• Independent Bank Corporation Reports 2023 First Quarter Results

    Source: Nasdaq GlobeNewswire / 27 Apr 2023 07:59:46   America/New_York

    First Quarter Highlights

    Highlights for the first quarter of 2023 include:

    • Deposit growth of $93.1 million (excluding brokered time deposits) or 9.1% annualized;
    • An increase in net interest income of 16.5% over the first quarter of 2022;
    • An increase in book value and tangible book value per share of $0.90;
    • Net growth in loans of $44.5 million (or 5.2% annualized); and
    • The payment of a 23 cent per share dividend on common stock on February 24, 2023.

    GRAND RAPIDS, Mich., April 27, 2023 (GLOBE NEWSWIRE) -- Independent Bank Corporation (NASDAQ: IBCP) reported first quarter 2023 net income of $13.0 million, or $0.61 per diluted share, versus net income of $18.0 million, or $0.84 per diluted share, in the prior-year period.

    William B. (“Brad”) Kessel, the President and Chief Executive Officer of Independent Bank Corporation, commented: “Our deposit base has remained stable throughout the recent troubles experienced in the banking industry, and we have been able to remain focused on serving the needs of our customers and bringing in new relationships to the bank. As a result, I am pleased to report another quarter of strong financial results. We grew total loans by $44.5 million (5.2% annualized) while maintaining a low level of past dues. Importantly, we generated core deposit growth of $93.1 million (9.1% annualized) in the first quarter of 2023. Additionally, I am pleased with our team’s continued focus on efficiency and expense management. Independent Bank’s operating strategy remains unchanged as we continue to add talented bankers to the commercial banking team to assist in our goal of achieving a greater market share across our footprint. We have a granular deposit base, with approximately 22.6% of deposits uninsured and a high level of available liquidity with $2.4 billion in secured borrowing access and borrowing capacity on unpledged securities.”

    Significant items impacting comparable first quarter 2023 and 2022 results include the following:

    • Changes in the fair value due to price of capitalized mortgage loan servicing rights (the “MSR Changes”) of  $(0.6) million ($(0.02) per diluted share, after taxes) for the three-month period ended March 31, 2023, as compared to $8.5 million ($0.31 per diluted share, after taxes) for the three-months ended March 31, 2022.
    • The provision for credit losses on loans was a credit of $0.8 million ($0.03 per diluted share, after taxes) in the first quarter ended March 31, 2023, as compared to a credit of $1.6 million ($0.06 per diluted share, after taxes) in the first quarter ended March 31, 2022.
    • The provision for credit losses on securities held to maturity (“HTM”) was an expense of $3.0 million ($0.11 per diluted share, after taxes) in the first quarter ended March 31, 2023, as compared to a provision of zero in the first quarter ended March 31, 2022.

    Operating Results

    The Company’s net interest income totaled $38.4 million during the first quarter of 2023, an increase of $5.4 million, or 16.5% from the year-ago period, and down $2.2 million, or 5.3%, from the fourth quarter of 2022. The Company’s tax equivalent net interest income as a percent of average interest-earning assets (the “net interest margin”) was 3.33% during the first quarter of 2023, compared to 3.00% in the year-ago period, and 3.52% in the fourth quarter of 2022. The year-over-year quarterly increase in net interest income was due to an increase in average interest-earning assets as well as an increase in the net interest margin. The decrease in net interest income compared to the linked quarter was due to a decrease in net interest margin that was partially offset by an increase in average interest-earning assets. Average interest-earning assets were $4.70 billion in the first quarter of 2023, compared to $4.49 billion in the year ago quarter and $4.64 billion in the fourth quarter of 2022.

    Non-interest income totaled $10.6 million for the first quarter of 2023, compared to $18.9 million in the comparable prior year period. These changes were primarily due to variances in mortgage banking related revenues and a loss on securities available for sale.

    Net gains on mortgage loans in the first quarters of 2023 and 2022, were approximately $1.3 million and $0.8 million, respectively. The increase in net gains on mortgage loans was primarily due to a increase in the gain on sale margin on mortgage loan sold that was partially offset by a decrease in the volume of mortgage loans sold.

