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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 June 30, 2020

 

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: 0-13358

 

Capital City Bank Group, Inc.

(Exact name of Registrant as specified in its charter)

 

Florida

 

59-2273542

(State or other jurisdiction of incorporation or organization)

 

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

 

217 North Monroe Street, Tallahassee, Florida

 

32301

(Address of principal executive office)

 

(Zip Code)

 

(850) 402-7821

 

 

(Registrant's telephone number, including area code)

 

 

 

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, Par value $0.01

CCBG

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 [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 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 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]

 

At July 31, 2020, 16,780,276 shares of the Registrant's Common Stock, $.01 par value, were outstanding.

 


 

CAPITAL CITY BANK GROUP, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED JUNE 30, 2020

TABLE OF CONTENTS

 

PART I – Financial Information

 

Page

 

Item 1.

Consolidated Financial Statements (Unaudited)

 

 

Consolidated Statements of Financial Condition – June 30, 2020 and December 31, 2019

4

 

Consolidated Statements of Income – Three and Six Months Ended June 30, 2020 and 2019

5

 

Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2020 and 2019

6

 

Consolidated Statements of Changes in Shareowners’ Equity – Three and Six Months Ended June 30, 2020 and 2019

7

 

Consolidated Statements of Cash Flows – Six Months Ended June 30, 2020 and 2019

8

 

Notes to Consolidated Financial Statements

9

 

 

 

Item 2.

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

36

 

 

 

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

54

 

 

 

Item 4.

Controls and Procedures

54

 

 

 

PART II – Other Information

 

 

 

Item 1.

Legal Proceedings

54

 

 

 

Item 1A.

Risk Factors

54

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

54

 

 

 

Item 3.

Defaults Upon Senior Securities

55

 

 

 

Item 4.

Mine Safety Disclosure

55

 

 

 

Item 5.

Other Information

55

 

 

 

Item 6.

Exhibits

56

 

 

 

Signatures

 

57

 

 

 

 

 

 

 

 

 

 

 

2


 

INTRODUCTORY NOTE

Caution Concerning Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements about our beliefs, plans, objectives, goals, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “goal,” and similar expressions are intended to identify forward-looking statements.

 

All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward-looking statements.

 

Our ability to achieve our financial objectives could be adversely affected by the factors discussed in detail in Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q and the following sections of our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Form 10-K”): (a) “Introductory Note” in Part I, Item 1. “Business”; (b) “Risk Factors” in Part I, Item 1A, as updated in our subsequent quarterly reports filed on Form 10-Q; and (c) “Introduction” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in Part II, Item 7, as well as:

 

the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations and financial condition, including the impact of our participation in government programs related to COVID-19;

our ability to successfully manage interest rate risk, liquidity risk, and other risks inherent to our industry;

legislative or regulatory changes;

changes in monetary and fiscal policies of the U.S. Government;

inflation, interest rate, market and monetary fluctuations;

the effects of security breaches and computer viruses that may affect our computer systems or fraud related to debit card products;

the accuracy of our financial statement estimates and assumptions, including the estimates used for our loan loss reserve, deferred tax asset valuation and pension plan;

changes in accounting principles, policies, practices or guidelines;

the frequency and magnitude of foreclosure of our loans;

the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations;

the strength of the United States economy in general and the strength of the local economies in which we conduct operations;

our ability to declare and pay dividends, the payment of which is subject to our capital requirements;

changes in the securities and real estate markets;

the effect of corporate restructuring, acquisitions or dispositions, including the actual restructuring and other related charges and the failure to achieve the expected gains, revenue growth or expense savings from such corporate restructuring, acquisitions or dispositions;

the effects of natural disasters, harsh weather conditions (including hurricanes), widespread health emergencies, military conflict, terrorism, civil unrest or other geopolitical events;

our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate;

the willingness of clients to accept third-party products and services rather than our products and services and vice versa;

increased competition and its effect on pricing;

technological changes;

negative publicity and the impact on our reputation;

changes in consumer spending and saving habits;

growth and profitability of our noninterest income;

the limited trading activity of our common stock;

the concentration of ownership of our common stock;

anti-takeover provisions under federal and state law as well as our Articles of Incorporation and our Bylaws;

other risks described from time to time in our filings with the Securities and Exchange Commission; and

our ability to manage the risks involved in the foregoing.

 

However, other factors besides those listed in Item 1A Risk Factors or discussed in this Form 10-Q also could adversely affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by us or on our behalf speak only as of the date they are made. We do not undertake to update any forward-looking statement, except as required by applicable law.

