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Section 1: 10-Q (10-Q)

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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

 

Commission File Number: 0-24649

 

Picture 1

 

REPUBLIC BANCORP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

Kentucky

 

61-0862051

(State of other jurisdiction of incorporation or organization)

 

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

 

 

601 West Market Street, Louisville, Kentucky

 

40202

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (502) 584-3600

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common 

RBCAA

The Nasdaq Stock Market

 

 

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 (§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 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 ☐

 

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

 

The number of shares outstanding of the registrant’s Class A Common Stock and Class B Common Stock, as of October 31, 2019,  was 18,742,999 and 2,207,626.

 

 

 

Table of Contents

TABLE OF CONTENTS

 

 

 

 

 

 

 

PART I — FINANCIAL INFORMATION 

 

 

 

 

Item 1. 

Financial Statements.

4

 

 

 

Item 2. 

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

69

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures about Market Risk.

112

 

 

 

Item 4. 

Controls and Procedures.

112

 

 

 

PART II — OTHER INFORMATION 

 

 

 

 

Item 1. 

Legal Proceedings.

112

 

 

 

Item 1A. 

Risk Factors.

112

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds.

113

 

 

 

Item 5. 

Other Information

114

 

 

 

Item 6. 

Exhibits.

114

 

 

 

 

SIGNATURES

115

 

2

Table of Contents

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

The acronyms and terms identified in alphabetical order below are used throughout this Form 10-Q. You may find it helpful to refer to this page as you read this report.

 

 

 

 

 

 

 

 

 

 

 

 

Acronym or Term

   

Definition

   

Acronym or Term

   

Definition

   

Acronym or Term

   

Definition

 

 

 

 

 

 

 

 

 

 

 

ACH

 

Automated Clearing House

 

FDIA

 

Federal Deposit Insurance Act

 

PCI-1

 

PCI - Group 1

AFS

 

Available for Sale

 

FDIC

 

Federal Deposit Insurance Corporation

 

PCI-Sub

 

PCI - Substandard

Allowance

 

Allowance for Loan and Lease Losses

 

FFTR

 

Federal Funds Target Rate

 

Prime

 

The Wall Street Journal Prime Interest Rate

AOCI

 

Accumulated Other Comprehensive Income

 

FHLB

 

Federal Home Loan Bank

 

Provision

 

Provision for Loan and Lease Losses

APR

 

Annual Percentage Rate

 

FHLMC

 

Federal Home Loan Mortgage Corporation

 

PSU

 

Performance Stock Unit

ASC

 

Accounting Standards Codification

 

FICO

 

Fair Isaac Corporation

 

R&D

 

Research and Development

ASU

 

Accounting Standards Update

 

FNMA

 

Federal National Mortgage Association

 

RB&T / the Bank

 

Republic Bank & Trust Company

Basic EPS

 

Basic earnings per Class A Common Share

 

FRB

 

Federal Reserve Bank

 

RBCT

 

Republic Bancorp Capital Trust

BOLI

 

Bank Owned Life Insurance

 

FTE

 

Full Time Equivalent

 

RCS

 

Republic Credit Solutions

BPO

 

Brokered Price Opinion

 

FTP

 

Funds Transfer Pricing

 

Republic / the Company

 

Republic Bancorp, Inc.

C&D

 

Construction and Development

 

GAAP

 

Generally Accepted Accounting Principles in the United States

 

ROA

 

Return on Average Assets

C&I

 

Commercial and Industrial

 

HELOC

 

Home Equity Line of Credit

 

ROE

 

Return on Average Equity

CECL

 

Current Expected Credit Loss

 

HTM

 

Held to Maturity

 

RPG

 

Republic Processing Group

CMO

 

Collateralized Mortgage Obligation

 

IRS

 

Internal Revenue Service

 

RPS

 

Republic Payment Solutions

Core Bank

 

The Traditional Banking, Warehouse Lending, and Mortgage Banking reportable segments

 

LIBOR

 

London Interbank Offered Rate

 

RT

 

Refund Transfer

CRA

 

Community Reinvestment Act

 

Limestone

 

Limestone Bank

 

SEC

 

Securities and Exchange Commission

CRE

 

Commercial Real Estate

 

LPO

 

Loan Production Office

 

SSUAR

 

Securities Sold Under Agreements to Repurchase

Diluted EPS

 

Diluted earnings per Class A Common Share

 

LTV

 

Loan to Value

 

SVP

 

Senior Vice President

DTA

 

Deferred Tax Assets

 

MBS

 

Mortgage Backed Securities

 

TCJA

 

2017 Tax Cuts and Jobs Act

DTL

 

Deferred Tax Liabilities

 

MSRs

 

Mortgage Servicing Rights

 

TDR

 

Troubled Debt Restructuring

EA

 

Easy Advance

 

NA 

 

Not Applicable

 

The Captive

 

Republic Insurance Services, Inc.

