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Bar Harbor Bankshares Reports Second Quarter Results; Declares Dividend

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·23 min read
Bar Harbor Bank and Trust
In this article:
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BAR HARBOR, ME / ACCESSWIRE / July 21, 2022 / Bar Harbor Bankshares (NYSE American:BHB) reported second quarter 2022 net income of $10.5 million or $0.70 per diluted share compared to $9.0 million or $0.60 per diluted share in the same quarter of 2021. Earnings per share in the prior year quarter included a $0.05 benefit from Paycheck Protection Program (PPP) loans offset by $0.03 of non-core items (non-GAAP).

SECOND QUARTER HIGHLIGHTS (ratios compared to the second quarter 2021)

  • 1.14% return on assets, compared to 0.97%

  • 11% annualized loan growth

  • 9% annualized core deposit growth

  • 3.19% net interest margin, compared to 2.74%

  • 59% efficiency ratio, compared to 63%

  • 0.21% non-performing asset ratio to total assets, compared to 0.37%

President and Chief Executive Officer, Curtis C. Simard stated, "Our performance in the second quarter continues to reflect all the hard work everyone is doing across our Company. We increased net income per diluted share by 17%, which improved all of our performance metrics even without any benefit from PPP accretion. We delivered loan growth across all product offerings; Commercial loans, excluding PPP, grew 14% on annualized basis, driven both by existing and new customer growth. This strong loan growth in the first half of the year, along with rising rates, drove meaningful growth in net interest income and expansion in net interest margin. The quarter was also highlighted by solid, positive operating leverage which improved our efficiency ratio."

"Wealth management income remained strong during the quarter. Assets under management decreased 9%, which is manageable compared to the 16% decline in the S&P 500 index for the same period. Net customer cash inflows were strong in the quarter. We completed the consolidation of our wealth platforms under the Bar Harbor Wealth Management brand during the quarter which delivers a simplified, comprehensive offering across our footprint. We've invested in continuous improvements in our financial planning capabilities, reflecting our deep, long-term care for our customers and their families."

"Asset quality continues to remain strong as total nonperforming assets improved by $1.3 million to 0.21% of total assets and net charge-offs were essentially zero during the quarter. As the economic environment continues to evolve, we believe that our disciplined strategy to responsibly grow business lines where we possess specialized sector and underwriting expertise has resulted in almost no losses for the quarter. We remain committed to those relationships with proven operators. This has allowed us to maintain a superior credit risk profile in our commercial banking business."

Mr. Simard further stated, "As we continue to grow profitably, we remain steadfast in our commitment to return capital to our shareholders. Last month, our Board of Directors authorized a stock repurchase plan for up to 5% of our common shares, which represents approximately 751,000 shares. No repurchases were made in the second quarter and we will continue to be opportunistic taking into consideration market conditions, including interest rate volatility and potential loan and risk-weighted asset growth. We grew tangible book value 6% excluding unrealized security losses, which are considered temporary in nature. And as of the June 30, 2022 stock price, our dividend yield is now over 4%. Given our already strong capital ratios and our organic growth rate, we continue to be well-positioned as we look to future growth."

Mr. Simard concluded, "Our customers and communities have noticed our success as we further establish ourselves as the go-to banking institution in Northern New England. With that in mind, I am excited to share that in addition to being named one of America's Best Banks by Newsweek for 2022, we were recently recognized as one of America's Best Banks by Forbes Magazine. This type of recognition from such a renowned publication does not come easily. It is a testament to our teams' hard work every day. Looking forward into the second half of 2022, there are macroeconomic factors that remain uncertain. We believe having a strong balance sheet, robust pipelines, a sound mix of fee-based businesses, and a focus on expense management as we execute against our strategies will provide the foundation for continued success."

DIVIDEND DECLARED

The Board of Directors voted to declare a cash dividend of $0.26 per share to shareholders of record at the close of business on August 16, 2022 payable on September 16, 2022. This dividend equates to a 4.02% annualized yield based on the $25.86 closing price of the Company's common stock at the end of the second quarter of 2022.

