10-Q 1 soho-10q_20190630.htm 10-Q soho-10q_20190630.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 June 30, 2019

 

SOTHERLY HOTELS INC.

(Exact name of registrant as specified in its charter)

 

 

MARYLAND

001-32379

20-1531029

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

 

SOTHERLY HOTELS LP

(Exact name of registrant as specified in its charter)

 

 

DELAWARE

001-36091

20-1965427

(State or Other Jurisdiction of

Incorporation or Organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

 

410 West Francis Street

Williamsburg, Virginia 23185

(757) 229-5648

(Address and Telephone Number of Principal Executive Offices)

 

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.

Sotherly Hotels Inc.    Yes      No       Sotherly Hotels LP    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 (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

Sotherly Hotels Inc.    Yes      No       Sotherly Hotels LP    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 Securities Exchange Act. (Check one):

Sotherly Hotels Inc.

 

Large Accelerated Filer

 

 

Accelerated Filer

 

 

 

 

 

 

Non-accelerated Filer

 

 

Smaller Reporting Company

 

 

 

 

 

 

Emerging Growth Company

 

 

 

 

Sotherly Hotels LP

 

Large Accelerated Filer

 

 

Accelerated Filer

 

 

 

 

 

 

Non-accelerated Filer

 

 

Smaller Reporting Company

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    

Sotherly Hotels Inc.    Yes      No   Sotherly Hotels LP    Yes      No  

 


As of August 2, 2019, there were 14,222,378 shares of Sotherly Hotels Inc.’s common stock issued and outstanding.  

 

Securities registered or to be 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, $0.01 par value

SOHO

The NASDAQ Stock Market LLC

8.0% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value

SOHOB

The NASDAQ Stock Market LLC

7.875% Series C Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value

SOHOO

The NASDAQ Stock Market LLC

8.25% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value

SOHON

The NASDAQ Stock Market LLC

 

 

 


EXPLANATORY NOTE

We refer to Sotherly Hotels Inc. as the “Company,” Sotherly Hotels LP as the “Operating Partnership,” the Company’s common stock as “common stock,” the Company’s preferred stock as “preferred stock,” and the Operating Partnership’s preferred interest as the “preferred interest.”  References to “we” and “our” mean the Company, its Operating Partnership and its subsidiaries and predecessors, collectively, unless the context otherwise requires or where otherwise indicated.

The Company conducts virtually all of its activities through the Operating Partnership and is its sole general partner. The partnership agreement provides that the Operating Partnership will assume and pay when due, or reimburse the Company for payment of, all costs and expenses relating to the ownership and operations of, or for the benefit of, the Operating Partnership. The partnership agreement further provides that all expenses of the Company are deemed to be incurred for the benefit of the Operating Partnership.

This report combines the Quarterly Reports on Form 10-Q for the period ended June 30, 2019 of the Company and the Operating Partnership. We believe combining the quarterly reports into this single report results in the following benefits:

 

combined reports better reflect how management and investors view the business as a single operating unit;

 

combined reports enhance investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management;

 

combined reports are more efficient for the Company and the Operating Partnership and result in savings in time, effort and expense; and

 

combined reports are more efficient for investors by reducing duplicative disclosure and providing a single document for their review.

To help investors understand the significant differences between the Company and the Operating Partnership, this report presents the following separate sections for each of the Company and the Operating Partnership:

 

Consolidated Financial Statements;

 

the following Notes to Consolidated Financial Statements:

 

Note 7 – Preferred Stock and Units;

 

Note 8 – Common Stock and Units;

 

Note 13 – Income Per Share and Per Unit; and

 

Note 14 – Subsequent Events;

 

Item 4 - Controls and Procedures; and

 

Item 6 - Certifications of CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act.

 

 

3


SOTHERLY HOTELS INC.

SOTHERLY HOTELS LP

INDEX

 

 

 

 

 

Page

 

 

 

 

 

PART I

Item 1.

 

Consolidated Financial Statements

 

5

 

 

Sotherly Hotels Inc.

 

5

 

 

Consolidated Balance Sheets as of June 30, 2019 (unaudited) and December 31, 2018

 

5

 

 

Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2019 and 2018

 

6

 

 

Consolidated Statements of Changes in Equity (unaudited) for the Three Months Ended March 31 and June 30, 2019 and 2018

 

7

 

 

Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2019 and 2018

 

9

 

 

Sotherly Hotels LP

 

10

 

 

Consolidated Balance Sheets as of June 30, 2019 (unaudited) and December 31, 2018

 

10

 

 

Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2019 and 2018

 

11

 

 

Consolidated Statements of Changes in Partners’ Capital (unaudited) for the Three Months Ended March 31 and June 30, 2019 and 2018

 

12

 

 

Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2019 and 2018

 

14

 

 

Notes to Consolidated Financial Statements

 

15

Item 2.

