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Section 1: 10-Q (10-Q)

qcrh_Current_Folio_10Q

Table of Contents

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

[    ] 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 0‑22208

QCR HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)

Delaware

42-1397595

(State or other jurisdiction of incorporation or organization)

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

 

3551 7th Street, Moline, Illinois 61265

(Address of principal executive offices, including zip code)

(309) 736‑3580

(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 [ X ]      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 [ X ]      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 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 [ X ]

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 [ X ]

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, $1.00 Par Value

QCRH

The Nasdaq Global Market

 

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, the Registrant had outstanding 15,794,839 shares of common stock, $1.00 par value per share.

 

 

 

QCR HOLDINGS, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

 

 

Page
Number(s)

Part I

    

FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

Item 1

    

Consolidated Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets
As of September 30, 2019 and December 31, 2018

 

4

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income
For the Three Months Ended September 30, 2019 and 2018

5

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Income
For the Nine Months Ended September 30, 2019 and 2018

6

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income
For the Three and Nine Months Ended September 30, 2019 and 2018

7

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders' Equity
For the Three and Nine Months Ended September 30, 2019 and 2018

8

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2019 and 2018

10

 

 

 

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements

12

 

 

 

 

 

 

 

 

 

 

Note 1. Summary of Significant Accounting Policies

12

 

 

 

 

Note 2. Assets and Liabilities Held for Sale

14

 

 

 

 

Note 3. Investment Securities

15

 

 

 

 

Note 4. Loans/Leases Receivable

19

 

 

 

 

Note 5. Derivatives

29

 

 

 

 

Note 6. Borrowings

29

 

 

 

 

Note 7. Earnings Per Share

30

 

 

 

 

Note 8. Fair Value

31

 

 

 

 

Note 9. Business Segment Information

34

 

 

 

 

Note 10. Regulatory Capital Requirements

35

 

 

 

 

 

 

 

 

Item 2

 

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

 

 

 

 

 

 

 

 

 

 

 

Introduction

37

 

 

 

 

General

37

 

 

 

 

Executive Overview

38

 

 

 

 

Long-Term Financial Goals

40

 

 

 

 

Strategic Developments

41

 

 

 

 

GAAP to Non-GAAP Reconciliations

42

 

 

 

 

Net Interest Income - (Tax Equivalent Basis)

43

 

 

 

 

Critical Accounting Policies

48

 

 

 

 

        Goodwill

48

 

 

 

 

        Allowance for Loan and Lease Losses

49

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results of Operations

49

 

 

 

 

Interest Income

49

 

 

 

 

Interest Expense

 

 

 

 

 

Provision for Loan/Lease Losses

49

 

 

 

 

Noninterest Income

50

 

 

 

 

Noninterest Expense

53

 

 

 

 

Income Taxes

55

 

 

 

 

Financial Condition

56

 

 

 

 

Investment Securities

57

 

 

 

 

Loans/Leases

58

 

 

 

 

Allowance for Estimated Losses on Loans/Leases

59

 

 

 

 

Nonperforming Assets

61

 

 

 

 

Deposits

62

 

 

 

 

Borrowings

62

 

 

 

 

Stockholders' Equity

64

 

 

 

 

Liquidity and Capital Resources

64

 

 

 

 

Special Note Concerning Forward-Looking Statements

66

 

 

 

 

 

 

 

 

Item 3

    

Quantitative and Qualitative Disclosures About Market Risk

67

 

 

 

 

 

 

 

 

Item 4

 

Controls and Procedures

69

 

 

 

 

 

 

Part II 

    

OTHER INFORMATION

70

 

 

 

 

 

 

 

 

Item 1

 

Legal Proceedings

70

 

 

 

 

 

 

 

 

Item 1A

 

Risk Factors

70

 

 

 

 

 

 

 

 

Item 2

 

Unregistered Sales of Equity Securities and Use of Proceeds

70

 

 

 

 

 

 

 

 

Item 3

 

Defaults upon Senior Securities

70

 

 

 

 

 

 

 

 

Item 4

 

Mine Safety Disclosures

70

 

 

 

 

 

 

 

 

Item 5

 

Other Information

70

 

 

 

 

 

 

 

 

Item 6

 

Exhibits

71

 

 

 

 

 

 

Signatures 

72

Throughout this Quarterly Report on Form 10-Q, we use certain acronyms and abbreviations, as defined in Note 1 to the Consolidated Financial Statements.