FINANCIAL CONDITION

Loans were $2.7 billion at the end of the second quarter. Excluding PPP loans, commercial loans increased $55.8 million from the end of the first quarter 2022 and included over 70 new customer relationships. Total residential loans increased $8.3 million from the end of the first quarter 2022, and included $18.3 million of originations on the balance sheet offset by prepayments and amortization.

The allowance for credit losses was $23.8 million for the second quarter, compared to $23.2 million at the end of the first quarter 2022. A steadying economic forecast and disciplined approach to credit quality resulted in an allowance to total loans coverage ratio of 0.87% consistent with the end of the first quarter. The second quarter 2022 charged off loans resulted in a net recovery of $32 thousand compared to $95 thousand in the first quarter. Non-accruing loans for the second quarter 2022 decreased to $7.9 million from $9.2 million at the end of the first quarter. The ratio of accruing past due loans to total loans was 0.12% of total loans at the end of the second quarter from 0.25% at the end of the first quarter.

Total deposits were $3.1 billion at the end of the second quarter 2022 compared to $3.0 billion at the end of the first quarter. Core deposits grew $60.8 million, or 9% on an annualized basis, during the quarter as nearly 840 net new customer accounts were opened. The loan to deposit ratio was 89% compared to 87% at the end of the first quarter 2022, the increase was due to outsized loan growth. Time deposits decreased $30.0 million during the quarter attributable to customers continuing to move funds to transactional accounts upon contractual maturity.

The Company's book value per share was $26.19 at June 30, 2022, compared with $27.11 at the end of the first quarter. Tangible book value per share (non-GAAP measure) was $17.83 at the end of the second quarter 2022, compared to $18.72 at the end of the first quarter. Other comprehensive income included unrealized loss on securities totaling $38.3 million in the second quarter 2022 compared to $20.2 million at the end of the first quarter.

RESULTS OF OPERATIONS

Net income in the second quarter 2022 was $10.5 million, or $0.70 per diluted share, compared to $9.0 million, or $0.60 per diluted share, in the same quarter of 2021. Core earnings (non-GAAP) totaled $10.5 million or $0.70 per diluted share, compared to $9.4 million, or $0.63 per diluted share, in the same quarter of 2021. PPP income was $27 thousand compared to $1.1 million in the second quarter 2021.

Net interest margin was 3.19% compared to 2.74% in the same period of 2021. Acceleration of PPP loan fee amortization due to forgiveness contributed 7 basis points in the second quarter 2021. Interest-bearing cash balances, held mostly at the Federal Reserve Bank, reduced NIM by 5 basis points in the second quarter 2022 and 19 basis points in the second quarter 2021. The yield on earning assets totaled 3.46% compared to 3.26% in the second quarter 2021. Excluding the impact of PPP and excess cash, the yield on earning assets totaled 3.51% and 3.44% for the same periods. The yield on loans was 3.71% in the second quarter 2022, and 3.70% in the second quarter of 2021. Excluding PPP loans the yield on loans was 3.71% in the second quarter of 2022 and 3.64% in the second quarter 2021. Costs of interest-bearing liabilities decreased to 0.36% from 0.66% in the second quarter 2021 due to lower deposit rates and less wholesale borrowings.

The provision for credit losses for the quarter was $534 thousand, compared to a recapture of $765 thousand in the second quarter of 2021. The provision in the second quarter 2022 is attributable to loan growth offset in part by continued improvement in credit quality metrics.

Non-interest income in the second quarter 2022 was $9.0 million, compared to $9.5 million in the same quarter of 2021. Customer service fees were $3.7 million in the second quarter compared to $3.3 million in the same period of 2021. The increase included over 800 net new accounts that were opened during the quarter and a higher volume of customer activity and transactions. Wealth management income was $3.8 million in the second quarter of 2022 and the second quarter of 2021 on strong cash inflows offset by market volatility effects on assets under management. Mortgage banking income was $488 thousand, compared to $1.5 million in the same period of 2021 reflecting higher on balance sheet activity and lower residential loan originations.

Non-interest expense was $21.7 million in the second quarter 2022 and the same quarter of 2021 reflecting consistent and stable costs across most categories. The efficiency ratio in the second quarter 2022 was 59.25%, down from 63.45% in the second quarter 2021. Non-core expenses (non-GAAP) in the second quarter 2022 consisted of a $10 thousand loss on the sale of premises and equipment. In the same quarter of 2021, non-core expenses (non-GAAP) totaled $553 thousand were mostly a one-time reduction in workforce.