 

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

 

34

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

45

Item 4

 

Controls and Procedures

 

46

 

 

 

 

 

PART II

Item 1.

 

Legal Proceedings

 

47

Item 1A.

 

Risk Factors

 

47

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

47

Item 3.

 

Defaults Upon Senior Securities

 

47

Item 4.

 

Mine Safety Disclosures

 

47

Item 5.

 

Other Information

 

47

Item 6.

 

Exhibits

 

48

 

4


PART I

 

 

Item 1.

Consolidated Financial Statements

SOTHERLY HOTELS INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30, 2019

 

 

December 31, 2018

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Investment in hotel properties, net

 

$

436,509,664

 

 

$

435,725,814

 

Cash and cash equivalents

 

 

32,402,174

 

 

 

33,792,773

 

Restricted cash

 

 

4,936,628

 

 

 

4,075,508

 

Accounts receivable, net

 

 

9,610,320

 

 

 

6,766,696

 

Accounts receivable - affiliate

 

 

95,392

 

 

 

262,572

 

Prepaid expenses, inventory and other assets

 

 

5,594,024

 

 

 

5,262,884

 

Favorable lease assets, net

 

 

 

 

 

2,465,421

 

Deferred income taxes

 

 

3,976,235

 

 

 

5,131,179

 

TOTAL ASSETS

 

$

493,124,437

 

 

$

493,482,847

 

LIABILITIES

 

 

 

 

 

 

 

 

Mortgage loans, net

 

$

362,062,982

 

 

$

364,828,845

 

Unsecured notes, net

 

 

 

 

 

23,894,658

 

Accounts payable and accrued liabilities

 

 

20,700,490

 

 

 

16,268,096

 

Advance deposits

 

 

2,000,943

 

 

 

2,815,283

 

Dividends and distributions payable

 

 

3,993,966

 

 

 

3,409,593

 

TOTAL LIABILITIES

 

$

388,758,381

 

 

$

411,216,475

 

Commitments and contingencies  (See Note 6)

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Sotherly Hotels Inc. stockholders’ equity

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 11,000,000 shares authorized;

 

 

 

 

 

 

 

 

8.0% Series B cumulative redeemable perpetual preferred stock,

   liquidation preference $25 per share, 1,610,000 shares issued

   and outstanding at June 30, 2019 and December 31, 2018, respectively.

 

 

16,100

 

 

 

16,100

 

7.875% Series C cumulative redeemable perpetual preferred stock,

   liquidation preference $25 per share, 1,352,141 shares issued

   and outstanding at June 30, 2019 and December 31, 2018, respectively.

 

 

13,521

 

 

 

13,521

 

8.25% Series D cumulative redeemable perpetual preferred stock,

   liquidation preference $25 per share, 1,200,000 shares issued

   and outstanding at June 30, 2019 and none at December 31, 2018.

 

 

12,000

 

 

 

 

Common stock, par value $0.01, 49,000,000 shares authorized, 14,222,378

   shares and 14,209,378 shares issued and outstanding at June 30, 2019

   and December 31, 2018, respectively.

 

 

142,223

 

 

 

142,093

 

Additional paid-in capital

 

 

175,557,743

 

 

 

147,085,112

 

Unearned ESOP shares

 

 

(4,245,348

)

 

 

(4,379,742

)

Distributions in excess of retained earnings

 

 

(66,820,158

)

 

 

(61,052,418

)

Total Sotherly Hotels Inc. stockholders’ equity

 

 

104,676,081

 

 

 

81,824,666

 

Noncontrolling interest

 

 

(310,025

)

 

 

441,706

 

TOTAL EQUITY

 

 

104,366,056

 

 

 

82,266,372

 

TOTAL LIABILITIES AND EQUITY

 

$

493,124,437

 

 

$

493,482,847

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

5


SOTHERLY HOTELS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

 

June 30, 2019

 

 

June 30, 2018

 

 

June 30, 2019

 

 

June 30, 2018

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms department

$

36,356,324

 

 

$

35,330,676

 

 

$

69,308,196

 

 

$

63,616,121

 

Food and beverage department

 