3


 

PART I. FINANCIAL INFORMATION

Item 1.

 

 

 

 

 

 

 

 

CAPITAL CITY BANK GROUP, INC.

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

 

 

June 30,

 

December 31,

(Dollars in Thousands)

2020

 

2019

ASSETS

 

 

 

 

 

Cash and Due From Banks

$

75,155

 

$

60,087

Federal Funds Sold and Interest Bearing Deposits

 

513,273

 

 

318,336

 

 

Total Cash and Cash Equivalents

 

588,428

 

 

378,423

 

 

 

 

 

 

 

 

Investment Securities, Available for Sale, at fair value

 

341,180

 

 

403,601

Investment Securities, Held to Maturity, (fair value of $238,499 and $241,429

 

232,178

 

 

239,539

 

 

Total Investment Securities

 

573,358

 

 

643,140

 

 

 

 

 

 

 

 

Loans Held For Sale, at fair value

 

76,610

 

 

9,509

 

 

 

 

 

 

 

 

Loans Held for Investment

 

2,022,177

 

 

1,835,929

 

Allowance for Credit Losses

 

(22,457)

 

 

(13,905)

 

 

Loans Held for Investment, Net

 

1,999,720

 

 

1,822,024

 

 

 

 

 

 

 

 

Premises and Equipment, Net

 

87,972

 

 

84,543

Goodwill

 

89,095

 

 

84,811

Other Real Estate Owned

 

1,059

 

 

953

Other Assets

 

83,282

 

 

65,550

 

 

Total Assets

$

3,499,524

 

$

3,088,953

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest Bearing Deposits

$

1,377,032

 

$

1,044,699

 

Interest Bearing Deposits

 

1,577,964

 

 

1,600,755

 

 

Total Deposits

 

2,954,996

 

 

2,645,454

 

 

 

 

 

 

 

 

Short-Term Borrowings

 

63,958

 

 

6,404

Subordinated Notes Payable

 

52,887

 

 

52,887

Other Long-Term Borrowings

 

5,583

 

 

6,514

Other Liabilities

 

75,702

 

 

50,678

 

 

Total Liabilities

 

3,153,126

 

 

2,761,937

 

 

 

 

 

 

 

 

Temporary Equity

 

11,341

 

 

-

 

 

 

 

 

 

 

 

SHAREOWNERS’ EQUITY

 

 

 

 

 

Preferred Stock, $.01 par value; 3,000,000 shares authorized; no shares issued and outstanding

 

-

 

 

-

Common Stock, $.01 par value; 90,000,000 shares authorized; 16,780,276 and 16,771,544 shares

 

 

 

 

issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

168

 

 

168

Additional Paid-In Capital

 

31,575

 

 

32,092

Retained Earnings

 

328,570

 

 

322,937

Accumulated Other Comprehensive Loss, net of tax

 

(25,256)

 

 

(28,181)

Total Shareowners’ Equity

 

335,057

 

 

327,016

Total Liabilities, Temporary Equity and Shareowners' Equity

$

3,499,524

 

$

3,088,953

 

 

 

 

 

 

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

4


 

CAPITAL CITY BANK GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

(Dollars in Thousands, Except Per Share Data)

2020

 

2019

 

2020

 

2019

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

Loans, including Fees

$

23,687

 

$

23,765

 

$

47,280

 

$

46,381

Investment Securities:

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

2,708

 

 

3,301

 

 

5,704

 

 

6,688

 

Tax Exempt

 

29

 

 

92

 

 

48

 

 

218

Federal Funds Sold and Interest Bearing Deposits

 

88

 

 

1,507

 

 

845

 

 

3,100

Total Interest Income

 

26,512

 

 

28,665

 

 

53,877

 

 

56,387

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

218

 

 

1,988

 

 

1,157

 

 

4,087

Short-Term Borrowings

 

421

 

 

31

 

 

553

 

 

66

Subordinated Notes Payable

 

374

 

 

596

 

 

845

 

 

1,204

Other Long-Term Borrowings

 

41

 

 

66

 

 

91

 

 

138

Total Interest Expense

 

1,054

 

 

2,681

 

 

2,646

 

 

5,495

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INTEREST INCOME

 

25,458

 

 

25,984

 

 

51,231

 

 

50,892

Provision for Credit Losses

 

2,005

 

 

646

 

 

6,995

 

 

1,413

Net Interest Income After Provision For Credit Losses

 

23,453

 

 

25,338

 

 

44,236

 

 

49,479

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

Deposit Fees

 

3,756

 

 

4,756

 

 

8,771

 

