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Section 1: 10-Q (10-Q)

10Q 20190930_Taxonomy2018

 



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q 



(Mark One)

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: 0-50275



BCB Bancorp, Inc.

(Exact name of registrant as specified in its charter)



 

New Jersey

 

26-0065262

(State or other jurisdiction of

incorporation or organization)

 

(IRS Employer

I.D. No.)

 

 

104-110 Avenue C Bayonne, New Jersey

 

07002

(Address of principal executive offices)

 

(Zip Code)

(201) 823-0700

(Registrant’s telephone number, including area code)



Not Applicable

(Former name, former address and former fiscal year if changed since last report)



Securities registered pursuant to section 12(b) of the Securities and Exchange Act of 1934:

 



 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, no par value

BCBP

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 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 an emerging growth company. See definition of “accelerated filer, larger accelerated filer, non-accelerated filer, smaller reporting company, or 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

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. As of November 1, 2019, BCB Bancorp, Inc., had 16,478,735 shares of common stock, no par value, outstanding.


 



 

BCB BANCORP INC. AND SUBSIDIARIES

INDEX

 



 

 

 

 

 

 

 

 

 

 

  

Page

 

PART I. CONSOLIDATED FINANCIAL INFORMATION

  

 

 

 

Item 1. Consolidated Financial Statements

  

 

 

 

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

  

 

  

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

  

 

  

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

  

 

 

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

  

 

  

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

  

 

  

Notes to Unaudited Consolidated Financial Statements

  

 

 

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

  

 

36 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

  

 

43 

 

Item 4. Controls and Procedures

  

 

44 

  

 

 

PART II. OTHER INFORMATION

  

 

44 

 

Item 1. Legal Proceedings

  

 

44 

  

Item 1A. Risk Factors

  

 

45 

  

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

  

 

45 

  

Item 3. Defaults Upon Senior Securities

  

 

45 

  

Item 4. Mine Safety Disclosures

  

 

45 

  

Item 5. Other Information

  

 

45 

  

Item 6. Exhibits

 

 

45 

 

 





 

 

 


 

PART I. CONSOLIDATED FINANCIAL INFORMATION

ITEM I. CONSOLIDATED FINANCIAL STATEMENTS

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Financial Condition

(In thousands, Except Share and Per Share Data, Unaudited)



 



 

 

 

 

 



 

 

 

 

 



September 30,

 

December 31,



2019

 

2018



 

 

 

 

 

ASSETS

 

 

 

 

 

Cash and amounts due from depository institutions

$

27,625 

 

$

18,970 

Interest-earning deposits

 

348,986 

 

 

176,294 

  Total cash and cash equivalents

 

376,611 

 

 

195,264 



 

 

 

 

 

Interest-earning time deposits

 

735 

 

 

735 

Debt securities available for sale

 

98,218 

 

 

119,335 

Equity investments

 

5,857 

 

 

7,672 

Loans held for sale

 

3,195 

 

 

1,153 

Loans receivable, net of allowance for loan losses

 

 

 

 

 

  of $24,691 and $22,359 respectively

 

2,253,699 

 

 

2,278,492 

Federal Home Loan Bank of New York stock, at cost

 

15,171 

 

 

13,405 

Premises and equipment, net

 

20,315 

 

 

20,293 

Accrued interest receivable

 

8,959 

 

 

8,378 

Other real estate owned

 

 -

 

 

1,333 

Deferred income taxes

 

13,445 

 

 

13,601 

Goodwill and other intangibles

 

5,570 

 

 

5,604 

Operating lease right-of-use assets

 

13,951 

 

 

 -

Other assets

 

9,773 

 

 

9,466 

   Total Assets

$

2,825,499 

 

$

2,674,731 



 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 



 

 

 

 

 

LIABILITIES

 

 

 

 

 

Non-interest bearing deposits

$

276,235 

 

$

263,960 

Interest bearing deposits

 

1,987,222 

 

 

1,916,764 

 Total deposits

 

2,263,457 

 

 

2,180,724 

FHLB advances

 

275,800 

 

 

245,800 

Subordinated debt

 

36,752 

 

 

36,577 

Operating lease liability

 

14,054 

 

 

 -

Other liabilities and accrued interest payable

 