EBITDA

 

Earnings Before Interest, Taxes, Depreciation and Amortization

 

NM

 

Not Meaningful

 

TPS

 

Trust Preferred Securities

EFTA

 

Electronic Fund Transfers Act

 

OCI

 

Other Comprehensive Income

 

TRS

 

Tax Refund Solutions

ESPP

 

Employee Stock Purchase Plan

 

OREO

 

Other Real Estate Owned

 

TRUP

 

TPS Investment

EVP

 

Executive Vice President

 

OTTI

 

Other than Temporary Impairment

 

Warehouse

 

Warehouse Lending

FASB

 

Financial Accounting Standards Board

 

PCI

 

Purchased Credit Impaired

 

 

 

 

3

Table of Contents

PART I — FINANCIAL INFORMATION

 

Item 1.  Financial Statements.

 

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)

 

 

 

 

 

 

 

 

 

September 30, 

    

December 31, 

 

 

2019

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

397,072

 

$

351,474

 

Available-for-sale debt securities

 

572,015

 

 

475,738

 

Held-to-maturity debt securities (fair value of $63,872 in 2019 and $64,858 in 2018)

 

63,315

 

 

65,227

 

Equity securities with readily determinable fair value

 

3,367

 

 

2,806

 

Mortgage loans held for sale, at fair value

 

32,739

 

 

8,971

 

Consumer loans held for sale, at the lower of cost or fair value

 

18,504

 

 

12,838

 

Loans held for sale in connection with sale of banking centers, at the lower of cost or fair value

 

130,770

 

 

 —

 

Loans (loans carried at fair value of $1,187 in 2019 and $1,922 in  2018)

 

4,664,054

 

 

4,148,227

 

Allowance for loan and lease losses

 

(46,932)

 

 

(44,675)

 

Loans, net

 

4,617,122

 

 

4,103,552

 

Federal Home Loan Bank stock, at cost

 

32,242

 

 

32,067

 

Premises and equipment, net

 

45,264

 

 

43,126

 

Premises, held for sale

 

1,471

 

 

1,694

 

Right-of-use assets

 

36,051

 

 

 —

 

Goodwill

 

16,300

 

 

16,300

 

Other real estate owned

 

119

 

 

160

 

Bank owned life insurance

 

66,037

 

 

64,883

 

Other assets and accrued interest receivable

 

71,259

 

 

61,568

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

6,103,647

 

$

5,240,404

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

$

1,031,553

 

$

1,003,969

 

Interest-bearing

 

2,703,199

 

 

2,452,176

 

Deposits held for assumption in connection with sale of banking centers

 

142,384

 

 

 —

 

Total deposits

 

3,877,136

 

 

3,456,145

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase and other short-term borrowings

 

167,949

 

 

182,990

 

Operating lease liabilities

 

37,391

 

 

 —

 

Federal Home Loan Bank advances

 

1,170,000

 

 

810,000

 

Subordinated note

 

41,240

 

 

41,240

 

Other liabilities and accrued interest payable

 

65,484

 

 

60,095

 

 

 

 

 

 

 

 

Total liabilities

 

5,359,200

 

 

4,550,470

 

 

 

 

 

 

 

 

Commitments and contingent liabilities (Footnote 9)

 

 —

 

 

 —

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, no par value

 

 —

 

 

 —

 

Class A Common Stock and Class B Common Stock, no par value

 

4,908

 

 

4,900

 

Additional paid in capital

 

141,904

 

 

141,018

 

Retained earnings

 

594,479

 

 

545,013

 

Accumulated other comprehensive income (loss)

 

3,156

 

 

(997)

 

 

 

 

 

 

 

 

Total stockholders’ equity

 

744,447

 

 

689,934

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

6,103,647

 

$

5,240,404

 

 

See accompanying footnotes to consolidated financial statements.