3

 

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

As of September 30, 2019 and December 31, 2018

 

 

 

 

 

 

 

 

    

September 30, 

    

December 31, 

 

 

2019

 

2018

 

 

(dollars in thousands)

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

91,671

 

$

85,523

Federal funds sold

 

 

9,300

 

 

26,398

Interest-bearing deposits at financial institutions

 

 

187,963

 

 

133,198

 

 

 

 

 

 

 

Securities held to maturity, at amortized cost

 

 

343,477

 

 

401,913

Securities available for sale, at fair value

 

 

211,932

 

 

261,056

Total securities

 

 

555,409

 

 

662,969

 

 

 

  

 

 

  

Loans receivable held for sale

 

 

8,890

 

 

1,295

Loans/leases receivable held for investment

 

 

3,601,380

 

 

3,731,459

Gross loans/leases receivable

 

 

3,610,270

 

 

3,732,754

Less allowance for estimated losses on loans/leases

 

 

(36,116)

 

 

(39,847)

Net loans/leases receivable

 

 

3,574,154

 

 

3,692,907

 

 

 

  

 

 

  

Bank-owned life insurance

 

 

58,367

 

 

67,783

Premises and equipment, net

 

 

74,486

 

 

75,582

Restricted investment securities

 

 

24,562

 

 

25,689

Other real estate owned, net

 

 

4,248

 

 

9,378

Goodwill

 

 

77,748

 

 

77,832

Intangibles

 

 

15,529

 

 

17,450

Assets held for sale

 

 

465,547

 

 

 —

Other assets

 

 

153,398

 

 

75,001

Total assets

 

$

5,292,382

 

$

4,949,710

 

 

 

  

 

 

  

Liabilities and Stockholders' Equity

 

 

  

 

 

  

Liabilities:

 

 

  

 

 

  

Deposits:

 

 

  

 

 

  

Noninterest-bearing

 

$

782,232

 

$

791,102

Interest-bearing

 

 

3,020,009

 

 

3,185,929

Total deposits

 

 

3,802,241

 

 

3,977,031

 

 

 

  

 

 

  

Short-term borrowings

 

 

18,526

 

 

28,774

Federal Home Loan Bank advances

 

 

195,800

 

 

266,492

Other borrowings

 

 

 —

 

 

67,250

Subordinated notes

 

 

68,334

 

 

4,782

Junior subordinated debentures

 

 

37,797

 

 

37,670

Liabilities held for sale

 

 

470,530

 

 

 —

Other liabilities

 

 

179,411

 

 

94,573

Total liabilities

 

 

4,772,639

 

 

4,476,572

 

 

 

  

 

 

  

 

 

 

  

 

 

  

Stockholders' Equity:

 

 

  

 

 

  

Preferred stock, $1 par value; shares authorized 250,000 September 2019 and December 2018 - no shares issued or outstanding

 

 

 —

 

 

 —

Common stock, $1 par value; shares authorized 20,000,000 September 2019 - 15,790,462 shares issued and outstanding December 2018 - 15,718,208 shares issued and outstanding

 

 

15,790

 

 

15,718

Additional paid-in capital

 

 

273,475

 

 

270,761

Retained earnings

 

 

230,892

 

 

192,203

Accumulated other comprehensive income (loss):

 

 

 

 

 

 

Securities available for sale

 

 

3,832

 

 

(4,268)

Derivatives

 

 

(4,246)

 

 

(1,276)

Total stockholders' equity

 

 

519,743

 

 

473,138

Total liabilities and stockholders' equity

 

$

5,292,382

 

$

4,949,710

 

See Notes to Consolidated Financial Statements (Unaudited)

4

 

 

 

 

 

 

 

 

 

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended September 30, 2019 and 2018

 

 

 

 

 

 

 

 

 

 

    

2019

    

2018

 

 

 

(dollars in thousands, except share data)

 

Interest and dividend income:

 

 

 

