eqbk-10q_20180930.htm

 

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, 2018

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 001-37624

 

EQUITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

 

Kansas

 

72-1532188

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

7701 East Kellogg Drive, Suite 300

Wichita, KS

 

 

67207

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: 316.612.6000

 

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, 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 Act). ☐ Yes ☒ No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

 

 

Shares outstanding as of

November 2, 2018

Class A Common Stock, par value $0.01 per share

15,792,695

Class B Non-Voting Common Stock, par value $0.01 per share

                 0

 


TABLE OF CONTENTS

 

Part I

Financial Information

5

Item 1.

Financial Statements

5

 

Consolidated Balance Sheets

5

 

Consolidated Statements of Income

6

 

Consolidated Statements of Comprehensive Income

7

 

Consolidated Statements of Stockholders’ Equity

8

 

Consolidated Statements of Cash Flows

10

 

Condensed Notes to Interim Consolidated Financial Statements

12

Item 2.

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

40

 

Overview

40

 

Critical Accounting Policies

42

 

Results of Operations

44

 

Financial Condition

56

 

Liquidity and Capital Resources

68

 

Non-GAAP Financial Measures

70

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

73

Item 4.

Controls and Procedures

75

Part II

Other Information

76

Item 1.

Legal Proceedings

76

Item 1A.

Risk Factors

76

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

76

Item 3.

Defaults Upon Senior Securities

76

Item 4.

Mine Safety Disclosures

76

Item 5.

Other Information

76

Item 6.

Exhibits

76

 

Important Notice about Information in this Quarterly Report

Unless we state otherwise or the context otherwise requires, references in this Quarterly Report to “we,” “our,” “us,” “the Company” and “Equity” refer to Equity Bancshares, Inc. and its consolidated subsidiaries, including Equity Bank, which we sometimes refer to as “Equity Bank,” “the Bank” or “our Bank.”

The information contained in this Quarterly Report is accurate only as of the date of this Quarterly Report on Form 10-Q and as of the dates specified herein.

2


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance.  These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature.  These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control.  Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.  Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.  When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Item 1A - Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 16, 2018, and in Item 1A – Risk Factors of this Quarterly Report.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

 

an economic downturn, especially one affecting our core market areas;

 

the occurrence of various events that negatively impact the real estate market, since a significant portion of our loan portfolio is secured by real estate;

 

difficult or unfavorable conditions in the market for financial products and services generally;

 

interest rate fluctuations, which could have an adverse effect on our profitability;

 

external economic and/or market factors, such as changes in monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”), inflation or deflation, changes in the demand for loans, and fluctuations in consumer spending, borrowing and savings habits, which may have an adverse impact on our financial condition;

 

continued or increasing competition from other financial institutions, credit unions, and non-bank financial services companies, many of which are subject to different regulations than we are;

 

costs arising from the environmental risks associated with making loans secured by real estate;

 

losses resulting from a decline in the credit quality of the assets that we hold;

 

inadequacies in our allowance for loan losses, which could require us to take a charge to earnings and thereby adversely affect our financial condition;

 

inaccuracies or changes in the appraised value of real estate securing the loans that we originate, which could lead to losses if the real estate collateral is later foreclosed upon and sold at a price lower than the appraised value;

 

the costs of integrating the businesses we acquire, which may be greater than expected;

 

challenges arising from unsuccessful attempts to expand into new geographic markets, products, or services;

 

a lack of liquidity resulting from decreased loan repayment rates, lower deposit balances, or other factors;

 

restraints on the ability of Equity Bank to pay dividends to us, which could limit our liquidity;

 

the loss of our largest loan and depositor relationships;

 

limitations on our ability to lend and to mitigate the risks associated with our lending activities as a result of our size and capital position;

 

additional regulatory requirements and restrictions on our business, which could impose additional costs on us;

 

increased capital requirements imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all;

 

a failure in the internal controls we have implemented to address the risks inherent to the business of banking;

3


 

inaccuracies in our assumptions about future events, which could result in material differences between our financial projections and actual financial performance;

 

the departure of key members of our management personnel or our inability to hire qualified management personnel;

 

disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems;

 

unauthorized access to nonpublic personal information of our customers, which could expose us to litigation or reputational harm;

 

disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions;

 

the occurrence of adverse weather or man-made events, which could negatively affect our core markets or disrupt our operations;

 

an increase in FDIC deposit insurance assessments, which could adversely affect our earnings;

 

an inability to keep pace with the rate of technological advances due to a lack of resources to invest in new technologies; and

 

other factors that are discussed in “Item 1A - Risk Factors.”

The foregoing factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in this Quarterly Report.  If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate.  Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.  New risks and uncertainties arise from time to time, and it is not possible for us to predict those events or how they may affect us.  In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.  All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement.  This cautionary statement should also be considered in connection with any subsequent written or verbal forward-looking statements that we or persons acting on our behalf may issue.