    Mortgage loan servicing, net, generated income of $0.7 million and $9.6 million in the first quarters of 2023 and 2022, respectively. The significant variance in mortgage loan servicing, net is primarily due to changes in the fair value of capitalized mortgage loan servicing rights associated with changes in mortgage loan interest rates and expected future prepayment levels. Mortgage loan servicing, net activity is summarized in the following table:

     Three months ended
     3/31/2023 3/31/2022
     (In thousands)
    Mortgage loan servicing, net:   
    Revenue, net$2,222  $2,083 
    Fair value change due to price (635)  8,452 
    Fair value change due to pay-downs (861)  (894)
    Total$726  $9,641 

    Non-interest expenses totaled $31.0 million in the first quarter of 2023, compared to $31.5 million in the year-ago period. This decrease is due in part to declines in compensation and employee benefits and occupancy, net, that were partially offset by increases in data processing and FDIC insurance expense. The decrease in compensation and employee benefits is primarily related to lower performance based compensation. The decrease in occupancy primarily relates to lower costs due to a reduction in snow removal expenses, a reduction in Covid-19 related expenses as well as generally lower number of properties maintained. The increase in data processing is generally attributed to the prior year including certain one-time credits from our data processing provider and an increase in cost due annual asset growth and CPI increases. The increase in FDIC deposit insurance is primarily attributed to a new two basis point increase in deposit insurance rate effective for us on January 1, 2023.

    The Company recorded income tax expense of $2.9 million in the first quarter of 2023. This compares to an income tax expense of $4.1 million in the first quarter of 2022. The changes in income tax expense principally reflect changes in pre-tax earnings in 2023 relative to 2022.

    Asset Quality

    A breakdown of non-performing loans by loan type is as follows:

     3/31/2023 12/31/2022 3/31/2022
    Loan Type(Dollars in thousands)
    Commercial$36  $38  $59 
    Mortgage 5,536   4,745   5,166 
    Installment 644   598   668 
    Sub total 6,216   5,381   5,893 
    Less - government guaranteed loans 2,330   1,660   859 
    Total non-performing loans$3,886  $3,721  $5,034 
    Ratio of non-performing loans to total portfolio loans 0.11%  0.11%  0.17%
    Ratio of non-performing assets to total assets 0.09%  0.08%  0.11%
    Ratio of allowance for credit losses to total non-performing loans 1300.82%  1409.16%  906.38%

    The provision for credit losses on loans was a credit of $0.8 million and $1.6 million in the first quarters of 2023 and 2022, respectively. The quarterly change in the provision for credit losses in 2023 compared to 2022, was primarily the result of a a decrease in the pooled loan reserve that was partially offset by a net change in subjective loan allocations. We recorded loan net charge offs of $1.1 million and $0.1 million in the first quarters of 2023 and 2022, respectively. At March 31, 2023, the allowance for credit losses for loans totaled $50.6 million, or 1.44% of total portfolio loans compared to $52.4 million, or 1.51% of total portfolio loans at December 31, 2022. The quarterly increase in the provision for credit losses for securities HTM in 2023 compared to 2022, was the result of a loss incurred on a $3.0 million subordinated debt security that defaulted during the quarter.

    Balance Sheet, Capital and Liquidity

    Total assets were $5.14 billion at March 31, 2023, an increase of $139.1 million from December 31, 2022. Loans, excluding loans held for sale, were $3.51 billion at March 31, 2023, compared to $3.47 billion at December 31, 2022.  Deposits totaled $4.54 billion at March 31, 2023, an increase of $165.7 million from December 31, 2022. This increase is primarily due to growth in savings and interest-bearing checking, reciprocal, time and brokered time deposit account balances that were partially offset by a decrease in non-interest bearing deposit account balances.

    Cash and cash equivalents totaled $227.0 million at March 31, 2023, versus $74.4 million at December 31, 2022. Securities available for sale (“AFS”) totaled $767.5 million at March 31, 2023, versus $779.3 million at December 31, 2022.