 

9,531

Bank Card Fees

 

3,142

 

 

3,036

 

 

6,193

 

 

5,891

Wealth Management Fees

 

2,554

 

 

2,404

 

 

5,158

 

 

4,727

Mortgage Banking Revenues

 

17,814

 

 

1,199

 

 

20,844

 

 

2,192

Other

 

2,933

 

 

1,375

 

 

4,711

 

 

2,981

Total Noninterest Income

 

30,199

 

 

12,770

 

 

45,677

 

 

25,322

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

Compensation

 

23,658

 

 

16,437

 

 

43,394

 

 

32,786

Occupancy, Net

 

5,798

 

 

4,537

 

 

10,777

 

 

9,046

Other Real Estate Owned, Net

 

116

 

 

75

 

 

(682)

 

 

438

Other

 

7,731

 

 

7,347

 

 

14,783

 

 

14,324

Total Noninterest Expense

 

37,303

 

 

28,396

 

 

68,272

 

 

56,594

 

 

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE INCOME TAXES

 

16,349

 

 

9,712

 

 

21,641

 

 

18,207

Income Tax Expense

 

2,950

 

 

2,387

 

 

4,232

 

 

4,446

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

13,399

 

 

7,325

 

 

17,409

 

 

13,761

Net Income Attributable to Noncontrolling Interests

 

(4,253)

 

 

-

 

 

(3,976)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS

$

9,146

 

$

7,325

 

$

13,433

 

$

13,761

 

 

 

 

 

 

 

 

 

 

 

 

 

BASIC NET INCOME PER SHARE

$

0.55

 

$

0.44

 

$

0.80

 

$

0.82

DILUTED NET INCOME PER SHARE

$

0.55

 

$

0.44

 

$

0.80

 

$

0.82

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Common Basic Shares Outstanding

 

16,797

 

 

16,791

 

 

16,803

 

 

16,791

Average Common Diluted Shares Outstanding

 

16,839

 

 

16,818

 

 

16,844

 

 

16,820

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

5


 

CAPITAL CITY BANK GROUP, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

(Dollars in Thousands)

2020

 

2019

 

2020

 

2019

NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS

$

9,146

 

$

7,325

 

$

13,433

 

$

13,761

Other comprehensive income, before tax:

 

 

 

 

 

 

 

 

 

 

 

Change in net unrealized gain/loss on securities available for sale

 

424

 

 

1,736

 

 

3,962

 

 

2,985

Amortization of unrealized losses on securities transferred from

 

 

 

 

 

 

 

 

 

 

 

available for sale to held to maturity

 

9

 

 

11

 

 

18

 

 

22

Total Investment Securities

 

433

 

 

1,747

 

 

3,980

 

 

3,007

Change in net unrealized gain/loss on interest rate swap

 

(104)

 

 

-

 

 

(104)

 

 

-

Other comprehensive income, before tax

 

329

 

 

1,747

 

 

3,876

 

 

3,007

Deferred tax expense related to other comprehensive income

 

52

 

 

443

 

 

951

 

 

762

Other comprehensive income, net of tax

 

277

 

 

1,304

 

 

2,925

 

 

2,245

Total comprehensive income attributable to common shareowners

$

9,423

 

$

8,629

 

$

16,358

 

$

16,006

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

6


 

CAPITAL CITY BANK GROUP, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREOWNERS' EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Comprehensive

 

 

 

 

Shares

Common

 

Paid-In

 

Retained

 

(Loss) Income,

 

 

 

(Dollars In Thousands, Except Share Data)

Outstanding

Stock

 

Capital

 

Earnings

 

Net of Taxes

 

Total

Three Months Ended:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, April 1, 2020

16,811,781

 

$

168

 

$

32,100

 

$

321,772

 

$

(25,533)

 

$

328,507

Net Income

-

 

 

-

 

 

-

 

 

9,146

 

 

-

 

 

9,146

Other Comprehensive Income, net of tax

-

 

 

-

 

 

-

 

 

-

 

 

277

 

 

277

Cash Dividends ($0.1400 per share)

-

 

 

-

 

 

-

 

 

(2,348)

 

 

-

 

 

(2,348)

Repurchase of Common Stock

(43,878)

 

 

-

 

 

(863)

 

 

-

 

 

-

 

 

(863)

Stock Based Compensation

-

 

 

-

 

 

77

 

 

-

 

 

-

 

 

77

Stock Compensation Plan Transactions, net

12,373

 

 

-

 

 

261

 

 

-

 

 

-

 

 

261

Balance, June 30, 2020

16,780,276

 