BACKGROUND

Bar Harbor Bankshares (NYSE American:BHB) is the parent company of its wholly-owned subsidiary, Bar Harbor Bank & Trust. Founded in 1887, Bar Harbor Bank & Trust is a true community bank serving the financial needs of its clients for over 135 years. Bar Harbor provides full-service community banking with office locations in all three Northern New England states of Maine, New Hampshire and Vermont. For more information, visit www.barharbor.bank.

FORWARD LOOKING STATEMENTS

Certain statements under the headings "SECOND QUARTER HIGHLIGHTS" and "RESULTS OF OPERATIONS" contained in this document, that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended ("Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this earnings release the words "may," "will," "should," "could," "would," "plan," "potential," "estimate," "project," "believe," "intend," "anticipate," "expect," "target" and similar expressions are intended to identify forward-looking statements, but these terms are not the exclusive means of identifying forward-looking statements. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including among other things, changes in general economic and business conditions, increased competitive pressures, changes in the interest rate environment, legislative and regulatory change, changes in the financial markets, and other risks and uncertainties disclosed from time to time in documents that the Company files with the Securities and Exchange Commission, including but not limited to those discussed in the section titled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any subsequently filed Quarterly Reports on Form 10-Q. Because of these and other uncertainties, the Company's actual results, performance or achievements, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, the Company's past results of operations do not necessarily indicate future results. You should not place undue reliance on any of the forward-looking statements, which speak only as of the dates on which they were made. The Company is not undertaking an obligation to update forward-looking statements, even though its situation may change in the future, except as required under federal securities law. The Company qualifies all of its forward-looking statements by these cautionary statements.

NON-GAAP FINANCIAL MEASURES

This document contains certain non-GAAP financial measures in addition to results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP measures are intended to provide the reader with additional supplemental perspectives on operating results, performance trends, and financial condition. Non-GAAP financial measures are not a substitute for GAAP measures; they should be read and used in conjunction with the Company's GAAP financial information. A reconciliation of non-GAAP financial measures to GAAP measures is provided below. In all cases, it should be understood that non-GAAP measures do not depict amounts that accrue directly to the benefit of shareholders. An item which management excludes when computing non-GAAP core earnings can be of substantial importance to the Company's results for any particular quarter or year. The Company's non-GAAP core earnings information set forth is not necessarily comparable to non-GAAP information which may be presented by other companies. Each non-GAAP measure used by the Company in this report as supplemental financial data should be considered in conjunction with the Company's GAAP financial information.

The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense. These measures exclude amounts which the Company views as unrelated to its normalized operations, including gains/losses on securities, premises, equipment and other real estate owned, acquisition costs, restructuring costs, legal settlements, and systems conversion costs. Non-GAAP adjustments are presented net of an adjustment for income tax expense.

The Company also calculates core earnings per share based on its measure of core earnings. The Company views these amounts as important to understanding its operating trends, particularly due to the impact of accounting standards related to acquisition activity. Analysts also rely on these measures in estimating and evaluating the Company's performance. Management also believes that the computation of non-GAAP core earnings and core earnings per share may facilitate the comparison of the Company to other companies in the financial services industry. The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.

###

CONTACTS

Josephine Iannelli; EVP, Chief Financial Officer & Treasurer; (207) 288-3314

TABLE

INDEX

CONSOLIDATED FINANCIAL SCHEDULES (UNAUDITED)

SELECTEDFINANCIALHIGHLIGHTSUNAUDITED_350

A

Selected Financial Highlights

B

Balance Sheets

C

Loan and Deposit Analysis

D

Statements of Income

E

Statements of Income (Five Quarter Trend)

F

Average Yields and Costs

G

Average Balances

H

Asset Quality Analysis

I-J

Reconciliation of Non-GAAP Financial Measures (Five Quarter Trend) and Supplementary Data