 

 

4


PART I

 

 

Item 1: Financial Statements

EQUITY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

September 30, 2018 and December 31, 2017

(Dollar amounts in thousands)

 

 

 

(Unaudited)

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

60,195

 

 

$

48,034

 

Federal funds sold

 

 

1,184

 

 

 

4,161

 

Cash and cash equivalents

 

 

61,379

 

 

 

52,195

 

Interest-bearing time deposits in other banks

 

 

6,741

 

 

 

3,496

 

Available-for-sale securities

 

 

172,388

 

 

 

162,272

 

Held-to-maturity securities, fair value of $695,466 and $532,744

 

 

713,899

 

 

 

535,462

 

Loans held for sale

 

 

43,372

 

 

 

16,344

 

Loans, net of allowance for loan losses of $11,010 and $8,498

 

 

2,546,045

 

 

 

2,094,781

 

Other real estate owned, net

 

 

7,014

 

 

 

7,907

 

Premises and equipment, net

 

 

79,607

 

 

 

63,449

 

Bank-owned life insurance

 

 

72,587

 

 

 

68,384

 

Federal Reserve Bank and Federal Home Loan Bank stock

 

 

38,838

 

 

 

24,373

 

Interest receivable

 

 

17,129

 

 

 

12,371

 

Goodwill

 

 

131,723

 

 

 

104,907

 

Core deposit intangibles, net

 

 

22,466

 

 

 

10,738

 

Other

 

 

17,848

 

 

 

13,830

 

Total assets

 

$

3,931,036

 

 

$

3,170,509

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Demand

 

$

483,432

 

 

$

366,530

 

Total non-interest-bearing deposits

 

 

483,432

 

 

 

366,530

 

Savings, NOW, and money market

 

 

1,486,283

 

 

 

1,238,984

 

Time

 

 

851,531

 

 

 

776,499

 

Total interest-bearing deposits

 

 

2,337,814

 

 

 

2,015,483

 

Total deposits

 

 

2,821,246

 

 

 

2,382,013

 

Federal funds purchased and retail repurchase agreements

 

 

43,250

 

 

 

37,492

 

Federal Home Loan Bank advances

 

 

570,907

 

 

 

347,692

 

Bank stock loan

 

 

24,412

 

 

 

2,500

 

Subordinated debentures

 

 

14,186

 

 

 

13,968

 

Contractual obligations

 

 

1,734

 

 

 

1,967

 

Interest payable and other liabilities

 

 

12,064

 

 

 

10,733

 

Total liabilities

 

 

3,487,799

 

 

 

2,796,365

 

Commitments and contingent liabilities, see Notes 10 and 11

 

 

 

 

 

 

 

 

Stockholders’ equity, see Note 6

 

 

 

 

 

 

 

 

Common stock

 

 

173

 

 

 

161

 

Additional paid-in capital

 

 

378,516

 

 

 

331,339

 

Retained earnings

 

 

91,401

 

 

 

65,512

 

Accumulated other comprehensive loss

 

 

(7,077

)

 

 

(3,092

)

Employee stock loans

 

 

(121

)

 

 

(121

)

Treasury stock

 

 

(19,655

)

 

 

(19,655

)

Total stockholders’ equity

 

 

443,237

 

 

 

374,144

 

Total liabilities and stockholders’ equity

 

$

3,931,036

 

 

$

3,170,509

 

See accompanying condensed notes to interim consolidated financial statements.

5


EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

For the Three and Nine Months ended September 30, 2018 and 2017

(Dollar amounts in thousands, except per share data)

 

 

(Unaudited)

Three Months Ended

September 30,

 

 

(Unaudited)

Nine Months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

36,335

 

 

$

20,420

 

 

$

98,484

 

 

$

60,482

 

Securities, taxable

 

 

4,836

 

 

 

2,982

 

 

 

12,671

 

 

 

8,930

 

Securities, nontaxable

 

 

1,097

 

 

 

863

 

 

 

3,001

 

 

 

2,510

 

Federal funds sold and other

 

 

754

 

 

 

323

 

 

 

1,820

 

 

 

963

 

Total interest and dividend income

 

 

43,022

 

 

 

24,588

 

 

 

115,976

 

 

 

72,885

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

6,510

 

 

 

3,270

 

 

 

16,566

 

 

 

8,740

 

Federal funds purchased and retail repurchase agreements

 

 

30

 

 

 

15

 

 

 

77

 

 

 

40

 

Federal Home Loan Bank advances

 

 

3,155

 

 

 

731

 

 

 

6,548

 

 

 

1,967

 

Bank stock loan

 

 

265

 

 

 

 

 

 

448

 

 

 

 

Subordinated debentures

 

