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Bank of the James Announces Second Quarter, First Half 2020 Financial Results and Declaration of Dividend

PPP Loan Closings, Robust Mortgage Origination, Completed Unregistered Debt Offering

LYNCHBURG, Va., July 24, 2020 (GLOBE NEWSWIRE) -- Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James, a full-service commercial and retail bank serving Region 2000 (the greater Lynchburg MSA), and the Blacksburg, Charlottesville, Harrisonburg, Lexington, and Roanoke, Virginia markets, today announced unaudited results for the three months and six months ended June 30, 2020.

Net income for the three months ended June 30, 2020 was $821,000 or $0.19 per diluted share, compared with $1.38 million or $0.31 per diluted share for the three months ended June 30, 2019. Net income for the six months ended June 30, 2020 was $1.82 million or $0.42 per diluted share, compared with $2.61 million or $0.60 per diluted share for the six months ended June 30, 2019.

Highlights

  • Net income in the second quarter and first half of 2020 reflected noninterest expenses that included an additional $245,000 in compensation to employees for their work implementing the PPP. Additionally, in the second quarter the Company expensed approximately $750,000 related to an early retirement plan that was previously announced.
  • Loans receivable, net of the allowance for loan losses, were $623.56 million at June 30, 2020 compared with $573.27 million at December 31, 2019. The increase primarily reflects the addition of $68 million in government-guaranteed Payroll Protection Plan loans.
  • Commercial loans demonstrated stability and continued strong credit quality, and construction continued to be an active lending sector for the Company.
  • Nonperforming loans increased as of June 30, 2020, primarily reflecting one relationship of approximately $3.3 million. Management anticipates a significant curtailment of the loan balance upon the sale of the collateral.  The Bank has entered into a contract for the sale of the collateral, and the sale is scheduled to close later in the third quarter.
  • Interest income from loans in the second quarter of 2020 was $6.7 million compared with $6.8 million in the second quarter of 2019 and increased to $13.7 million in the first half of 2020 compared with $13.5 million in the first half of 2019, primarily reflecting loan growth.
  • Continuing strong residential mortgage origination, which generates income from gains on loan sales to the secondary market, contributed significantly to increased total noninterest income, which was $2.8 million in the second quarter of 2020 compared with $1.7 million a year earlier. In the first half of 2020, total noninterest income was $5.0 million, up from $2.9 million a year earlier, reflecting robust residential mortgage origination and growth in fee income from corporate treasury services and other fees.
  • Total deposits were $746.0 million at June 30, 2020 compared with $649.5 million at December 31, 2019. The increase reflects increased core deposits (noninterest-bearing demand, NOW, savings and money market accounts) as customers maintained higher balances, attributable in part to PPP loan funds that had yet to be deployed.
  • Total stockholders’ equity increased to $64.5 million at June 30, 2020 compared with $61.4 million at December 31, 2019. Tangible book value per share was $14.86 at June 30, 2020 compared with $14.10 per share at December 31, 2019.
  • On July 21, 2020 the Company’s board of directors approved a $0.07 per share dividend payable to stockholders of record on September 4, 2020, to be paid on September 18, 2020.
  • Subsequent to the close of the second quarter of 2020, the Company announced on July 8, 2020 that it completed a private placement of an unregistered debt offering of $10.05 million at a 3.25% interest rate. Of that amount, $5 million was used to retire an earlier private placement carrying a higher rate.
  • Consistent with the previously filed Form 10-Q for the quarter ended March 31, 2020, the Company again anticipates expanded disclosure related to business sectors and credit quality in its Form 10-Q Quarterly Report covering the three and six month periods ended June 30, 2020 to be filed with the Securities and Exchange Commission.

Robert R. Chapman III, President and CEO, commented: “Although COVID-19 and the subsequent economic slowdown present numerous challenges, we believe the Company delivered a positive financial performance. We focused on being responsive and pro-active in a fluid economic and health-conscious situation, and we will continue to do so.