BAR HARBOR BANKSHARES
SELECTED FINANCIAL HIGHLIGHTS - UNAUDITED

At or for the Quarters Ended

Jun 30,

Mar 31,

Dec 31,

Sep 30,

Jun 30,

2022

2022

2021

2021

2021

PER SHARE DATA

Net earnings, diluted

$

0.70

$

0.60

$

0.65

$

0.73

$

0.60

Core earnings, diluted (1)

0.70

0.62

0.68

0.73

0.63

Total book value

26.19

27.11

28.27

27.92

27.64

Tangible book value (1)

17.83

18.72

19.86

19.48

19.17

Market price at period end

25.86

28.62

28.93

28.05

28.62

Dividends

0.26

0.24

0.24

0.24

0.24


PERFORMANCE RATIOS (2)

Return on assets

1.14

%

1.00

%

1.02

%

1.16

%

0.97

%

Core return on assets (1)

1.14

1.02

1.07

1.16

1.01

Pre-tax, pre-provision return on assets

1.50

1.28

1.26

1.43

1.13

Core pre-tax, pre-provision return on assets (1)

1.50

1.31

1.33

1.43

1.18

Return on equity

10.58

8.89

9.16

10.38

8.77

Core return on equity (1)

10.59

9.07

9.60

10.39

9.14

Return on tangible equity

15.74

13.01

13.30

15.08

12.91

Core return on tangible equity (1)

15.76

13.27

13.93

15.09

13.45

Net interest margin, fully taxable equivalent (FTE) (1) (3)

3.19

2.95

2.79

3.02

2.74

Core net interest margin (1) (4)

3.19

2.93

2.69

2.75

2.67

Efficiency ratio (1)

59.25

62.40

60.74

59.18

63.45


FINANCIAL DATA (In millions)

Total assets

$

3,712

$

3,692

$

3,709

$

3,738

$

3,639

Total earning assets (5)

3,399

3,367

3,380

3,394

3,282

Total investments

593

611

626

556

636

Total loans

2,727

2,655

2,532

2,534

2,516

Allowance for credit losses

24

23

23

22

23

Total goodwill and intangible assets

126

126

126

126

127

Total deposits

3,079

3,048

3,049

3,007

2,822

Total shareholders' equity

394

407

424

418

414

Net income

11

9

10

11

9

Core earnings (1)

11

9

10

11

9


ASSET QUALITY AND CONDITION RATIOS

Net (recoveries) charge-offs (current quarter annualized)/average loans

(0.01

)%

(0.01

)%

-

%

0.03

%

0.01

%

Allowance for credit losses/total loans

0.87

0.87

0.90

0.89

0.91

Loans/deposits

89

87

83

84

89

Shareholders' equity to total assets

10.60

11.02

11.43

11.19

11.37

Tangible shareholders' equity to tangible assets

7.47

7.88

8.32

8.08

8.17

(1) Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in table I-J for additional information.
(2) All performance ratios are based on average balance sheet amounts, where applicable.
(3) Fully taxable equivalent considers the impact of tax-advantaged investment securities and loans.
(4) Core net interest margin excludes Paycheck Protection Program loans.
(5) Earning assets includes non-accruing loans and interest-bearing deposits with other banks. Securities are valued at amortized cost.

BAR HARBOR BANKSHARES
CONSOLIDATED BALANCE SHEETS - UNAUDITED


Jun 30,

Mar 31,

Dec 31,

Sep 30,

Jun 30,

(in thousands)

2022

2022

2021

2021

2021

Assets

Cash and due from banks

$

40,834

$

38,656

$

33,508

$

39,081

$

41,440

Interest-earning deposits with other banks

26,282

72,393

216,881

302,118

132,278

Total cash and cash equivalents

67,116

111,049

250,389

341,199

173,718


Securities available for sale

586,142

603,910

618,276

545,327

621,849

Federal Home Loan Bank stock

6,572

7,384

7,384

10,192

14,145

Total securities

592,714

611,294

625,660

555,519

635,994


Loans held for sale

3,539

2,843

5,523

7,505

7,942


Total loans

2,727,274

2,654,562

2,531,910

2,534,154

2,515,560

Less: Allowance for credit losses

(23,756

)

(23,190

)

(22,718

)

(22,448

)