10,863,633

 

 

 

11,080,568

 

 

 

20,586,757

 

 

 

19,432,551

 

Other operating departments

 

4,320,744

 

 

 

5,142,283

 

 

 

9,036,054

 

 

 

10,240,411

 

Total revenue

 

51,540,701

 

 

 

51,553,527

 

 

 

98,931,007

 

 

 

93,289,083

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rooms department

 

8,418,413

 

 

 

8,176,164

 

 

 

16,199,852

 

 

 

14,876,545

 

Food and beverage department

 

7,621,331

 

 

 

7,673,049

 

 

 

14,758,164

 

 

 

14,068,125

 

Other operating departments

 

1,745,311

 

 

 

1,680,582

 

 

 

3,655,446

 

 

 

3,208,909

 

Indirect

 

18,173,700

 

 

 

17,640,285

 

 

 

35,563,380

 

 

 

32,873,541

 

Total hotel operating expenses

 

35,958,755

 

 

 

35,170,080

 

 

 

70,176,842

 

 

 

65,027,120

 

Depreciation and amortization

 

5,108,375

 

 

 

5,601,940

 

 

 

11,137,110

 

 

 

11,236,130

 

Loss on disposal of assets

 

31,179

 

 

 

 

 

 

27,171

 

 

 

3,739

 

Corporate general and administrative

 

1,554,934

 

 

 

1,503,549

 

 

 

3,239,378

 

 

 

3,049,849

 

Total operating expenses

 

42,653,243

 

 

 

42,275,569

 

 

 

84,580,501

 

 

 

79,316,838

 

NET OPERATING INCOME

 

8,887,458

 

 

 

9,277,958

 

 

 

14,350,506

 

 

 

13,972,245

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(5,088,121

)

 

 

(5,087,482

)

 

 

(10,393,235

)

 

 

(9,264,501

)

Interest income

 

155,512

 

 

 

66,505

 

 

 

254,808

 

 

 

148,209

 

Loss on early extinguishment of debt

 

(1,152,356

)

 

 

 

 

 

(1,152,356

)

 

 

 

Unrealized (loss) gain on hedging activities

 

(837,822

)

 

 

5,798

 

 

 

(1,328,432

)

 

 

18,528

 

Gain on involuntary conversion of assets

 

 

 

 

27,824

 

 

 

161,334

 

 

 

898,565

 

Net income before income taxes

 

1,964,671

 

 

 

4,290,603

 

 

 

1,892,625

 

 

 

5,773,046

 

Income tax provision

 

(815,356

)

 

 

(1,323,014

)

 

 

(1,133,513

)

 

 

(1,628,969

)

Net income

 

1,149,315

 

 

 

2,967,589

 

 

 

759,112

 

 

 

4,144,077

 

Less: Net (income) loss attributable to noncontrolling interest

 

91,356

 

 

 

(170,331

)

 

 

298,305

 

 

 

(140,318

)

Net income attributable to the Company

 

1,240,671

 

 

 

2,797,258

 

 

 

1,057,417

 

 

 

4,003,759

 

Distributions to preferred stockholders

 

(1,972,382

)

 

 

(1,444,844

)

 

 

(3,442,890

)

 

 

(2,889,688

)

Net (loss) income available to common stockholders

$

(731,711

)

 

$

1,352,414

 

 

$

(2,385,473

)

 

$

1,114,071

 

Net (loss) income per share available to common stockholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.05

)

 

$

0.10

 

 

$

(0.18

)

 

$

0.08

 

Diluted

$

(0.05

)

 

$

0.10

 

 

$

(0.18

)

 

$

0.08

 

Weighted average number of common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

13,626,435

 

 

 

13,488,526

 

 

 

13,618,688

 

 

 

13,480,529

 

Diluted

 

13,626,435

 

 

 

13,489,475

 

 

 

13,618,688

 

 

 

13,486,140

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

6


SOTHERLY HOTELS INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Unearned

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-

 

 

ESOP

 

 

in Excess of

 

 

Noncontrolling

 

 

 

 

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

In Capital

 

 

Shares

 

 

Retained Earnings

 

 

Interest

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances at December 31, 2018

 

 

2,962,141

 

 

$

29,621

 

 

 

14,209,378

 

 

$

142,093

 

 

$

147,085,112

 

 

$

(4,379,742

)

 

$

(61,052,418

)

 

$

441,706

 

 

$

82,266,372

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(183,256

)

 

 

(206,949

)

 

 

(390,205

)

