Oakworth Capital Inc. Reports 29% Increase in Diluted EPS
Oakworth's Chairman and CEO
Wealth assets increased 15% year-over-year and 7% linked-quarter to
At
About
Oakworth has been named the #1 "Best Bank to Work for" for the past six years in a row (2018-2023) by American Banker. Additionally, Oakworth has earned a Net Promoter Score (NPS) of 96 out of 100 (FY2023) and has a client retention rate of 97% in 2023. As of
For more information contact:
Phone: 205-263-4704
Email: jenifer.kimbrough@oakworth.com
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WEALTH AND TRUST (Unaudited) |
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(In millions) |
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As of |
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Change |
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Change |
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Wealth assets (non-balance sheet) |
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$ 2,156 |
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$ 2,016 |
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$ 1,896 |
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$ 1,987 |
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$ 1,875 |
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$ 140 |
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7 % |
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$ 281 |
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15 % |
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CONSOLIDATED CONDENSED STATEMENTS OF CONDITION (Unaudited) |
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(in thousands) |
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As of |
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Change |
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Change |
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Assets |
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Cash and due from banks |
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$ 126,215 |
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$ 158,403 |
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$ 116,065 |
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$ 140,421 |
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$ 69,575 |
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$ (32,188) |
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-20 % |
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$ 56,640 |
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81 % |
Federal funds sold |
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1,650 |
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3,925 |
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2,225 |
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3,825 |
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3,025 |
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(2,275) |
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-58 % |
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(1,375) |
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-45 % |
Securities available for sale |
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147,576 |
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143,947 |
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137,907 |
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135,433 |
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136,234 |
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3,629 |
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3 % |
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11,342 |
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8 % |
Loans, net of unearned income |
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1,280,129 |
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1,244,133 |
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1,146,526 |
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1,107,028 |
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1,076,532 |
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35,996 |
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3 % |
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203,597 |
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19 % |
Allowance for loan losses |
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(15,048) |
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(14,652) |
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(13,575) |
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(13,144) |
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(12,808) |
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(396) |
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3 % |
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(2,240) |
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17 % |
Loans, net |
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1,265,081 |
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1,229,481 |
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1,132,951 |
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1,093,884 |
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1,063,724 |
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35,600 |
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3 % |
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201,357 |
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19 % |
Fixed assets |
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4,998 |
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4,681 |
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4,758 |
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4,626 |
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3,314 |
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317 |
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7 % |
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1,684 |
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51 % |
Interest receivable |
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6,279 |
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6,284 |
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5,932 |
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4,791 |
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4,752 |
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(5) |
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0 % |
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1,527 |
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32 % |
Other assets |
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47,856 |
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48,506 |
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50,209 |
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45,999 |
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44,986 |
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(650) |
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-1 % |
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2,870 |
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6 % |
Total assets |
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$ 1,599,655 |
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$ 1,595,227 |
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$ 1,450,047 |
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$ 1,428,979 |
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$ 1,325,610 |
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$ 4,428 |
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0 % |
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$ 274,045 |
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21 % |
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Liabilities and Stockholders' Equity |
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Liabilities: |
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Deposits: |
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Non-interest bearing deposits |
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$ 266,083 |
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$ 319,986 |
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$ 278,822 |
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$ 301,821 |
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$ 324,649 |
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$ (53,903) |
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-17 % |
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$ (58,566) |
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-18 % |
Interest-bearing deposits |
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1,166,594 |
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1,105,921 |
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963,044 |
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922,391 |
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802,946 |
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60,673 |
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5 % |
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363,648 |
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45 % |
Total deposits |
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1,432,677 |
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1,425,907 |
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1,241,866 |
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1,224,212 |
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1,127,595 |
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6,770 |
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0 % |
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305,082 |
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27 % |
Total Borrowings |
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34,227 |
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34,204 |
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74,180 |
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74,158 |
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74,134 |
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23 |
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0 % |
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(39,907) |
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-54 % |
Accrued interest payable |
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703 |
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1,070 |
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455 |
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982 |
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425 |
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(367) |
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-34 % |
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278 |
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65 % |
Other liabilities |
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18,005 |
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23,794 |
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21,840 |
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17,960 |
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14,937 |
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(5,789) |
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-24 % |
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3,068 |
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21 % |
Total liabilities |
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1,485,612 |
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1,484,975 |
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1,338,341 |
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1,317,312 |
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1,217,091 |
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637 |
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0 % |
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268,521 |
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22 % |
Total stockholders' equity |
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114,043 |
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110,252 |
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111,706 |
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111,667 |
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108,519 |
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3,791 |
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3 % |
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5,524 |
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5 % |
Total liabilities and stockholders' equity |
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$ 1,599,655 |
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$ 1,595,227 |
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$ 1,450,047 |
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$ 1,428,979 |
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$ 1,325,610 |
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$ 4,428 |
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0 % |
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$ 274,045 |
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21 % |
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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) |
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(in thousands) |
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Quarter Ended |
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Change |
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Change |
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1Q24 vs. 4Q23 |
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1Q24 vs. 1Q23 |
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Interest income: |
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Loans, including fees |
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$ 22,056 |
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$ 20,322 |
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$ 19,204 |
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$ 18,193 |
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$ 15,864 |
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$ 1,734 |
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9 % |
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$ 6,192 |