    Total shareholders’ equity was $367.7 million at March 31, 2023, or 7.16% of total assets compared to $347.6 million or 6.95% at December 31, 2022. Tangible common equity totaled $337.0 million at March 31, 2023, or $15.94 per share compared to $316.7 million or $15.04 per share at December 31, 2022. The increase in shareholder equity as well as tangible common equity are primarily the result of a decrease in accumulated other comprehensive loss related to unrealized losses on securities available for sale due to a decrease in interest rates as well as earnings retention.

    The Company’s wholly owned subsidiary, Independent Bank, remains significantly above “well capitalized” for regulatory purposes with the following ratios:

    Regulatory Capital Ratios3/31/2023 12/31/2022 Well
    Capitalized
    Minimum
          
    Tier 1 capital to average total assets8.61% 8.56% 5.00%
    Tier 1 common equity  to risk-weighted assets11.15% 10.97% 6.50%
    Tier 1 capital to risk-weighted assets11.15% 10.97% 8.00%
    Total capital to risk-weighted assets12.40% 12.22% 10.00%

    At March 31, 2023, in addition to liquidity available from our normal operating, funding, and investing activities, we had unused credit lines with the FHLB and FRB of approximately $930.1 million and $502.7 million, respectively. We also had approximately $928.5 million in fair value of unpledged securities AFS and HTM at March 31, 2023 which could be pledged for an estimated additional borrowing capacity at the FHLB and FRB of approximately $854.9 million.

    Share Repurchase Plan

    On December 20, 2022, the Board of Directors of the Company authorized the 2023 share repurchase plan. Under the terms of the 2023 share repurchase plan, the Company is authorized to purchase up to 1,100,000 shares, or approximately 5% of its then outstanding common stock. The repurchase plan is authorized to last through December 31, 2023. During the first quarter of 2023, the Company did not repurchase any shares.

    Earnings Conference Call

    Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP – Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, April 27, 2023.

    To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 892703). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following site/URL: https://events.q4inc.com/attendee/755279071.

    A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 373785). The replay will be available through May 4, 2023.

    About Independent Bank Corporation

    Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.1 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, consumer banking, investments and insurance. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

    For more information, please visit our Web site at: IndependentBank.com.

    Forward-Looking Statements
    This presentation contains forward-looking statements, which are any statements or information that are not historical facts. These forward-looking statements include statements about our anticipated future revenue and expenses and our future plans and prospects.

    Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. For example, deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect our revenues and the values of our assets and liabilities, reduce the availability of funding to us, lead to a tightening of credit, and increase stock price volatility. Our results could also be adversely affected by changes in interest rates; increases in unemployment rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of our investment securities; legal and regulatory developments; changes in customer behavior and preferences; breaches in data security; and management’s ability to effectively manage the multitude of risks facing our business. Key risk factors that could affect our future results are described in more detail in our Annual Report on Form 10-K for the year ended December 31, 2022 and the other reports we file with the SEC, including under the heading “Risk Factors.” Investors should not place undue reliance on forward-looking statements as a prediction of our future results.

    Any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    Contact:William B. Kessel, President and CEO, 616.447.3933
    Gavin A. Mohr, Chief Financial Officer, 616.447.3929

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Financial Condition

      March 31, 2023 December 31, 2022
      (Unaudited)
      (In thousands, except share
    amounts)
    Assets    
    Cash and due from banks $47,823  $70,180 
    Interest bearing deposits  179,196   4,191 
    Cash and Cash Equivalents  227,019   74,371 
    Securities available for sale  767,526   779,347 
    Securities held to maturity (fair value of $339,337 at March 31, 2023 and $335,418 at December 31, 2022)  369,577   374,818 
    Federal Home Loan Bank and Federal Reserve Bank stock, at cost  17,653   17,653 
    Loans held for sale, carried at fair value  16,935   26,518 
    Loans held for sale, carried at lower of cost or fair value     20,367 
    Loans    
    Commercial  1,471,293   1,466,853 
    Mortgage  1,408,229   1,368,409 
    Installment  630,287   630,090 
    Total Loans  3,509,809   3,465,352 
    Allowance for credit losses  (50,550)  (52,435)
    Net Loans  3,459,259   3,412,917 
    Other real estate and repossessed assets, net  499   455 
    Property and equipment, net  35,764   35,893 
    Bank-owned life insurance  55,314   55,204 
    Capitalized mortgage loan servicing rights, carried at fair value  41,923   42,489 
    Other intangibles  2,415   2,551 
    Goodwill  28,300   28,300 
    Accrued income and other assets  116,750   128,904 
    Total Assets $5,138,934  $4,999,787 
         