$

168

 

$

31,575

 

$

328,570

 

$

(25,256)

 

$

335,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, April 1, 2019

16,812,460

 

$

168

 

$

31,929

 

$

304,763

 

$

(27,874)

 

$

308,986

Net Income

-

 

 

-

 

 

-

 

 

7,325

 

 

-

 

 

7,325

Other Comprehensive Income, net of tax

-

 

 

-

 

 

-

 

 

-

 

 

1,304

 

 

1,304

Cash Dividends ($0.1100 per share)

-

 

 

-

 

 

-

 

 

(1,841)

 

 

-

 

 

(1,841)

Repurchase of Common Stock

(77,000)

 

 

(1)

 

 

(1,805)

 

 

-

 

 

-

 

 

(1,806)

Stock Based Compensation

-

 

 

-

 

 

386

 

 

-

 

 

-

 

 

386

Stock Compensation Plan Transactions, net

10,406

 

 

-

 

 

241

 

 

-

 

 

-

 

 

241

Balance, June 30, 2019

16,745,866

 

$

167

 

$

30,751

 

$

310,247

 

$

(26,570)

 

$

314,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Comprehensive

 

 

 

 

Shares

 

Common

 

Paid-In

 

Retained

 

(Loss), Income

 

 

 

(Dollars In Thousands, Except Share Data)

Outstanding

 

Stock

 

Capital

 

Earnings

 

Net of Taxes

 

Total

Balance, January 1, 2020

16,771,544

 

$

168

 

$

32,092

 

$

322,937

 

$

(28,181)

 

$

327,016

Adoption of ASC 326 - See Note 1

-

 

 

-

 

 

-

 

 

(3,095)

 

 

-

 

 

(3,095)

Net Income

-

 

 

-

 

 

-

 

 

13,433

 

 

-

 

 

13,433

Other Comprehensive Income, net of tax

-

 

 

-

 

 

-

 

 

-

 

 

2,925

 

 

2,925

Cash Dividends ($0.2800 per share)

-

 

 

-

 

 

-

 

 

(4,705)

 

 

-

 

 

(4,705)

Repurchase of Common Stock

(76,952)

 

 

(1)

 

 

(1,570)

 

 

-

 

 

-

 

 

(1,571)

Stock Based Compensation

-

 

 

-

 

 

368

 

 

-

 

 

-

 

 

368

Stock Compensation Plan Transactions, net

85,684

 

 

1

 

 

685

 

 

-

 

 

-

 

 

686

Balance, June 30, 2020

16,780,276

 

$

168

 

$

31,575

 

$

328,570

 

$

(25,256)

 

$

335,057

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2019

16,747,571

 

$

167

 

$

31,058

 

$

300,177

 

$

(28,815)

 

$

302,587

Net Income

-

 

 

-

 

 

-

 

 

13,761

 

 

-

 

 

13,761

Other Comprehensive Income, net of tax

-

 

 

-

 

 

-

 

 

-

 

 

2,245

 

 

2,245

Cash Dividends ($0.2200 per share)

-

 

 

-

 

 

-

 

 

(3,691)

 

 

-

 

 

(3,691)

Repurchase of Common Stock

(77,000)

 

 

(1)

 

 

(1,805)

 

 

-

 

 

-

 

 

(1,806)

Stock Based Compensation

-

 

 

-

 

 

885

 

 

-

 

 

-

 

 

885

Stock Compensation Plan Transactions, net

75,295

 

 

1

 

 

613

 

 

-

 

 

-

 

 

614

Balance, June 30, 2019

16,745,866

 

$

167

 

$

30,751

 

$

310,247

 

$

(26,570)

 

$

314,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

 

7


 

CAPITAL CITY BANK GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

Six Months Ended June 30,

(Dollars in Thousands)

2020

 

2019

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

Net Income

$

13,433

 

$

13,761

Adjustments to Reconcile Net Income to

 

 

 

 

 

Cash Provided by Operating Activities:

 

 

 

 

 

Provision for Credit Losses

 

6,995

 

 

1,413

Depreciation

 

3,400

 

 

3,148

Amortization of Premiums, Discounts and Fees, net

 

3,414

 

 

2,520

Originations of Loans Held-for-Sale

 

(431,775)

 

 

(94,776)

Proceeds From Sales of Loans Held-for-Sale

 

385,518

 

 

93,952

Net Gain From Sales of Loans Held-for-Sale

 

(20,844)

 

 

(2,192)

Stock Compensation

 

368

 

 

885

Net Tax Benefit From Stock-Based Compensation

 

(84)