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39 % |
Securities available for sale |
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1,030 |
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977 |
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899 |
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825 |
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811 |
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53 |
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5 % |
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219 |
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27 % |
Short term investments |
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1,134 |
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1,463 |
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1,608 |
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991 |
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909 |
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(329) |
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-22 % |
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225 |
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25 % |
Total interest income |
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24,220 |
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22,762 |
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21,711 |
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20,009 |
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17,584 |
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1,458 |
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6 % |
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6,636 |
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38 % |
Interest expense: |
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Deposits |
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11,189 |
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9,976 |
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9,200 |
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7,585 |
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5,729 |
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1,213 |
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12 % |
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5,460 |
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95 % |
Borrowings |
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548 |
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1,219 |
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1,097 |
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1,072 |
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638 |
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(671) |
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-55 % |
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(90) |
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-14 % |
Total interest expense |
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11,737 |
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11,195 |
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10,297 |
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8,657 |
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6,367 |
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542 |
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5 % |
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5,370 |
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84 % |
Net interest income |
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12,483 |
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11,567 |
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11,414 |
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11,352 |
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11,217 |
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916 |
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8 % |
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1,266 |
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11 % |
Provision for loan losses |
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396 |
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10,792 |
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431 |
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335 |
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1,116 |
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(10,396) |
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-96 % |
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(720) |
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-65 % |
Net interest income after provision |
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12,087 |
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775 |
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10,983 |
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11,017 |
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10,101 |
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11,312 |
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1460 % |
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1,986 |
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20 % |
for loan losses |
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Non-interest income |
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4,219 |
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3,753 |
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3,836 |
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3,392 |
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3,297 |
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466 |
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12 % |
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922 |
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28 % |
Non-interest expense |
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11,320 |
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11,013 |
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10,640 |
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10,151 |
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9,447 |
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307 |
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3 % |
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1,873 |
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20 % |
Income before income taxes |
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4,986 |
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(6,485) |
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4,179 |
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4,258 |
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3,951 |
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11,471 |
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177 % |
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1,035 |
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26 % |
Provision for income taxes |
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1,056 |
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(1,752) |
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1,035 |
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1,011 |
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934 |
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2,808 |
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160 % |
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122 |
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13 % |
Net Income |
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3,930 |
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(4,733) |
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3,144 |
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3,247 |
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3,017 |
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8,663 |
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183 % |
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913 |
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30 % |
Earnings per share - basic |
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$ 0.80 |
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$ (0.97) |
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$ 0.64 |
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$ 0.66 |
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$ 0.62 |
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$ 1.76 |
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183 % |
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$ 0.18 |
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29 % |
Earnings per share - diluted |
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$ 0.80 |
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$ (0.97) |
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$ 0.64 |
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$ 0.66 |
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$ 0.62 |
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$ 1.76 |
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183 % |
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$ 0.18 |
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29 % |
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CONSOLIDATED CONDENSED STATEMENTS OF INCOME (Unaudited) |
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(in thousands) |
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YTD Period Ended |
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Change |
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Interest income: |
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Loans, including fees |
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$ 22,056 |
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$ 15,864 |
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$ 6,192 |
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39 % |
Securities available for sale |
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1,030 |
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811 |
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219 |
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27 % |
Short term investments |
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1,134 |
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|
909 |
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225 |
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25 % |
Total interest income |
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24,220 |
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17,584 |
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6,636 |
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38 % |
Interest expense: |
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Deposits |
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11,189 |
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5,729 |
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5,460 |
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95 % |
Borrowings |
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548 |
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638 |
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(90) |
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-14 % |
Total interest expense |
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11,737 |
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6,367 |
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5,370 |
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84 % |
Net interest income |
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12,483 |
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11,217 |
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1,266 |
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11 % |
Provision for loan losses |
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396 |
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1,116 |
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(720) |
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-65 % |
Net interest income after provision |
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12,087 |
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10,101 |
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1,986 |
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20 % |
for loan losses |
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Non-interest income |
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4,219 |
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3,297 |
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922 |
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28 % |
Non-interest expense |
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11,320 |
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9,447 |
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1,873 |
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20 % |
Income before income taxes |
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4,986 |
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3,951 |
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1,035 |
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26 % |
Provision for income taxes |
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1,056 |
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|
934 |
|
122 |
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13 % |
Net Income |
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3,930 |
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3,017 |
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913 |
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30 % |
Earnings per share - basic |
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$ 0.80 |
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$ 0.62 |
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$ 0.18 |
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29 % |
Earnings per share - diluted |
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$ 0.80 |
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$ 0.62 |
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$ 0.18 |
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29 % |
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