 

 

 

 

Loans/leases, including fees

 

$

50,406

 

$

44,034

 

Securities:

 

 

 

 

 

 

 

Taxable

 

 

1,682

 

 

1,522

 

Nontaxable

 

 

3,443

 

 

3,517

 

Interest-bearing deposits at financial institutions

 

 

951

 

 

324

 

Restricted investment securities

 

 

293

 

 

329

 

Federal funds sold

 

 

42

 

 

105

 

Total interest and dividend income

 

 

56,817

 

 

49,831

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

Deposits

 

 

13,394

 

 

8,723

 

Short-term borrowings

 

 

97

 

 

78

 

Federal Home Loan Bank advances

 

 

1,023

 

 

1,422

 

Other borrowings

 

 

 —

 

 

705

 

Subordinated notes

 

 

1,003

 

 

70

 

Junior subordinated debentures

 

 

581

 

 

519

 

Total interest expense

 

 

16,098

 

 

11,517

 

Net interest income

 

 

40,719

 

 

38,314

 

Provision for loan/lease losses

 

 

2,012

 

 

6,206

 

Net interest income after provision for loan/lease losses

 

 

38,707

 

 

32,108

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

Trust department fees

 

 

2,340

 

 

2,196

 

Investment advisory and management fees

 

 

1,782

 

 

1,059

 

Deposit service fees

 

 

1,813

 

 

1,656

 

Gains on sales of residential real estate loans, net

 

 

890

 

 

337

 

Gains on sales of government guaranteed portions of loans, net

 

 

519

 

 

46

 

Swap fee income

 

 

9,797

 

 

1,110

 

Securities losses, net

 

 

(3)

 

 

 —

 

Earnings on bank-owned life insurance

 

 

489

 

 

474

 

Debit card fees

 

 

886

 

 

846

 

Correspondent banking fees

 

 

189

 

 

195

 

Other

 

 

1,204

 

 

890

 

Total noninterest income

 

 

19,906

 

 

8,809

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

24,215

 

 

17,433

 

Occupancy and equipment expense

 

 

3,860

 

 

3,318

 

Professional and data processing fees

 

 

4,030

 

 

2,396

 

Acquisition costs

 

 

 —

 

 

1,292

 

Post-acquisition compensation, transition and integration costs

 

 

884

 

 

494

 

FDIC insurance, other insurance and regulatory fees

 

 

542

 

 

933

 

Loan/lease expense

 

 

221

 

 

369

 

Net cost of (income from) and gains/losses on operations of other real estate

 

 

2,078

 

 

(50)

 

Advertising and marketing

 

 

1,056

 

 

984

 

Bank service charges

 

 

502

 

 

462

 

Losses on debt extinguishment, net

 

 

148

 

 

 —

 

Correspondent banking expense

 

 

209

 

 

205

 

Intangibles amortization

 

 

560

 

 

542

 

Other

 

 

1,640

 

 

2,122

 

Total noninterest expense

 

 

39,945

 

 

30,500

 

Net income before income taxes

 

 

18,668

 

 

10,417

 

Federal and state income tax expense

 

 

3,573

 

 

1,608

 

Net income

 

$

15,095

 

$

8,809

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.96

 

$

0.56

 

Diluted earnings per common share

 

$

0.94

 

$

0.55

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

15,739,430

 

 

15,625,123

 

Weighted average common and common equivalent shares outstanding

 

 

15,976,742

 

 

15,922,324

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.06

 

$

0.06

 

 

 

 

 

 

 

 

 

See Notes to Consolidated Financial Statements (Unaudited)

 

 

5

 

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Nine months ended September 30, 2019 and 2018

 

 

 

 

 

 

 

 

 

    

2019

    

2018

    

 

 

(dollars in thousands, except share data)

 

Interest and dividend income:

 

 

 

 

 

 

 

Loans/leases, including fees

 

$

143,488

 

$

113,655

 

Securities:

 

 

 

 

 

 

 

Taxable

 

 

5,026

 

 

4,671

 

Nontaxable

 

 

10,461

 

 

10,101

 

Interest-bearing deposits at financial institutions

 

 

3,042

 

 

749

 

Restricted investment securities

 