 

307

 

 

 

251

 

 

 

875

 

 

 

725

 

Total interest expense

 

 

10,267

 

 

 

4,267

 

 

 

24,514

 

 

 

11,472

 

Net interest income

 

 

32,755

 

 

 

20,321

 

 

 

91,462

 

 

 

61,413

 

Provision for loan losses

 

 

1,291

 

 

 

727

 

 

 

3,211

 

 

 

2,450

 

Net interest income after provision for loan losses

 

 

31,464

 

 

 

19,594

 

 

 

88,251

 

 

 

58,963

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,912

 

 

 

1,348

 

 

 

5,221

 

 

 

3,797

 

Debit card income

 

 

1,667

 

 

 

1,175

 

 

 

4,442

 

 

 

3,385

 

Mortgage banking

 

 

392

 

 

 

521

 

 

 

1,017

 

 

 

1,546

 

Increase in value of bank-owned life insurance

 

 

521

 

 

 

359

 

 

 

1,681

 

 

 

1,068

 

Net gain (loss) from securities transactions

 

 

(4

)

 

 

175

 

 

 

(14

)

 

 

271

 

Other

 

 

945

 

 

 

457

 

 

 

1,929

 

 

 

1,269

 

Total non-interest income

 

 

5,433

 

 

 

4,035

 

 

 

14,276

 

 

 

11,336

 

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

12,361

 

 

 

8,353

 

 

 

34,881

 

 

 

24,395

 

Net occupancy and equipment

 

 

2,125

 

 

 

1,603

 

 

 

5,938

 

 

 

4,621

 

Data processing

 

 

2,195

 

 

 

1,218

 

 

 

5,837

 

 

 

3,570

 

Professional fees

 

 

686

 

 

 

759

 

 

 

2,245

 

 

 

1,737

 

Advertising and business development

 

 

802

 

 

 

535

 

 

 

2,086

 

 

 

1,677

 

Telecommunications

 

 

451

 

 

 

275

 

 

 

1,252

 

 

 

966

 

FDIC insurance

 

 

457

 

 

 

290

 

 

 

1,211

 

 

 

615

 

Courier and postage

 

 

321

 

 

 

222

 

 

 

879

 

 

 

684

 

Free nationwide ATM cost

 

 

364

 

 

 

238

 

 

 

986

 

 

 

683

 

Amortization of core deposit intangibles

 

 

694

 

 

 

243

 

 

 

1,703

 

 

 

687

 

Loan expense

 

 

319

 

 

 

199

 

 

 

810

 

 

 

658

 

Other real estate owned

 

 

355

 

 

 

219

 

 

 

(48

)

 

 

494

 

Merger expenses

 

 

757

 

 

 

1,023

 

 

 

6,524

 

 

 

2,085

 

Other

 

 

1,760

 

 

 

1,211

 

 

 

4,945

 

 

 

3,873

 

Total non-interest expense

 

 

23,647

 

 

 

16,388

 

 

 

69,249

 

 

 

46,745

 

Income before income taxes

 

 

13,250

 

 

 

7,241

 

 

 

33,278

 

 

 

23,554

 

Provision for income taxes

 

 

2,928

 

 

 

2,084

 

 

 

7,378

 

 

 

7,179

 

Net income and net income allocable to common stockholders

 

$

10,322

 

 

$

5,157

 

 

$

25,900

 

 

$

16,375

 

Basic earnings per share

 

$

0.65

 

 

$

0.42

 

 

$

1.70

 

 

$

1.36

 

Diluted earnings per share

 

$

0.64

 

 

$

0.41

 

 

$

1.66

 

 

$

1.33

 

See accompanying condensed notes to interim consolidated financial statements.

6


EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three and Nine Months ended September 30, 2018 and 2017

(Dollar amounts in thousands)

 

 

 

(Unaudited)

Three Months Ended

September 30,

 

 

(Unaudited)

Nine Months Ended

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Net income

 

$

10,322

 

 

$

5,157

 

 

$

25,900

 

 

$

16,375

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period on

   available-for-sale securities

 

 

(1,565

)

 

 

119

 

 

 

(5,701

)

 

 

652

 

Amortization of unrealized losses on held-to-maturity securities

 

 

114

 

 

 

135

 

 

 

348

 

 

 

399

 

Reclassification adjustment for net gains included in net income

 

 

 

 

 

(175

)

 

 

 

 

 

(271

)

Total other comprehensive income (loss)

 

 

(1,451

)

 

 

79

 

 

 

(5,353

)

 

 

780

 

Tax effect

 

 

368

 

 

 

(30

)

 

 

1,357

 

 

 

(298

)

Other comprehensive income (loss), net of tax

 

 

(1,083

)

 

 

49

 

 

 

(3,996

)

 

 

482

 

Comprehensive income

 

$

9,239

 

 

$

5,206

 

 

$

21,904

 

 

$

16,857

 

See accompanying condensed notes to interim consolidated financial statements.