“We appreciate our team’s dedication and commitment to serving clients safely and professionally, and to keeping operations running smoothly. We implemented extensive practices to protect the health and safety of employees and customers and continued operating consistently, while recognizing that the considerable presence of COVID-19 still presents challenges.

“During the second quarter, Bank of the James processed and closed approximately $68 million in Payroll Protection Plan (PPP) loans to more than 500 small businesses, affecting approximately 9000 employees and families. We believe we accomplished this process quickly and efficiently so businesses could put funding to work immediately. Recognizing the exceptional dedication of our team, we provided approximately $245,000 in financial rewards to those who worked so hard to implement the PPP program, and to our essential employees who put in extra effort to serve customers and provide operational support therefore offsetting the challenges of social distancing and working from home.

“Margins, returns and interest income were impacted by expected business slowdowns and the issuance of low-interest PPP loans. Importantly, the Bank did not experience any unusual pressure on deposit balances or liquidity positions as a result of COVID-19. We believe the Company’s fundamentals are strong. We have prepared for this period by increasing capital resources, expanding reserves and provisioning for potential loan losses, building cash reserves, and more.

“Our second quarter financial performance was encouraging, and we were able to build shareholder value and pay a dividend to shareholders. We believe the Company is positioned to meet the financial challenges and uncertainty ahead.”

Second Quarter, First Half of 2020 Operational Review

Total interest income was $7.1 million in the second quarter of 2020 compared with $7.4 million a year earlier. Interest expense was $1.2 million in the second quarter of 2020 compared with $1.2 million a year earlier.  Although interest rates declined, interest expense remained constant because of a larger deposit base and increased core deposits. The rate paid on liabilities in the second quarter of 2020 was 0.76% compared with 0.93% a year earlier.

Net interest income after provision for loan losses was $5.2 million for the three months ended June 30, 2020 compared with $6.0 million the previous year.  

The average rate earned on loans was 4.33% in the second quarter of 2020 compared with 4.97% a year earlier, and the net interest margin was 3.13% compared with 3.82%, primarily reflecting the impact of the lower-yielding PPP loans.

For the six months of 2020, total interest income was $14.6 million compared with $14.6 million in the first six months of 2019. Total interest expense was $2.5 million in the first half of 2020 compared with $2.3 million a year earlier. For the first six months of 2020, net interest income after provision for loan losses was $10.4 million compared with $12.0 million a year earlier, primarily reflecting slower commercial loan activity and an increased loan loss provision. The net interest margin was 3.37% in the first half of 2020 compared with 3.87% a year earlier.

The provision for loan losses was $760,000 and $1,648,000 in the three and six months ended June 30, 2020 compared with $116,000 and $326,000 for the same period a year earlier.  The increase primarily reflects increased qualitative allocations related to the COVID-19 pandemic as well as a $300,000 specific reserve for the large loan relationship previously mentioned as migrating to a nonperforming status during the quarter. Of the $1,648,000 in provision in the first six months of 2020, approximately $1,048,000 is attributed to qualitative factors related to the COVID-19 pandemic and its effect on economic conditions, loan concentrations in sectors adversely affected by the pandemic, and loans that have been granted payment deferrals or have been granted interest only payment status in the short term.

J. Todd Scruggs, Executive Vice President and CFO, commented: “The impact of carrying $68 million in PPP loans while also carrying additional contingent liquidity in the form of Fed funds, and a Fed rate cut in the second quarter was clearly evident in our net interest margin and interest rate spread. In general, rates on non-PPP loans have been relatively stable. We don’t anticipate carrying PPP loans for an extended period, so we expect to return to more normalized margins as the PPP program begins to wind down and loan forgiveness begins.”

Noninterest income, including gains from the sale of residential mortgages to the secondary market, revenue contributions from BOTJ Investment Services, and income from the Bank’s line of treasury management services for commercial customers was $2.8 million in the second quarter of 2020, up from $1.7 million in the second quarter of 2019. In the first half of 2020, total noninterest income was $5.0 million compared with $2.9 million in the first half of 2019.  The increase in noninterest income was also driven by gains on sales of available-for-sale securities of $213,000 and $644,000 respectively for the three and six months of 2020.