 

891

 

 

776

 

Federal funds sold

 

 

191

 

 

223

 

Total interest and dividend income

 

 

163,099

 

 

130,175

 

 

 

 

 

 

 

 

 

Interest expense:

 

 

 

 

 

 

 

Deposits

 

 

39,697

 

 

20,132

 

Short-term borrowings

 

 

275

 

 

186

 

Federal Home Loan Bank advances

 

 

2,685

 

 

3,637

 

Other borrowings

 

 

512

 

 

1,875

 

Subordinated notes

 

 

2,561

 

 

70

 

Junior subordinated debentures

 

 

1,729

 

 

1,474

 

Total interest expense

 

 

47,459

 

 

27,374

 

Net interest income

 

 

115,640

 

 

102,801

 

Provision for loan/lease losses

 

 

6,087

 

 

11,046

 

Net interest income after provision for loan/lease losses

 

 

109,553

 

 

91,755

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

Trust department fees

 

 

7,194

 

 

6,491

 

Investment advisory and management fees

 

 

5,406

 

 

3,069

 

Deposit service fees

 

 

5,025

 

 

4,797

 

Gains on sales of residential real estate loans, net

 

 

1,748

 

 

539

 

Gains on sales of government guaranteed portions of loans, net

 

 

589

 

 

405

 

Swap fee income

 

 

20,886

 

 

3,718

 

Securities losses, net

 

 

(56)

 

 

 —

 

Earnings on bank-owned life insurance

 

 

1,441

 

 

1,292

 

Debit card fees

 

 

2,591

 

 

2,456

 

Correspondent banking fees

 

 

578

 

 

673

 

Other

 

 

3,562

 

 

2,822

 

Total noninterest income

 

 

48,964

 

 

26,262

 

 

 

 

 

 

 

 

 

Noninterest expenses:

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

67,843

 

 

49,215

 

Occupancy and equipment expense

 

 

11,087

 

 

9,517

 

Professional and data processing fees

 

 

9,811

 

 

8,016

 

Acquisition costs

 

 

 —

 

 

1,799

 

Post-acquisition compensation, transition and integration costs

 

 

1,727

 

 

659

 

FDIC insurance, other insurance and regulatory fees

 

 

2,432

 

 

2,529

 

Loan/lease expense

 

 

748

 

 

920

 

Net cost of (income from) and gains/losses on operations of other real estate

 

 

3,557

 

 

11

 

Advertising and marketing

 

 

2,878

 

 

2,430

 

Bank service charges

 

 

1,494

 

 

1,368

 

Losses on debt extinguishment, net

 

 

148

 

 

 —

 

Correspondent banking expense

 

 

619

 

 

614

 

CDI amortization

 

 

1,706

 

 

1,151

 

Other

 

 

4,891

 

 

4,504

 

Total noninterest expenses

 

 

108,941

 

 

82,733

 

Net income before income taxes

 

 

49,576

 

 

35,284

 

Federal and state income tax expense

 

 

8,059

 

 

5,480

 

Net income 

 

$

41,517

 

$

29,804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

2.64

 

$

2.06

 

Diluted earnings per common share

 

$

2.60

 

$

2.02

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

15,715,788

 

 

14,477,783

 

Weighted average common and common equivalent shares outstanding

 

 

15,946,020

 

 

14,786,777

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

0.18

 

$

0.18

 

See Notes to Consolidated Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

6

 

QCR HOLDINGS, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three and Nine months ended September 30, 2019 and 2018

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

    

 

    

2019

    

2018

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

Net income

 

$

15,095

 

$

8,809

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities available for sale:

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period before tax

 

 

1,827

 

 

(1,652)

 

Less reclassification adjustment for losses included in net income before tax

 

 

(3)

 

 

 —

 

 

 

 

1,830

 

 

(1,652)

 

Unrealized gains (losses) on derivatives:

 

 

 

 

 

 

 

Unrealized holding losses arising during the period before tax

 

 

(1,159)

 

 

577

 

Less reclassification adjustment for caplet amortization before tax

 

 

 —

 

 

(187)

 

 

 

 

(1,159)

 

 

764

 

Unrealized gains (losses) on assets held for sale:

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period before tax on securities held for sale

 

 

48

 

 

 —

 

Unrealized holding losses arising during the period before tax on derivatives held for sale

 

 

(31)

 

 

 —

 

Less reclassification adjustment for caplet amortization before tax

 

 

(80)

 

 

 —

 

 

 

 

97

 

 

 —

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), before tax

 

 

768

 

 

(888)

 

Tax expense (benefit)

 

 

224

 

 

(276)

 

Other comprehensive income (loss), net of tax

 

 

544

 

 

(612)

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

15,639

 

$

8,197

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 

 

 

    

2019

    

2018

 

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

Net income

 

$

41,517

 

$

29,804

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on securities available for sale:

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period before tax

 

 

10,639

 

 

(8,531)

 

Less reclassification adjustment for losses included in net income before tax

 

 

(56)

 

 

 —

 

Less reclassification adjustment for adoption of ASU 2016-01

 

 

 —

 

 

855

 

 

 

 

10,695

 

 

(7,676)

 

Unrealized losses on derivatives:

 

 

 

 

 

 

 

Unrealized holding losses arising during the period before tax

 

 

(4,101)

 

 

404

 

Less reclassification adjustment for ineffectiveness and caplet amortization before tax

 

 

(291)

 

 

(90)

 

 

 

 

(3,810)

 

 

494

 

Unrealized gains (losses) on assets held for sale:

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period before tax on securities held for sale

 

 

48

 

 

 —

 

Unrealized holding losses arising during the period before tax on derivatives held for sale

 

 

(31)

 

 

 —

 

Less reclassification adjustment for ineffectiveness and caplet amortization before tax

 

 

(80)

 

 

 —

 

 

 

 

97

 

 

 —

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), before tax

 

 

6,982

 

 

(7,182)

 

Tax expense (benefit)

 

 

1,852

 

 

(2,034)

 

Other comprehensive income (loss), net of tax

 

 

5,130

 

 

(5,148)

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

46,647

 

$

24,656

 

 

 

 

 

 

 

 

 

 

See Notes to Consolidated Financial Statements (Unaudited)

 

7

 

QCR HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

Three and Nine months ended September 30, 2019 and 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

 

 

 

 

Common

 

Paid-In

 

Retained

 

Comprehensive

 

 

 

 

    

Stock

    

Capital

    

Earnings

    

(Loss)

    

Total

 

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2018

 

$

15,718

 

$

270,761

 

$

192,203

 

$

(5,544)

 

$

473,138

Net income

 

 

 —

 

 

 —

 

 

12,918

 

 

 —

 

 

12,918

Other comprehensive income, net of tax

 

 

 —

 

 

 —

 

 

 —

 

 

2,344

 

 

2,344

Common cash dividends declared, $0.06 per share

 

 

 —

 

 

 —

 

 

(942)

 

 

 —

 

 

(942)

Issuance of 4,446 shares of common stock as a result of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  stock purchased under the Employee Stock Purchase Plan

 

 

 4

 

 

124

 

 

 —

 

 

 —

 

 

128

Issuance of 25,238 shares of common stock as a result of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  stock options exercised

 

 

25

 

 

263

 

 

 —

 

 

 —

 

 

288

Stock-based compensation expense

 

 

 —

 

 

722

 

 

 —

 

 

 —

 

 

722

Restricted stock awards and restricted stock units - 12,719 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  shares of common stock, net of restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  withheld for payment of taxes

 

 

13

 

 

(50)

 

 

 —

 

 

 —

 

 

(37)

Exchange of 5,169 shares of common stock in connection

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   with payroll taxes for restricted stock vested and in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   connection with stock options exercised

 

 

(5)

 

 

(147)

 

 

 —

 

 

 —

 

 

(152)

Balance, March 31, 2019

 

$

15,755

 

$

271,673

 

$

204,179

 

$

(3,200)

 

$

488,407

Net income

 

 

 —

 

 

 —

 

 

13,504

 

 

 —

 

 

13,504

Other comprehensive loss, net of tax

 

 

 —

 

 

 —

 

 

 —

 

 

2,242

 

 

2,242

Common cash dividends declared, $0.06 per share