    Liabilities and Shareholders' Equity    
    Deposits    
    Non-interest bearing $1,192,396  $1,269,759 
    Savings and interest-bearing checking  1,975,098   1,973,308 
    Reciprocal  685,458   602,575 
    Time  407,267   321,492 
    Brokered time  284,530   211,935 
    Total Deposits  4,544,749   4,379,069 
    Other borrowings  50,029   86,006 
    Subordinated debt  39,452   39,433 
    Subordinated debentures  39,677   39,660 
    Accrued expenses and other liabilities  97,313   108,023 
    Total Liabilities  4,771,220   4,652,191 
         
    Shareholders’ Equity    
    Preferred stock, no par value, 200,000 shares authorized; none issued or outstanding      
    Common stock, no par value, 500,000,000 shares authorized; issued and outstanding: 21,138,303 shares at March 31, 2023 and 21,063,971 shares at December 31, 2022  321,026   320,991 
    Retained earnings  127,499   119,368 
    Accumulated other comprehensive loss  (80,811)  (92,763)
    Total Shareholders’ Equity  367,714   347,596 
    Total Liabilities and Shareholders’ Equity $5,138,934  $4,999,787 
             

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Consolidated Statements of Operations

      Three Months Ended
      March 31,
    2023
     December 31,
    2022
     March 31,
    2022
      (Unaudited)
    Interest Income (In thousands, except per share amounts)
    Interest and fees on loans $44,294  $42,093  $28,418 
    Interest on securities      
    Taxable  5,884   5,845   4,552 
    Tax-exempt  3,083   2,807   1,554 
    Other investments  675   233   217 
    Total Interest Income  53,936   50,978   34,741 
    Interest Expense      
    Deposits  13,760   8,543   767 
    Other borrowings and subordinated debt and debentures  1,735   1,833   973 
    Total Interest Expense  15,495   10,376   1,740 
    Net Interest Income  38,441   40,602   33,001 
    Provision for credit losses  2,160   1,390   (1,573)
    Net Interest Income After Provision for Credit Losses  36,281   39,212   34,574 
    Non-interest Income      
    Interchange income  3,205   3,402   3,082 
    Service charges on deposit accounts  2,857   3,153   2,957 
    Net gains (losses) on assets      
    Mortgage loans  1,256   1,486   835 
    Securities available for sale  (222)     70 
    Mortgage loan servicing, net  726   687   9,641 
    Other  2,729   2,740   2,363 
    Total Non-interest Income  10,551   11,468   18,948 
    Non-interest Expense      
    Compensation and employee benefits  19,339   20,394   20,130 
    Data processing  2,991   2,670   2,216 
    Occupancy, net  2,159   2,225   2,543 
    Interchange expense  1,049   1,042   1,011 
    Furniture, fixtures and equipment  926   933   1,045 
    FDIC deposit insurance  783   572   522 
    Legal and professional  607   588   493 
    Loan and collection  578   679   559 
    Advertising  495   489   680 
    Recoveries related to unfunded lending commitments  (475)  (77)  (355)
    Communications  668   629   757 
    Other  1,837   1,947   1,849 
    Total Non-interest Expense  30,957   32,091   31,450 
    Income Before Income Tax  15,875   18,589   22,072 
    Income tax expense  2,884   3,503   4,105 
    Net Income $12,991  $15,086  $17,967 
    Net Income Per Common Share      
    Basic $0.62  $0.72  $0.85 
    Diluted $0.61  $0.71  $0.84 
                 