 

4

Table of Contents

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

    

Nine Months Ended

 

 

September 30, 

 

September 30, 

 

 

2019

 

2018

 

2019

 

2018

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

62,896

 

$

56,296

 

$

199,935

 

$

179,867

 

Taxable investment securities

 

3,221

 

 

2,964

 

 

10,096

 

 

8,306

 

Federal Home Loan Bank stock and other

 

1,942

 

 

1,830

 

 

6,325

 

 

5,106

 

Total interest income

 

68,059

 

 

61,090

 

 

216,356

 

 

193,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

8,042

 

 

4,562

 

 

21,693

 

 

11,856

 

Securities sold under agreements to repurchase and other short-term borrowings

 

298

 

 

317

 

 

1,049

 

 

752

 

Federal Home Loan Bank advances

 

3,839

 

 

2,782

 

 

10,631

 

 

7,779

 

Subordinated note

 

394

 

 

396

 

 

1,252

 

 

1,110

 

Total interest expense

 

12,573

 

 

8,057

 

 

34,625

 

 

21,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

55,486

 

 

53,033

 

 

181,731

 

 

171,782

 

Provision for loan and lease losses

 

3,153

 

 

4,077

 

 

24,844

 

 

26,264

 

NET INTEREST INCOME AFTER PROVISION FOR LOAN AND LEASE LOSSES

 

52,333

 

 

48,956

 

 

156,887

 

 

145,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

3,749

 

 

3,579

 

 

10,650

 

 

10,708

 

Net refund transfer fees

 

317

 

 

149

 

 

21,046

 

 

19,974

 

Mortgage banking income

 

3,064

 

 

1,360

 

 

7,019

 

 

3,696

 

Interchange fee income

 

3,031

 

 

2,757

 

 

9,045

 

 

8,315

 

Program fees

 

1,317

 

 

1,686

 

 

3,428

 

 

4,705

 

Increase in cash surrender value of bank owned life insurance

 

394

 

 

385

 

 

1,154

 

 

1,135

 

Net gains on other real estate owned

 

267

 

 

248

 

 

487

 

 

700

 

Other

 

672

 

 

1,301

 

 

2,524

 

 

4,073

 

Total noninterest income

 

12,811

 

 

11,465

 

 

55,353

 

 

53,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

24,822

 

 

22,846

 

 

75,184

 

 

69,446

 

Occupancy and equipment, net

 

6,571

 

 

6,279

 

 

19,627

 

 

18,891

 

Communication and transportation

 

1,017

 

 

1,047

 

 

3,249

 

 

3,670

 

Marketing and development

 

1,420

 

 

1,449

 

 

3,800

 

 

3,648

 

FDIC insurance expense

 

 —

 

 

360

 

 

743

 

 

1,230

 

Bank franchise tax expense

 

935

 

 

710

 

 

4,366

 

 

4,088

 

Data processing

 

2,344

 

 

2,350

 

 

6,657

 

 

7,179

 

Interchange related expense

 

1,138

 

 

1,138

 

 

3,755

 

 

3,243

 

Supplies

 

292

 

 

314

 

 

1,358

 

 

998

 

Other real estate owned and other repossession expense

 

130

 

 

 2

 

 

324

 

 

63

 

Legal and professional fees

 

1,026

 

 

935

 

 

2,756

 

 

2,706

 

Other

 

2,716

 

 

3,782

 

 

9,529

 

 

9,727

 

Total noninterest expense

 

42,411

 

 

41,212

 

 

131,348

 

 

124,889

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME  BEFORE INCOME TAX EXPENSE

 

22,733

 

 

19,209

 

 

80,892

 

 

73,935

 

INCOME TAX EXPENSE

 

4,325

 

 

1,798

 

 

14,961

 

 

13,389

 

NET INCOME

$

18,408

 

$

17,411

 

$

65,931

 

$

60,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC EARNINGS PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock

$

0.88

 

$

0.84

 

$

3.17

 

$

2.92

 

Class B Common Stock

 

0.80

 

 

0.76

 

 

2.88

 

 

2.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DILUTED EARNINGS PER SHARE:

 

 

 

 

 

 

 

 

 

 

 

 

Class A Common Stock

$

0.88

 

$

0.83

 

$

3.15

 

$

2.90

 

Class B Common Stock

 

0.80

 

 

0.76

 

 

2.87

 

 

2.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying footnotes to consolidated financial statements.

 

5

Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME  (UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

    

Nine Months Ended

 

 

September 30, 

 

September 30, 

 

 

2019

    

2018

 

2019

    

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

18,408

 

$

17,411

 

$

65,931

 

$

60,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives used for cash flow hedges

 

(3)

 

 

54

 

 

(218)

 

 

330

 

Reclassification amount for net derivative losses realized in income

 

(2)

 

 

 1

 

 

(34)

 

 

36

 

Change in unrealized (loss) gain on AFS debt securities

 

86

 

 

(467)

 

 

5,759

 

 

(3,130)

 

Adjustment for adoption of ASU 2016-01

 

 —

 

 

 —

 

 

 —

 

 

(428)

 

Change in unrealized gain on AFS debt security for which a portion of OTTI has been recognized in earnings

 

(24)

 

 

(2)

 

 

(58)

 

 

(19)

 

Total other comprehensive income (loss) before income tax

 

57

 

 

(414)

 

 

5,449

 

 

(3,211)

 

Tax effect

 

(163)

 

 

88

 

 

(1,296)

 

 

676

 

Total other comprehensive income (loss), net of tax

 

(106)

 

 

(326)

 

 

4,153

 

 

(2,535)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPREHENSIVE INCOME

$

18,302

 

$

17,085

 

$

70,084

 

$

58,011

 

 

See accompanying footnotes to consolidated financial statements.