Noninterest expense for the three months and six months ended June 30, 2020 increased compared with the previous year, reflecting personnel expenses that included performance-based compensation and the one-time early retirement expense. Employee salaries of approximately $400,000 were deferred in the current quarter related to PPP loan originations which partially offset the additional expenses.  These deferred costs are being recognized over the remaining lives of the PPP loans as a component of interest income along with the related origination fees.  This level of deferred origination costs is not expected  for future quarters and the recognition of the deferred fees  and costs in income will be accelerated upon forgiveness or repayment of the PPP loans.  Occupancy, supplies and marketing costs were lower year-over-year.

In the second quarter of 2020, Return on Average Assets (ROAA) was 0.41% compared with 0.80% a year earlier and Return on Average Equity (ROAE) of 5.33% compared with 9.47% a year earlier. In the first half of 2020, ROAA was 0.47% compared with 0.77% a year earlier and ROAE was 5.95% compared with 9.11% a year earlier. The Company’s ROAA decline in the 2020 periods primarily reflected the growth of assets and the higher loan loss provision.

Balance Sheet Review: Sound Asset Quality, Liquidity

Total assets were $827.1 million at June 30, 2020 compared with $725.4 million at December 31, 2019 and $690.1 million at June 30, 2019. While the addition of PPP loans in the second quarter of 2020 resulted in increased assets, a leading driver of year-over-year balance sheet growth was commercial, construction and non-residential loan growth. Loans, net of provision for loan losses were $623.6 million at June 30, 2020, compared with $573.3 million at December 31, 2019 and $552.0 million at June 30, 2019.

Michael A. Syrek, Executive Vice President and Chief Loan Officer, commented: “Understandably, new commercial lending activity slowed in the second quarter of 2020. Beginning in February, we have focused on communicating with clients to help them prepare for the potential impact of COVID-19 and economic slowdowns on their businesses.

“While economic conditions have impacted clients, most have maintained stability in their operations. We have worked remotely and maintained strong relationships to continue providing financial solutions. A number of clients have utilized PPP loans to meet operating cash and payroll requirements as an alternative to utilizing lines of credit, and in our eyes that has been a very appropriate use of the PPP funding we helped provide.

“We are cautiously optimistic about the economic health of our served markets and clients. We serve markets that include several major colleges and universities, so we are closely monitoring decisions regarding fall attendance and the potential impact on clients. We remain flexible and responsive to client needs in what continues to be a fluid situation.”

Loans held-for-sale were $6.1 million at June 30, 2020, up from $4.2 million at December 31, 2019 and $4.4 million at June 30, 2019, primarily reflecting strong residential mortgage origination activity and placement of residential mortgages in the secondary market.

Brian Cash, President of Bank of the James’ Mortgage Division, explained: “Despite remarkable volatility, uncertainty and change in both the mortgage and housing industries, our growth accelerated. I credit the amazing dedication, determination and heart of our team to serve regardless of the circumstances. The majority of mortgage originations have been purchase mortgages as housing markets have been relatively active in light of COVID-19 impact. Well-established processes, a commitment to service and strong technological capabilities have enabled us to meet the residential mortgage needs of our markets in a time that demands social distancing and increased electronic operation.”

Loans, net of allowance for loan losses of $6.2 million, were $623.56 million at June 30, 2020. At December 31, 2019 loans, net of allowance of $4.8 million, were $573.27 million.  The company increased its loan allowance in the first and second quarters of 2020, primarily reflecting the Company’s ongoing consideration of the pandemic in the development of the allowance estimate as mentioned above.

Total deposits at June 30, 2020 were $746.00 million, compared with $649.50 million at December 31, 2019. Increased demand deposits accounted for the growth attributed in part to retention of PPP funds not yet deployed by businesses, which now have approximately 24 months to utilize the funds.