 

 

7


EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months ended September 30, 2018 and 2017

(Unaudited)

(Dollar amounts in thousands, except per share data)

 

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

Employee

 

 

 

 

 

 

Total

 

 

 

Shares

Outstanding

 

 

Amount

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Comprehensive

Income (loss)

 

 

Stock

Loans

 

 

Treasury

Stock

 

 

Stockholders’

Equity

 

Balance at July 1, 2017

 

 

12,206,319

 

 

$

137

 

 

$

252,469

 

 

$

55,546

 

 

$

(2,269

)

 

$

(170

)

 

$

(19,655

)

 

$

286,058

 

Net income

 

 

 

 

 

 

 

 

 

 

 

5,157

 

 

 

 

 

 

 

 

 

 

 

 

5,157

 

Other comprehensive income,

   net of tax effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49

 

 

 

 

 

 

 

 

 

49

 

Stock based compensation

 

 

 

 

 

 

 

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150

 

Common stock issued upon exercise of stock options

 

 

24,000

 

 

 

 

 

 

408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

408

 

Repayments on employee stock loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

Balance at September 30, 2017

 

 

12,230,319

 

 

$

137

 

 

$

253,027

 

 

$

60,703

 

 

$

(2,220

)

 

$

(157

)

 

$

(19,655

)

 

$

291,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2018

 

 

15,780,777

 

 

$

173

 

 

$

377,800

 

 

$

81,079

 

 

$

(5,994

)

 

$

(121

)

 

$

(19,655

)

 

$

433,282

 

Net income

 

 

 

 

 

 

 

 

 

 

 

10,322

 

 

 

 

 

 

 

 

 

 

 

 

10,322

 

Other comprehensive income,

   net of tax effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,083

)

 

 

 

 

 

 

 

 

(1,083

)

Stock based compensation

 

 

6,768

 

 

 

 

 

 

611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

611

 

Common stock issued upon

   exercise of stock options

 

 

5,150

 

 

 

 

 

 

105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105

 

Balance at September 30, 2018

 

 

15,792,695

 

 

$

173

 

 

$

378,516

 

 

$

91,401

 

 

$

(7,077

)

 

$

(121

)

 

$

(19,655

)

 

$

443,237

 

 

See accompanying condensed notes to interim consolidated financial statements.


8


EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Nine Months ended September 30, 2018 and 2017

(Unaudited)

(Dollar amounts in thousands, except per share data)

 

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

Accumulated

Other

 

 

Employee

 

 

 

 

 

 

Total

 

 

 

Shares

Outstanding

 

 

Amount

 

 

Paid-In

Capital

 

 

Retained

Earnings

 

 

Comprehensive

Income (loss)

 

 

Stock

Loans

 

 

Treasury

Stock

 

 

Stockholders’

Equity

 

Balance at January 1, 2017

 

 

11,680,308

 

 

$

132

 

 

$

236,103

 

 

$

44,328

 

 

$

(2,702

)

 

$

(242

)

 

$

(19,655

)

 

$

257,964

 

Net income

 

 

 

 

 

 

 

 

 

 

 

16,375

 

 

 

 

 

 

 

 

 

 

 

 

16,375

 

Other comprehensive income,

   net of tax effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

482

 

 

 

 

 

 

 

 

 

482

 

Stock based compensation

 

 

3,712

 

 

 

 

 

 

882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

882

 

Common stock issued upon exercise of stock options

 

 

66,834

 

 

 

 

 

 

1,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,134

 

Repayments on employee stock loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85

 

 

 

 

 

 

85

 

Issuance of common stock in connection with the acquisition of Prairie State Bancshares, Inc., net of issuance expenses of $329

 

 

479,465

 

 

 

5

 

 

 

14,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,913

 

Balance at September 30, 2017

 

 

12,230,319

 

 

$

137

 

 

$

253,027

 

 

$

60,703

 

 

$

(2,220

)

 

$

(157

)

 

$

(19,655

)

 

$

291,835

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2018

 

 

14,605,607

 

 

$

161

 

 

$

331,339

 

 

$

65,512

 

 

$

(3,092

)

 

$

(121

)

 

$

(19,655

)

 

$

374,144

 

Net income

 

 

 

 

 

 

 

 

 

 

 

25,900

 

 

 

 

 

 

 

 

 

 

 

 

25,900

 

Other comprehensive income,

   net of tax effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,996

)

 

 

 

 

 

 

 

 

(3,996

)

Stock based compensation

 

 

15,776

 

 

 

 

 

 

1,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,950

 

Common stock issued upon

   exercise of stock options

 

 

6,400

 

 

 

 

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

123