 

6

Table of Contents

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

    

Class A

    

Class B

    

    

 

    

Additional

    

    

 

    

Other

    

Total

 

 

 

Shares

 

Shares

 

 

 

 

Paid In

 

Retained

 

Comprehensive

 

Stockholders’

 

(in thousands)

 

Outstanding

 

Outstanding

 

Amount

 

Capital

 

Earnings

 

Income (Loss)

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 1, 2019

 

18,740

 

2,208

 

$

4,907

 

$

141,525

 

$

581,734

 

$

3,262

 

$

731,428

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 —

 

 —

 

 

 —

 

 

 —

 

 

18,408

 

 

 —

 

 

18,408

 

Net change in accumulated other comprehensive income

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(106)

 

 

(106)

 

Dividends declared on Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Shares ($0.264 per share)

 

 —

 

 —

 

 

 —

 

 

 —

 

 

(4,961)

 

 

 —

 

 

(4,961)

 

Class B Shares ($0.240 per share)

 

 —

 

 —

 

 

 —

 

 

 —

 

 

(530)

 

 

 —

 

 

(530)

 

Stock options exercised, net of shares withheld

 

 3

 

 —

 

 

 1

 

 

(73)

 

 

 —

 

 

 —

 

 

(72)

 

Conversion of Class B to Class A Common Shares

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Repurchase of Class A Common Stock

 

(4)

 

 —

 

 

(1)

 

 

(28)

 

 

(172)

 

 

 —

 

 

(201)

 

Net change in notes receivable on Class A Common Stock

 

 —

 

 —

 

 

 —

 

 

(46)

 

 

 —

 

 

 —

 

 

(46)

 

Deferred compensation - Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Directors

 

 —

 

 —

 

 

 —

 

 

49

 

 

 —

 

 

 —

 

 

49

 

Designated key employees

 

 —

 

 —

 

 

 —

 

 

76

 

 

 —

 

 

 —

 

 

76

 

Employee stock purchase plan - Class A Common Stock

 

 3

 

 —

 

 

 —

 

 

137

 

 

 —

 

 

 —

 

 

137

 

Stock-based awards - Class A Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance stock units

 

 —

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Restricted stock

 

 2

 

 —

 

 

 1

 

 

184

 

 

 —

 

 

 —

 

 

185

 

Stock options

 

 —

 

 —

 

 

 —

 

 

80

 

 

 —

 

 

 —

 

 

80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2019

 

18,744

 

2,208

 

$

4,908

 

$

141,904

 

$

594,479

 

$

3,156

 

$

744,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

    

Class A

    

Class B

    

    

 

    

Additional

    

    

 

    

Other

    

Total

 

 

 

Shares

 

Shares

 

 

 

 

Paid In

 

Retained

 

Comprehensive

 

Stockholders’

 

(in thousands)

 

Outstanding

 

Outstanding

 

Amount

 

Capital

 

Earnings

 

Income

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, July 1, 2018

 

18,677

 

2,215

 

$

4,903

 

$

140,114

 

$

520,784

 

$

(1,793)

 

$

664,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 —

 

 

 —

 

 

17,411

 

 

 

 

17,411

 

Net change in accumulated other comprehensive income

 

 

 

 

 —

 

 

 —

 

 

 

 

(326)

 

 

(326)

 

Dividends declared on Common Stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Shares ($0.242 per share)

 

 

 —

 

 

 

 

 

 

(4,517)

 

 

 

 

(4,517)

 

Class B Shares ($0.220 per share)

 

 

 —

 

 

 

 

 

 

(487)

 

 

 

 

(487)

 

Stock options exercised, net of shares withheld

 

 1

 

 —

 

 

 —

 

 

35

 

 

 —

 

 

 

 

35

 

Conversion of Class B to Class A Common Shares

 

 2

 

(2)

 

 

 

 

 

 

 

 

 

 

 

Net change in notes receivable on Class A Common Stock

 

 

 —

 

 

 —

 

 

(25)