11,717 

 

 

11,415 

   Total Liabilities

 

2,601,780 

 

 

2,474,516 



 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

Preferred stock: $0.01 par value, 10,000,000 shares authorized;

 

 

 

 

 

   issued and outstanding 8,340 shares of series C 6%, series D 4.5%, series G 6%, (liquidation value $10,000 per share)

 

 

 

 

 

  and series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock

 

 

 

 

 

  at September 30, 2019 and 7,807 shares of series C 6%, series D 4.5%, (liquidation value $10,000 per share)

 

 

 

 

 

   and series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock at December 31, 2018

 

 -

 

 

 -

Additional paid-in capital preferred stock

 

25,016 

 

 

19,706 

Common stock: no par value; 40,000,000 shares authorized; issued 18,444,453 and 18,352,748

 

 

 

 

 

 at September 30, 2019 and December 31, 2018, respectively, outstanding 16,477,235 shares and

 

 

 

 

 

   15,889,306 shares, at September 30, 2019 and December 31, 2018, respectively

 

 -

 

 

 -

Additional paid-in capital common stock

 

177,253 

 

 

175,500 

Retained earnings

 

45,947 

 

 

38,405 

Accumulated other comprehensive (loss)

 

(2,449)

 

 

(5,076)

Treasury stock, at cost, 1,967,218 and 2,463,442 shares at September 30, 2019 and December 31, 2018, respectively

 

(22,048)

 

 

(28,320)

   Total Stockholders' Equity

 

223,719 

 

 

200,215 



 

 

 

 

 

    Total Liabilities and Stockholders' Equity

$

2,825,499 

 

$

2,674,731 



 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements

 

1


 

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Income

(In thousands, Except for Per Share Amounts, Unaudited)





 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2019

 

 

2018

 

 

2019

 

 

2018



 

 

 

 

 

 

 

 

 

 

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 Loans, including fees

$

28,860 

 

$

26,019 

 

$

85,727 

 

$

69,588 

 Mortgage-backed securities

 

652 

 

 

827 

 

 

2,160 

 

 

2,363 

 Other investment securities

 

107 

 

 

116 

 

 

432 

 

 

416 

 FHLB stock and other interest earning assets

 

1,750 

 

 

1,009 

 

 

4,270 

 

 

2,242 

    Total interest income

 

31,369 

 

 

27,971 

 

 

92,589 

 

 

74,609 



 

 

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 Deposits:

 

 

 

 

 

 

 

 

 

 

 

    Demand

 

1,898 

 

 

1,130 

 

 

5,224 

 

 

2,902 

    Savings and club

 

102 

 

 

116 

 

 

325 

 

 

318 

    Certificates of deposit

 

6,603 

 

 

4,591 

 

 

18,690 

 

 

10,726 



 

8,603 

 

 

5,837 

 

 

24,239 

 

 

13,946 

    Borrowings

 

2,006 

 

 

2,054 

 

 

5,823 

 

 

4,153 

      Total interest expense

 

10,609 

 

 

7,891 

 

 

30,062 

 

 

18,099 



 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

20,760 

 

 

20,080 

 

 

62,527 

 

 

56,510 

Provision for loan losses

 

900 

 

 

907 

 

 

2,544 

 

 

4,309 



 

 

 

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 

19,860 

 

 

19,173 

 

 

59,983 

 

 

52,201 



 

 

 

 

 

 

 

 

 

 

 

Non-interest income:

 

 

 

 

 

 

 

 

 

 

 

  Fees and service charges

 

855 

 

 

1,092 

 

 

2,540 

 

 

2,773 

  Gain on sales of loans

 

89 

 

 

738 

 

 

844 

 

 

1,897 

  Gain (loss) on bulk sale of impaired loans held in portfolio

 

 -

 

 

 -

 

 

107 

 

 

(24)

  Gain on sales of other real estate owned

 

124 

 

 

14 

 

 

177 

 

 

  Gain on sale of investment securities

 

283 

 

 

 -

 

 

304 

 

 

 -

  Unrealized (loss) gain on equity investments

 

(45)

 

 

(82)

 

 

220 

 

 

(242)

  Other

 

77 

 

 

90 

 

 

179 

 

 