Asset quality remained strong, with a ratio of nonperforming loans to total loans of 0.82% at June 30, 2020. The allowance for loan losses to total loans was 0.98% at June 30, 2020, representing an increase from prior quarters as the Company added to its loan loss reserve. The ratio of the allowance to total loans, excluding the guaranteed PPP loans was approximately 1.11% at June 30, 2020.  The Company’s allowance for loan losses to nonperforming loans was 119% at June 30, 2020.

Chapman concluded: “As we continue to navigate a changing and uncertain environment, we are focused on maintaining liquidity, continued capital strength, and diligent credit quality monitoring. We are committed to partnering with clients to provide the services and financial solutions to meet the future with confidence.  We are also committed to our served communities and are grateful to have been able to donate this quarter approximately $50,000 to various non-profits that focus on providing food, clothing and shelter.

About the Company

Bank of the James, a wholly owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Roanoke, and Rustburg. The bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary.  The bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC.  Additional information on the Company is available at www.bankofthejames.bank.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "estimate," "expect," "intend," "anticipate," "plan" and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the "Company") undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, the effect of the COVID-19 pandemic, and changes in the value of real estate securing loans made by Bank of the James (the "Bank"), a subsidiary of the Company. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission and previously filed by the Bank (as predecessor of the Company) with the Federal Reserve Board.

CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.
tscruggs@bankofthejames.com

FINANCIAL STATEMENTS FOLLOW


Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unaudited                                          

Selected Data: Three
months
ending
Jun 30,
2020
Three
months
ending
Jun 30,
2019
Change Year
to
date
Jun 30,
2020
Year
to
date
Jun 30,
2019
Change
Interest income $ 7,081 $ 7,390   -4.18 % $ 14,569 $ 14,624   -0.38 %
Interest expense   1,163   1,238   -6.06 %   2,515   2,342   7.39 %
Net interest income   5,918   6,152   -3.80 %   12,054   12,282   -1.86 %
Provision for loan losses   760   116   555.17 %   1,648   326   405.52 %
Noninterest income   2,789   1,659   68.11 %   4,975   2,878   72.86 %
Noninterest expense   6,935   5,975   16.07 %   13,132   11,574   13.46 %
Income taxes   191   343   -44.31 %   433   649   -33.28 %
Net income   821   1,377   -40.38 %   1,816   2,611   -30.45 %
Weighted average shares outstanding - basic   4,339,436   4,378,436   (39,000 )   4,343,738   4,378,436   (34,698 )
Weighted average shares outstanding – diluted   4,339,436   4,383,021   (43,585 )   4,343,738   4,381,994   (38,256 )
Basic net income per share $ 0.19 $ 0.31 $ (0.12 ) $ 0.42 $ 0.60 $ (0.18 )
Fully diluted net income per share $ 0.19 $ 0.31 $ (0.12 ) $ 0.42 $ 0.60 $ (0.18 )


Balance Sheet at period end: Jun 30,
2020
Dec 31,
2019
Change Jun 30,
2019
Dec 31,
2018
Change
Loans, net $   623,564 $ 573,274   8.77 % $   551,974 $   530,016   4.14 %
Loans held for sale   6,098   4,221   44.47 %   4,443   1,670   166.05 %
Total securities   58,751   63,343   -7.25 %   57,512   56,427   1.92 %
Total deposits   745,986   649,459   14.86 %   617,184   612,043   0.84 %
Stockholders' equity   64,465   61,445   4.91 %   59,249   55,143   7.45 %
Total assets   827,098   725,394   14.02 %   690,095   674,897   2.25 %
Shares outstanding   4,339,436   4,357,436   (18,000 )   4,378,436   4,378,436   -  
Book value per share $   14.86 $   14.10 $   0.76   $   13.53 $   12.59 $   0.94  