Issuance of restricted

   common stock awards

 

 

 

 

 

 

 

 

13,000

 

 

 

130

 

 

 

92,203

 

 

 

 

 

 

 

 

 

 

 

 

92,333

 

Amortization of ESOP

   shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,141

)

 

 

67,234

 

 

 

 

 

 

 

 

 

66,093

 

Amortization of restricted

   stock award

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

Preferred stock dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Preferred Stock, $0.50/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(805,000

)

 

 

 

 

 

(805,000

)

Series C Preferred Stock, $0.492188/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(665,507

)

 

 

 

 

 

(665,507

)

Common stock, $0.125/share dividends and

   distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,699,906

)

 

 

(222,268

)

 

 

(1,922,174

)

Balances at March 31, 2019 (unaudited)

 

 

2,962,141

 

 

$

29,621

 

 

 

14,222,378

 

 

$

142,223

 

 

$

147,184,199

 

 

$

(4,312,508

)

 

$

(64,406,087

)

 

$

12,489

 

 

$

78,649,937

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,240,671

 

 

 

(91,356

)

 

 

1,149,315

 

Issuance of preferred stock

 

 

1,200,000

 

 

 

12,000

 

 

 

 

 

 

 

 

 

28,365,519

 

 

 

 

 

 

 

 

 

 

 

 

28,377,519

 

Amortization of ESOP

   shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

67,160

 

 

 

 

 

 

 

 

 

67,160

 

Amortization of restricted

   stock award

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

Preferred stock dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Preferred Stock, $0.50/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(805,000

)

 

 

 

 

 

(805,000

)

Series C Preferred Stock, $0.492188/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(665,507

)

 

 

 

 

 

(665,507

)

Series D Preferred Stock, $0.41823/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(501,876

)

 

 

 

 

 

(501,876

)

Common stock, $0.13/share dividends and

   distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,682,359

)

 

 

(231,158

)

 

 

(1,913,517

)

Balances at June 30, 2019 (unaudited)

 

 

4,162,141

 

 

$

41,621

 

 

 

14,222,378

 

 

$

142,223

 

 

$

175,557,743

 

 

$

(4,245,348

)

 

$

(66,820,158

)

 

$

(310,025

)

 

$

104,366,056

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

7


SOTHERLY HOTELS INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Unearned

 

 

Distributions

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Paid-

 

 

ESOP

 

 

in Excess of

 

 

Noncontrolling

 

 

 

 

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

In Capital

 

 

Shares

 

 

Retained Earnings

 

 

Interest

 

 

Total

 

Balances at December 31,

   2017

 

 

2,910,000

 

 

$

29,100

 

 

 

14,078,831

 

 

$

140,788

 

 

$

146,249,339

 

 

$

(4,633,112

)

 

$

(48,765,860

)

 

$

1,154,775

 

 

$

94,175,030

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,206,501

 

 

 

(30,013

)

 

 

1,176,488

 

Issuance of unrestricted

   common stock awards

 

 

 

 

 

 

 

 

2,250

 

 

 

23

 

 

 

13,454

 

 

 

 

 

 

 

 

 

 

 

 

13,477

 

Issuance of restricted

   common stock awards

 

 

 

 

 

 

 

 

40,000

 

 

 

400

 

 

 

89,450

 

 

 

 

 

 

 

 

 

 

 

 

89,850

 

Amortization of ESOP

   shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,170

 

 

 

 

 

 

 

 

 

60,170

 

Amortization of restricted

   stock award

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

 

 

 

 

 

 

 

 

 

 

 

8,025

 

Preferred stock dividends declared:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series B Preferred Stock, $0.50/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(805,000

)

 

 

 

 

 

(805,000

)

Series C Preferred Stock, $0.492188/share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(639,844

)

 

 

 

 

 

(639,844

)

Common stock, $0.115/share dividends and

   distributions declared

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,553,864

)

 

 

(204,486

)

 

 

(1,758,350

)

Balances at March 31,

   2018 (unaudited)

 

 

2,910,000

 

 

$

29,100

 

 

 

14,121,081

 

 

$

141,211

 

 

$

146,360,268

 

 

$

(4,572,942

)

 

$

(50,558,067

)

 

$

920,276

 

 

$

92,319,846

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,797,258

 

 

 

170,331

 

 

 

2,967,589

 

Amortization of ESOP

   shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,673

 

 

 

 

 

 

 

 

 

61,673

 

Amortization of restricted

   stock award