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data

     March 31,
    2023
     December 31,
    2022
     September 30,
    2022
     June 30,
    2022
     March 31,
    2022
     (unaudited)
     (Dollars in thousands except per share data)
    Three Months Ended         
    Net interest income$38,441  $40,602  $39,897  $36,061  $33,001 
    Provision for credit losses 2,160   1,390   3,145   2,379   (1,573)
    Non-interest income 10,551   11,468   16,861   14,632   18,948 
    Non-interest expense 30,957   32,091   32,366   32,434   31,450 
    Income before income tax 15,875   18,589   21,247   15,880   22,072 
    Income tax expense 2,884   3,503   3,950   2,879   4,105 
    Net income$12,991  $15,086  $17,297  $13,001  $17,967 
              
    Basic earnings per share$0.62  $0.72  $0.82  $0.62  $0.85 
    Diluted earnings per share 0.61   0.71   0.81   0.61   0.84 
    Cash dividend per share 0.23   0.22   0.22   0.22   0.22 
              
    Average shares outstanding 21,103,831   21,064,556   21,057,673   21,070,266   21,191,860 
    Average diluted shares outstanding 21,296,980   21,266,876   21,251,933   21,266,476   21,398,128 
              
    Performance Ratios         
    Return on average assets 1.06%  1.21%  1.40%  1.10%  1.54%
    Return on average equity 14.77   17.94   20.48   15.68   19.38 
    Efficiency ratio (1) 62.07   60.82   56.26   62.50   59.62 
              
    As a Percent of Average Interest-Earning Assets (1)         
    Interest income 4.67%  4.41%  3.92%  3.47%  3.16%
    Interest expense 1.34   0.89   0.43   0.21   0.16 
    Net interest income 3.33   3.52   3.49   3.26   3.00 
              
    Average Balances         
    Loans$3,494,169  $3,449,944  $3,360,621  $3,145,095  $2,980,098 
    Securities 1,146,075   1,164,809   1,226,203   1,312,934   1,407,225 
    Total earning assets 4,696,786   4,637,475   4,610,307   4,493,714   4,492,757 
    Total assets 4,988,440   4,934,859   4,884,841   4,758,960   4,721,205 
    Deposits 4,417,106   4,350,748   4,326,958   4,221,047   4,158,528 
    Interest bearing liabilities 3,304,868   3,159,374   3,075,210   3,005,103   2,950,337 
    Shareholders' equity 356,720   333,610   335,120   332,610   376,010 

    (1) Presented on a fully tax equivalent basis assuming a marginal tax rate of 21%.

    INDEPENDENT BANK CORPORATION AND SUBSIDIARIES
    Selected Financial Data (continued)

     March 31,
    2023
     December 31,
    2022
     September 30, 2022 June 30, 2022 March 31, 2022
     (unaudited)
     (Dollars in thousands except per share data)
    End of Period         
    Capital         
    Tangible common equity ratio 6.60%  6.37%  6.15%  6.26%  6.85%
    Tangible common equity ratio excluding accumulated other comprehensive loss 7.95   7.98   7.86   7.78   7.80 
    Average equity to average assets 7.15   6.76   6.86   6.99   7.96 
    Total capital to risk-weighted assets (2) 13.80   13.62   13.58   13.64   14.81 
    Tier 1 capital to risk-weighted assets (2) 11.53   11.36   11.29   11.33   11.82 
    Common equity tier 1 capital to risk-weighted assets (2) 10.56   10.38   10.29   10.30   10.73 
    Tier 1 capital to average assets (2) 8.92   8.86   8.77   8.74   8.81 
    Common shareholders' equity per share of common stock$17.40  $16.50  $15.78  $15.73  $16.79 
    Tangible common equity per share of common stock 15.94   15.04   14.30   14.25   15.31 
    Total shares outstanding 21,138,303   21,063,971   21,063,954   21,049,218   21,168,230 
              