Daily averages: Three
months
ending
Jun 30,
2020
Three
months
ending
Jun 30,
2019
Change Year
to
date
Jun 30,
2020
Year
to
date
Jun 30,
2019
Change
Loans, net $   620,572 $   546,162 13.62 % $   597,378 $   537,763 11.09 %
Loans held for sale   5,653   3,948 43.19 %   4,563   2,981 53.07 %
Total securities   56,647   58,214 -2.69 %   58,296   58,624 -0.56 %
Total deposits   731,009   622,390 17.45 %   695,436   618,240 12.49 %
Stockholders' equity   61,776   58,295 5.97 %   61,509   57,809 6.40 %
Interest earning assets   759,306   645,406 17.65 %   720,305   640,362 12.48 %
Interest bearing liabilities   614,343   535,364 14.75 %   594,207   530,953 11.91 %
Total assets   808,602   690,637 17.08 %   772,170   684,419 12.82 %


Financial Ratios: Three
months
ending
Jun 30,
2020
Three
months
ending
Jun 30,
2019
Change Year
to
date
Jun 30,
2020
Year
to
date
Jun 30,
2019
Change
Return on average assets 0.41 % 0.80 % (0.39 ) 0.47 % 0.77 % (0.30 )
Return on average equity 5.33 % 9.47 % (4.14 ) 5.95 % 9.11 % (3.16 )
Net interest margin 3.13 % 3.82 % (0.69 ) 3.37 % 3.87 % (0.50 )
Efficiency ratio 79.65 % 76.49 % 3.16   77.12 % 76.35 % 0.77  
Average equity to average assets 7.64 % 8.44 % (0.80 ) 7.97 % 8.45 % (0.48 )


Allowance for loan losses: Three
months
ending
Jun 30,
2020
Three
months
ending
Jun 30,
2019
Change Year
to
date
Jun 30,
2020
Year
to
date
Jun 30,
2019
Change
Beginning balance $ 5,474   $ 4,673   17.14 % $ 4,829   $ 4,581   5.41 %
Provision for losses   760     116   555.17 %   1,648     326   405.52 %
Charge-offs   (79 )   (86 ) -8.14 %   (339 )   (219 ) 54.79 %
Recoveries   38     21   80.95 %   55     36   52.78 %
Ending balance   6,193     4,724   31.10 %   6,193     4,724   31.10 %


Nonperforming assets: Jun 30,
2020
Dec 31,
2019
Change Jun 30,
2019
Dec 31,
2018
Change
Total nonperforming loans $ 5,186 $ 1,301 298.62 % $ 3,485 $ 2,939 18.58 %
Other real estate owned   1,616   2,339 -30.91 %   2,413   2,431 -0.74 %
Total nonperforming assets   6,802   3,640 86.87 %   5,898   5,370 9.83 %
Troubled debt restructurings - (performing portion)   402   410 -1.95 %   418   424 -1.42 %


  Jun 30, Dec 31,   Jun 30, Dec 31,  
Asset quality ratios: 2020  2019  Change 2019  2018  Change
Nonperforming loans to
total loans
0.82 %  0.23 % 0.60   0.63 % 0.55 % 0.08  
Allowance for loan losses
to total loans
0.98 %* 0.84 %   0.15   0.85 % 0.86 %   (0.01 )
Allowance for loan losses
to nonperforming loans
119.42 % 371.18 %   (251.76 ) 135.55 % 155.87 %   (20.32 )

*The allowance for loan losses to total loans ratio excluding the SBA guaranteed PPP loans is approximately 1.11%.

