock issued to board members

17

 

 

 —

 

 

325

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

325

 

 

 —

 

 

325

Issuance of common stock related to share-based awards, net

(94)

 

 

(1)

 

 

(2,710)

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

(2,711)

 

 

 —

 

 

(2,711)

Repurchases of common stock

(816)

 

 

(8)

 

 

(16,268)

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

(16,276)

 

 

 —

 

 

(16,276)

Deferred compensation plan

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(134)

 

(7)

 

 

134

 

 

 —

 

 

 —

 

 

 —

Net cash distributed from noncontrolling interest

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

676

 

 

676

Balance, September 30, 2016

98,541

 

$

985

 

$

1,570,025

 

$

8,039

 

$

266,048

 

$

900

 

15

 

$

(309)

 

$

1,845,688

 

$

3,680

 

$

1,849,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2016

98,544

 

$

985

 

$

1,572,877

 

$

485

 

$

295,568

 

$

903

 

15

 

$

(309)

 

$

1,870,509

 

$

4,011

 

$

1,874,520

Net income

 —

 

 

 —

 

 

 —

 

 

 —

 

 

119,116

 

 

 —

 

 —

 

 

 —

 

 

119,116

 

 

353

 

 

119,469

Other comprehensive income

 —

 

 

 —

 

 

 —

 

 

2,100

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

2,100

 

 

 —

 

 

2,100

Stock-based compensation expense

 —

 

 

 —

 

 

8,396

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

8,396

 

 

 —

 

 

8,396

Common stock issued to board members

12

 

 

 —

 

 

327

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

327

 

 

 —

 

 

327

Issuance of common stock related to share-based awards, net

264

 

 

 3

 

 

(2,433)

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

(2,430)

 

 

 —

 

 

(2,430)

Repurchases of common stock

(2,916)

 

 

(29)

 

 

(53,998)

 

 

 —

 

 

(20,427)

 

 

 —

 

 —

 

 

 —

 

 

(74,454)

 

 

 —

 

 

(74,454)

Dividends on common stock ($0.18 per share)

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(17,384)

 

 

 —

 

 —

 

 

 —

 

 

(17,384)

 

 

 —

 

 

(17,384)

Deferred compensation plan

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(63)

 

(3)

 

 

68

 

 

 5

 

 

 —

 

 

 5

Net cash distributed to noncontrolling interest

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 —

 

 

 —

 

 

 —

 

 

(1,193)

 

 

(1,193)

Balance, September 30, 2017

95,904

 

$

959

 

$

1,525,169

 

$

2,585

 

$

376,873

 

$

840

 

12

 

$

(241)

 

$

1,906,185

 

$

3,171

 

$

1,909,356

 

See accompanying notes.

 

 

6


 

Table of Contents

HILLTOP HOLDINGS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30,

 

    

2017

    

2016

Operating Activities

 

 

 

 

 

 

Net income

 

$

119,469

 

$

112,406

Adjustments to reconcile net income to net cash used in operating activities:

 

 

 

 

 

 

Provision for loan losses

 

 

8,818

 

 

36,273

Depreciation, amortization and accretion, net

 

 

(11,300)

 

 

(37,616)

Net realized gains on securities

 

 

(14)

 

 

 —

Deferred income taxes

 

 

6,013

 

 

4,878

Other, net

 

 

8,540

 

 

11,661

Net change in securities purchased under agreements to resell

 

 

(45,224)

 

 

(32,624)

Net change in assets segregated for regulatory purposes

 

 

(26,343)

 

 

(15,227)

Net change in trading securities

 

 

(410,877)

 

 

(187,958)

Net change in broker-dealer and clearing organization receivables

 

 

(157,908)

 

 

149,674

Net change in FDIC indemnification asset

 

 

24,637

 

 

18,486

Net change in other assets

 

 

(35,967)

 

 

(50,760)

Net change in broker-dealer and clearing organization payables

 

 

223,043

 

 

(117,398)

Net change in other liabilities

 

 

(100,970)

 

 

(1,612)

Net change in securities sold, not yet purchased

 

 

19,620

 

 

34,589

Proceeds from sale of mortgage servicing rights asset

 

 

17,499

 

 

7,586

Net gains from sales of loans

 

 

(416,336)

 

 

(469,721)

Loans originated for sale

 

 

(11,251,438)

 

 

(11,995,553)

Proceeds from loans sold

 

 

11,520,363

 

 

12,292,342

Net cash used in operating activities

 

 

(508,375)

 

 

(240,574)

Investing Activities

 

 

 

 

 

 

Proceeds from maturities and principal reductions of securities held to maturity

 

 

42,185

 

 

141,485

Proceeds from sales, maturities and principal reductions of securities available for sale

 

 

248,578

 

 

367,307

Purchases of securities held to maturity

 

 

(58,831)

 

 

(175,781)

Purchases of securities available for sale

 

 

(415,282)

 

 

(250,896)

Net change in loans

 

 

(206,362)

 

 

(465,542)

Purchases of premises and equipment and other assets

 

 

(20,093)

 

 

(31,119)

Proceeds from sales of premises and equipment and other real estate owned

 

 

27,333

 

 

58,490

Net cash received from (paid for) Federal Home Loan Bank and Federal Reserve Bank stock

 

 

14,540

 

 

(6,807)

Net cash used in investing activities

 

 

(367,932)

 

 

(362,863)

Financing Activities

 

 

 

 

 

 

Net change in deposits

 

 

547,163

 

 

108,834

Net change in short-term borrowings

 

 

59,912

 

 

317,649

Proceeds from notes payable

 

 

285,806

 

 

208,794

Payments on notes payable

 

 

(303,472)

 

 

(134,052)

Proceeds from issuance of common stock

 

 

 —

 

 

4,139

Payments to repurchase common stock

 

 

(27,388)

 

 

 —

Dividends paid on common stock

 

 

(17,384)

 

 

 —

Net cash distributed (to) from noncontrolling interest

 

 

(1,193)

 

 

676

Taxes paid on employee stock awards netting activity

 

 

(2,431)

 

 

(2,406)

Other, net

 

 

(501)

 

 

(704)

Net cash provided by financing activities

 

 

540,512

 

 

502,930

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

(335,795)

 

 

(100,507)

Cash and cash equivalents, beginning of period

 

 

690,764

 

 

669,445

Cash and cash equivalents, end of period

 

$

354,969

 

$

568,938