    Selected Balances         
    Loans$3,509,809  $3,465,352  $3,409,858  $3,258,850  $3,004,065 
    Securities 1,137,103   1,154,165   1,183,701   1,241,312   1,400,137 
    Total earning assets 4,860,696   4,688,246   4,633,876   4,552,185   4,514,590 
    Total assets 5,138,934   4,999,787   4,931,377   4,826,209   4,761,983 
    Deposits 4,544,749   4,379,069   4,327,028   4,290,574   4,205,498 
    Interest bearing liabilities 3,481,511   3,274,409   3,116,027   3,037,278   2,996,112 
    Shareholders' equity 367,714   347,596   332,308   331,134   355,449 

    (2) March 31, 2023 are Preliminary.


    Reconciliation of Non-GAAP Financial Measures
    Independent Bank Corporation

    Independent Bank Corporation believes non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts to evaluate the adequacy of common equity and performance trends.  Tangible common equity is used by the Company to measure the quality of capital.

    Reconciliation of Non-GAAP Financial Measures

     Three Months Ended March 31,
      2023   2022 
     (Dollars in thousands)
    Net Interest Margin, Fully Taxable Equivalent ("FTE")   
        
    Net interest income$38,441  $33,001 
    Add:  taxable equivalent adjustment 439   482 
    Net interest income - taxable equivalent$38,880  $33,483 
    Net interest margin (GAAP) (1) 3.29%  2.96%
    Net interest margin (FTE) (1) 3.33%  3.00%

    (1) Annualized.

      

    Tangible Common Equity Ratio

     March 31,
    2023
     December 31,
    2022
     September 30,
    2022
     June 30,
    2022
     March 31,
    2022
     (Dollars in thousands)
    Common shareholders' equity$367,714  $347,596  $332,308  $331,134  $355,449 
    Less:         
    Goodwill 28,300   28,300   28,300   28,300   28,300 
    Other intangibles 2,415   2,551   2,697   2,871   3,104 
    Tangible common equity 336,999   316,745   301,311   299,963   324,045 
    Addition:         
    Accumulated other comprehensive loss for regulatory purposes 75,013   86,966   91,248   79,206   48,617 
    Tangible common equity excluding other comprehensive loss adjustments$412,012  $403,711  $392,559  $379,169  $372,662 
              
    Total assets$5,138,934  $4,999,787  $4,931,377  $4,826,209  $4,761,983 
    Less:         
    Goodwill 28,300   28,300   28,300   28,300   28,300 
    Other intangibles 2,415   2,551   2,697   2,871   3,104 
    Tangible assets 5,108,219   4,968,936   4,900,380   4,795,038   4,730,579 
    Addition:         
    Net unrealized losses on available for sale securities and derivatives, net of tax 75,013   86,966   91,248   79,206   48,617 
    Tangible assets excluding other comprehensive loss adjustments$5,183,232  $5,055,902  $4,991,628  $4,874,244  $4,779,196 
              
    Common equity ratio 7.16%  6.95%  6.74%  6.86%  7.46%
    Tangible common equity ratio 6.60%  6.37%  6.15%  6.26%  6.85%
    Tangible common equity ratio excluding other comprehensive loss 7.95%  7.98%  7.86%  7.78%  7.80%
              
    Tangible Common Equity per Share of Common Stock:
              
    Common shareholders' equity$367,714  $347,596  $332,308  $331,134  $355,449 
    Tangible common equity$336,999  $316,745  $301,311  $299,963  $324,045 
    Shares of common stock outstanding (in thousands) 21,138   21,064   21,064   21,049   21,168 
              
    Common shareholders' equity per share of common stock$17.40  $16.50  $15.78  $15.73  $16.79 
    Tangible common equity per share of common stock$15.94  $15.04  $14.30  $14.25  $15.31 

    The tangible common equity ratio removes the effect of goodwill and other intangible assets from capital and total assets.  Tangible common equity per share of common stock removes the effect of goodwill and other intangible assets from common shareholders’ equity per share of common stock.


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