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)

  (unaudited)    
Assets 6/30/2020   12/31/2019
Cash and due from banks $ 30,669   $ 30,794  
Federal funds sold   60,131     8,317  
Total cash and cash equivalents   90,800     39,111  
       
Securities held-to-maturity (fair value of $4,283 in 2020 and $3,861 in 2019)   3,679     3,688  
Securities available-for-sale, at fair value   55,072     59,655  
Restricted stock, at cost   1,551     1,506  
Loans, net of allowance for loan losses of $6,193 in 2020 and $4,829 in 2019   623,564     573,274  
Loans held for sale   6,098     4,221  
Premises and equipment, net   16,193     16,297  
Software, net   429     401  
Interest receivable   2,505     1,866  
Cash value - bank owned life insurance   16,387     13,686  
Other real estate owned   1,616     2,339  
Deferred tax asset   601     1,177  
Other assets   8,603     8,173  
Total assets $ 827,098   $ 725,394  
       
Liabilities and Stockholders' Equity      
Deposits      
Noninterest bearing demand   134,523     93,936  
NOW, money market and savings   424,842     362,821  
Time   186,621     192,702  
Total deposits   745,986     649,459  
       
Capital notes   7,275     5,000  
Income taxes payable   107     124  
Interest payable   172     173  
Other liabilities   9,093     9,193  
Total liabilities $ 762,633   $ 663,949  
       
Stockholders' equity      
Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding      
4,339,436 and 4,357,436 as of June 30, 2020 and December 31, 2019   9,286     9,325  
Additional paid-in-capital   30,989     31,225  
Accumulated other comprehensive income (loss)   2,081     (5 )
Retained earnings   22,109     20,900  
Total stockholders' equity $ 64,465   $ 61,445  
       
Total liabilities and stockholders' equity $ 827,098   $ 725,394  
             


Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(dollar amounts in thousands, except per share amounts)
(unaudited)

               
  For the Three Months   For the Six Months
  Ended June 30,   Ended June 30,
Interest Income   2020     2019     2020     2019
Loans $ 6,732   $ 6,816   $ 13,737   $ 13,470
Securities              
US Government and agency obligations   151     184     338     369
Mortgage backed securities   55     56     114     117
Municipals   80     81     155     162
Dividends   24     33     33     51
Other (Corporates)   23     24     46     47
Interest bearing deposits   6     74     70     165
Federal Funds sold   10     122     76     243
 Total interest income   7,081     7,390     14,569     14,624
               
Interest Expense              
Deposits              
NOW, money market savings   166     362     492     668
Time Deposits   864     750     1,761     1,418
Finance leases   28     -     58     -
Brokered time deposits   48     76     97     156
Capital notes   57     50     107     100
 Total interest expense   1,163     1,238     2,515     2,342
               
 Net interest income   5,918     6,152     12,054     12,282
               
Provision for loan losses   760     116     1,648     326
               
 Net interest income after provision for loan losses   5,158     6,036     10,406     11,956
               
Noninterest income              
Gains on sale of loans held for sale   1,950     1,075     3,127     1,766
Service charges, fees and commissions   514     461     1,002     900
Life insurance income   110     84     188     167
Other   2     39     14     45
Gain on sales of available-for-sale securities   213     -     644     -
               
 Total noninterest income   2,789     1,659     4,975     2,878
               
Noninterest expenses              
Salaries and employee benefits   3,973     3,153     7,327     6,081
Occupancy   382     417     818     838
Equipment   569     536     1,178     994
Supplies   106     142     233     304
Professional, data processing, and other outside expense   970     859     1,894     1,674
Marketing   179     276     315     421
Credit expense   276     156     472     283
Other real estate expenses   21     1     120     140
FDIC insurance expense   87     94     144     188
Other   372     341     631     651
 Total noninterest expenses   6,935     5,975     13,132     11,574
               
 Income before income taxes   1,012     1,720     2,249     3,260
               
 Income tax expense   191     343     433     649
               
Net Income $ 821   $ 1,377   $ 1,816   $ 2,611
               
Weighted average shares outstanding - basic   4,339,436     4,378,436     4,343,738     4,378,436
               
Weighted average shares outstanding - diluted   4,339,436     4,383,021     4,343,738     4,381,994
               
Net income per common share - basic $ 0.19   $ 0.31   $ 0.42   $ 0.60
               
Net income per common share - diluted $ 0.19   $ 0.31   $ 0.42   $ 0.60

 

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