2,393 

     Total non-interest income

 

1,383 

 

 

1,852 

 

 

4,371 

 

 

6,801 



 

 

 

 

 

 

 

 

 

 

 

Non-interest expense:

 

 

 

 

 

 

 

 

 

 

 

  Salaries and employee benefits

 

7,294 

 

 

7,156 

 

 

21,127 

 

 

20,548 

  Occupancy and equipment

 

2,647 

 

 

2,490 

 

 

7,926 

 

 

7,028 

  Data processing and service fees

 

776 

 

 

942 

 

 

2,128 

 

 

2,499 

  Professional fees

 

368 

 

 

437 

 

 

1,474 

 

 

1,475 

  Director fees

 

356 

 

 

192 

 

 

990 

 

 

594 

  Regulatory assessments

 

(91)

 

 

419 

 

 

783 

 

 

948 

  Advertising and promotional

 

64 

 

 

129 

 

 

260 

 

 

314 

  Other real estate owned, net

 

(31)

 

 

22 

 

 

77 

 

 

213 

  Merger related costs

 

 -

 

 

119 

 

 

 -

 

 

2,303 

  Other

 

2,269 

 

 

2,485 

 

 

6,558 

 

 

6,460 

     Total non-interest expense

 

13,652 

 

 

14,391 

 

 

41,323 

 

 

42,382 



 

 

 

 

 

 

 

 

 

 

 

Income before income tax provision

 

7,591 

 

 

6,634 

 

 

23,031 

 

 

16,620 

Income tax provision

 

2,359 

 

 

2,040 

 

 

7,121 

 

 

5,081 



 

 

 

 

 

 

 

 

 

 

 

Net Income

$

5,232 

 

$

4,594 

 

$

15,910 

 

$

11,539 

Preferred stock dividends

 

342 

 

 

263 

 

 

1,002 

 

 

691 

Net Income available to common stockholders

$

4,890 

 

$

4,331 

 

$

14,908 

 

$

10,848 



 

 

 

 

 

 

 

 

 

 

 

Net Income per common share-basic and diluted

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.30 

 

$

0.27 

 

$

0.91 

 

$

0.70 

Diluted

$

0.30 

 

$

0.27 

 

$

0.91 

 

$

0.69 



 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

Basic

 

16,468 

 

 

15,789 

 

 

16,320 

 

 

15,482 

Diluted

 

16,523 

 

 

15,896 

 

 

16,369 

 

 

15,609 

See accompanying notes to unaudited consolidated financial statements.

 

 

2


 

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(In thousands, Unaudited)







 

 

 

 

 

 

 

 

 

 

 



Three Months Ended September 30,

 

Nine Months Ended September 30,



2019

 

2018

 

2019

 

2018



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Net Income

$

5,232 

 

$

4,594 

 

$

15,910 

 

$

11,539 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding (losses) gains arising during the period

 

(713)

 

 

(845)

 

 

3,488 

 

 

(4,189)

Tax Effect

 

193 

 

 

155 

 

 

(861)

 

 

967 

Net of Tax Effect

 

(520)

 

 

(690)

 

 

2,627 

 

 

(3,222)

Other comprehensive (loss) income

 

(520)

 

 

(690)

 

 

2,627 

 

 

(3,222)

Comprehensive income

$

4,712 

 

$

3,904 

 

$

18,537 

 

$

8,317 



See accompanying notes to unaudited consolidated financial statements.

 



 

 

3


 



BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

(In thousands, Except Share and Per Share Data, Unaudited) 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Preferred

Stock

 

Common

Stock

 

Additional

Paid-In

Capital

 

Retained

Earnings

 

Treasury

Stock

 

Accumulated

Other

Comprehensive

Income

(Loss)

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

$

 -

 

$

 -

 

$

195,206 

 

$

38,405 

 

$

(28,320)

 

$

(5,076)

 

$

200,215 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock

 

 -

 

 

 -

 

 

6,239 

 

 

 -

 

 

 -

 

 

 -

 

 

6,239 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Series G Preferred Stock

 

 -

 

 

 -

 

 

5,310 

 

 

 -

 

 

 -

 

 

 -

 

 

5,310 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 -

 

 

 -

 

 

688 

 

 

 -

 

 