(22,815

)

Net loans

2,703,518

2,631,372

2,509,192

2,511,706

2,492,745


Premises and equipment, net

48,350

48,891

49,382

50,070

51,119

Other real estate owned

-

-

-

-

-

Goodwill

119,477

119,477

119,477

119,477

119,477

Other intangible assets

6,267

6,500

6,733

6,966

7,198

Cash surrender value of bank-owned life insurance

80,262

79,861

79,020

79,380

78,886

Deferred tax asset, net

18,405

12,614

5,547

5,811

4,902

Other assets

72,596

68,169

58,310

60,712

67,064

Total assets

$

3,712,244

$

3,692,070

$

3,709,233

$

3,738,345

$

3,639,045


Liabilities and shareholders' equity

Demand and other non-interest bearing deposits

$

670,268

$

653,471

$

664,420

$

664,395

$

599,598

NOW deposits

883,239

918,768

940,631

888,021

802,681

Savings deposits

663,676

658,834

628,670

605,977

578,361

Money market deposits

499,456

424,750

389,291

379,651

371,075

Time deposits

361,906

391,940

425,532

469,221

470,758

Total deposits

3,078,545

3,047,763

3,048,544

3,007,265

2,822,473


Senior borrowings

117,347

118,538

118,400

190,267

279,991

Subordinated borrowings

60,206

60,165

60,124

60,083

60,042

Total borrowings

177,553

178,703

178,524

250,350

340,033


Other liabilities

62,549

58,605

58,018

62,295

62,779

Total liabilities

3,318,647

3,285,071

3,285,086

3,319,910

3,225,285


Total shareholders' equity

393,597

406,999

424,147

418,435

413,760

Total liabilities and shareholders' equity

$

3,712,244

$

3,692,070

$

3,709,233

$

3,738,345

$

3,639,045


Net shares outstanding

15,026

15,013

15,001

14,987

14,972

BAR HARBOR BANKSHARES
CONSOLIDATED LOAN & DEPOSIT ANALYSIS - UNAUDITED

LOAN ANALYSIS

Annualized

Growth %

(in thousands)

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Quarter to Date

Year to Date

Commercial real estate

$

1,331,860

$

1,289,968

$

1,210,580

$

1,170,372

$

1,135,857

13

%

20

%

Commercial and industrial

360,304

346,394

340,129

331,091

327,729

16

12

Paycheck Protection Program (PPP)

170

1,126

6,669

24,227

65,918

*

*

Total commercial loans

1,692,334

1,637,488

1,557,378

1,525,690

1,529,504

13

17

Total commercial loans, excluding PPP

1,692,164

1,636,362

1,550,709

1,501,463

1,463,586

14

18


Residential real estate

876,644

868,382

821,004

849,692

822,774

4

14

Consumer

100,816

96,876

98,949

100,933

103,589

16

4

Tax exempt and other

57,480

51,816

54,579

57,839

59,693

44

11

Total loans

$

2,727,274

$

2,654,562

$

2,531,910

$

2,534,154

$

2,515,560

11

%

15

%

DEPOSIT ANALYSIS

Annualized

Growth %

(in thousands)

Jun 30,
2022

Mar 31,
2022

Dec 31,
2021

Sep 30,
2021

Jun 30,
2021

Quarter to Date

Year to Date

Demand

$

670,268

$

653,471

$

664,420

$

664,395

$

599,598

10

%

2

%

NOW

883,239

918,768

940,631

888,021

802,681

(15

)

(12

)

Savings

663,676

658,834

628,670

605,977

578,361

3

11

Money market

499,456

424,750

389,291

379,651

371,075

70

57

Total non-maturity deposits

2,716,639

2,655,823

2,623,012

2,538,044

2,351,715

9

7

Total time deposits

361,906

391,940

425,532

469,221

470,758

(31

)

(30

)

Total deposits

$

3,078,545

$

3,047,763

$

3,048,544

$

3,007,265

$

2,822,473

4

%

2

%

*Indicates ratios of 100% or greater.

BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED

Three Months Ended

Six Months Ended

June 30,

June 30,

(in thousands, except per share data)

2022

2021

2022

2021

Interest and dividend income

Loans

$

24,581

$

23,191

$

47,252

$

47,396

Securities and other

4,207

3,992

8,033

7,971

Total interest and dividend income

28,788

27,183

55,285

55,367

Interest expense

Deposits

1,195

2,603

2,384

5,554

Borrowings

1,074

1,826

2,084

3,637

Total interest expense

2,269

4,429

4,468

9,191

Net interest income

26,519

22,754

50,817

46,176

Provision for credit losses

534

(765

)

911

(1,254

)

Net interest income after provision for credit losses

25,985

23,519

49,906

47,430

Non-interest income

Trust and investment management fee income

3,829

3,801

7,583

7,467

Customer service fees

3,656

3,257

7,272

6,227

Gain on sales of securities, net

-

50

9

50

Mortgage banking income

488

1,553

1,112

4,123

Bank-owned life insurance income

504

498

1,005

1,016

Customer derivative income

137

86

155

496

Other income

347

260

1,134

374

Total non-interest income

8,961

9,505

18,270

19,753

Non-interest expense

Salaries and employee benefits

11,368

11,356

23,515

23,532

Occupancy and equipment

4,373

3,894

8,796

8,222

Loss (gain) on sales of premises and equipment, net

10

1

(65

)

9

Outside services

410

533

750

965

Professional services

528

151

701

709

Communication

188

198

413

519

Marketing

369

534

632

824

Amortization of intangible assets

233

233

466

474

Loss on debt extinguishment

-

-

-

-

Acquisition, conversion and other expenses

-

552

325

1,441

Other expenses

4,221

4,272

8,053

7,520

Total non-interest expense

21,700

21,724

43,586

44,215

Income before income taxes

13,246

11,300

24,590

22,968

Income tax expense

2,743

2,275

4,975

4,463

Net income

$

10,503

$

9,025

$

19,615

$

18,505


Earnings per share:

Basic

$

0.70

$

0.60

$

1.31

$

1.24

Diluted

0.70

0.60

1.30

1.23


Weighted average shares outstanding:

Basic

15,018

14,965

15,014

14,950

Diluted

15,077

15,042

15,094

15,026

BAR HARBOR BANKSHARES
CONSOLIDATED STATEMENTS OF INCOME (5 Quarter Trend) - UNAUDITED


Jun 30,

Mar 31,

Dec 31,

Sep 30,

Jun 30,

(in thousands, except per share data)

2022

2022

2021

2021

2021

Interest and dividend income






Loans

$

24,581

$

22,671

$

22,746

$

25,094

$

23,191

Securities and other

4,207

3,826

3,776

3,821

3,992

Total interest and dividend income

28,788

26,497

26,522

28,915

27,183

Interest expense

Deposits

1,195

1,189

1,434

1,555

2,603

Borrowings

1,074

1,010

1,273

1,778

1,826

Total interest expense

2,269

2,199

2,707

3,333

4,429

Net interest income

26,519

24,298

23,815

25,582

22,754

Provision for credit losses

534

377

126

(174

)

(765

)

Net interest income after provision for credit losses

25,985

23,921

23,689

25,756

23,519

Non-interest income

Trust and investment management fee income

3,829

3,754

3,844

3,868

3,801

Customer service fees

3,656

3,616

3,470

3,515

3,257

Gain on sales of securities, net

-

9

890

1,930

50

Mortgage banking income

488

624

1,563

850

1,553

Bank-owned life insurance income

504

501

669

494

498

Customer derivative income

137

18

173

341

86

Other income

347

787

549

352

260

Total non-interest income

8,961

9,309

11,158

11,350

9,505

Non-interest expense

Salaries and employee benefits

11,368

12,147

11,842

11,743

11,356

Occupancy and equipment

4,373

4,423

4,105

4,029

3,894

Loss (gain) on sales of premises and equipment, net

10

(75

)

515

(146

)

1

Outside services

410

340

431

547

533

Professional services

528

173

556

491

151

Communication

188

225

205

188

198

Marketing

369

263

378

339

534

Amortization of intangible assets

233

233

233

233

233

Loss on debt extinguishment

-

-

1,083

1,768

-

Acquisition, conversion and other expenses