 -

 

 

 -

 

 

688 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury Stock allocated to Common Stock issuance

 

 -

 

 

 -

 

 

(5,707)

 

 

(565)

 

 

6,272 

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock

 

 -

 

 

 -

 

 

 -

 

 

(1,002)

 

 

 -

 

 

 -

 

 

(1,002)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends on common stock ($0.14 per share declared)

 

 -

 

 

 -

 

 

 -

 

 

(6,516)

 

 

 -

 

 

 -

 

 

(6,516)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Reinvestment Plan

 

 -

 

 

 -

 

 

285 

 

 

(285)

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan

 

 -

 

 

 -

 

 

248 

 

 

 -

 

 

 -

 

 

 -

 

 

248 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 -

 

 

 -

 

 

 -

 

 

15,910 

 

 

 -

 

 

 -

 

 

15,910 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

2,627 

 

 

2,627 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2019

$

 -

 

$

 -

 

$

202,269 

 

$

45,947 

 

$

(22,048)

 

$

(2,449)

 

$

223,719 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Preferred

Stock

 

Common

Stock

 

Additional

Paid-In

Capital

 

Retained

Earnings

 

Treasury

Stock

 

Accumulated

Other

Comprehensive

Income

(Loss)

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2019

$

 -

 

$

 -

 

$

201,783 

 

$

43,347 

 

$

(22,048)

 

$

(1,929)

 

$

221,153 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 -

 

 

 -

 

 

291 

 

 

 -

 

 

 -

 

 

 -

 

 

291 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock

 

 -

 

 

 -

 

 

 -

 

 

(343)

 

 

 -

 

 

 -

 

 

(343)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends on common stock ($0.14 per share declared)

 

 -

 

 

 -

 

 

 -

 

 

(2,190)

 

 

 -

 

 

 -

 

 

(2,190)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Reinvestment Plan

 

 -

 

 

 -

 

 

99 

 

 

(99)

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan

 

 -

 

 

 -

 

 

96 

 

 

 -

 

 

 -

 

 

 

 

 

96 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 -

 

 

 -

 

 

 -

 

 

5,232 

 

 

 -

 

 

 -

 

 

5,232 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

(520)

 

 

(520)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at September 30, 2019

$

 -

 

$

 -

 

$

202,269 

 

$

45,947 

 

$

(22,048)

 

$

(2,449)

 

$

223,719 



See accompanying notes to unaudited consolidated financial statements.

 

4


 

BCB BANCORP INC. AND SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity (Continued)

(In thousands, Except Share and Per Share Data, Unaudited) 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Preferred

Stock

 

Common

Stock

 

Additional

Paid-In

Capital

 

Retained

Earnings

 

Treasury

Stock

 

Accumulated

Other

Comprehensive

Income

(Loss)

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

$

-

 

$

-

 

$

177,471 

 

$

31,241 

 

$

(29,116)

 

$

(3,142)

 

$

176,454 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of IA Bancorp

 

-

 

 

-

 

 

17,405 

 

 

-

 

 

-

 

 

-

 

 

17,405 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of Stock Options

 

-

 

 

-

 

 

 

 

-

 

 

-

 

 

-

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based Compensation Expense

 

-

 

 

-

 

 

230 

 

 

-

 

 

-

 

 

-

 

 

230 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends payable on Series C 6%, Series D 4.5%, Series E 6%, and Series F 6% noncumulative perpetual preferred stock

 

-

 

 

-

 

 

-

 

 

(691)

 

 

-

 

 

-

 

 

(691)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends on common stock ($0.14 per share declared)

 

-

 

 

-

 

 

-

 

 

(6,275)

 

 

-

 

 

-

 

 

(6,275)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Reinvestment Plan

 

-

 

 

-

 

 

247 

 

 

(247)

 

 

-

 

 

-

 

 

-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Purchase Plan

 

-

 

 

-

 

 

321 

 

 

-

 

 

-

 

 

-

 

 

321 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

-

 

 

-

 

 

-

 

 

11,539 

 

 

-

 

 

-

 

 

11,539 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of unrealized gains on AFS equity securities

 

-

 

 

-

 

 

-

 

 

126 

 

 

-

 

 

(126)

 

 

-