Investar Holding Corporation
Investar Holding Corp (Form: 10-Q, Received: 08/04/2016 16:06:43)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 10-Q

 

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

or

¨

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                  to                  

Commission File Number: 001-36522

 

Investar Holding Corporation

(Exact name of registrant as specified in its charter)

 

 

Louisiana

27-1560715

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

7244 Perkins Road, Baton Rouge, Louisiana 70808

(Address of principal executive offices, including zip code)

(225) 227-2222

(Registrant’s telephone number, including area code)

 

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.    Yes   x    No   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   x     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

¨

Accelerated filer

x

 

 

 

 

Non-accelerated filer

o  (Do not check if a smaller reporting company)

Smaller reporting company

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ¨     No   x

The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date, is as follows: Common stock, $1.00 par value, 7,149,064 shares outstanding as of August 1, 2016.

 

 

 

 

 


TABLE OF CONTENTS

 

Special Note Regarding Forward-Looking Statements

3

 

 

 

 

Part I. Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements (Unaudited)

4

 

 

Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015

4

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015

5

 

 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2016 and 2015

6

 

 

Consolidated Statements of Changes in Stockholders’ Equity

7

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015

8

 

 

Notes to the Consolidated Financial Statements

9

Item 2.

 

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

29

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

48

Item 4.

 

Controls and Procedures

48

 

 

 

 

Part II. Other Information

49

 

 

 

 

Item 1A.

 

Risk Factors

49

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 6.

 

Exhibits

50

Signatures

51

Exhibit Index

52

 

 

 

2


S PECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

When included in this Quarterly Report on Form 10-Q, or in other documents that Investar Holding Corporation (the “Company”) files with the Securities and Exchange Commission (“SEC”) or in statements made by or on behalf of the Company, words like “may,” “should,” “could,” “predict,” “potential,” “believe,” “think,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” “outlook” and similar expressions or the negative version of those words are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those described therein. The Company’s forward-looking statements are based on assumptions and estimates that management believes to be reasonable in light of the information available at the time such statements are made. However, many of the matters addressed by these statements are inherently uncertain and could be affected by many factors beyond management’s control. A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements. These factors include, but are not limi t ed to, the fol l ow i ng, any one or more of which co u l d mater i ally affect t h e o u t c ome of future events:

 

 

b us ines s an d econ o m i c con d it i on s ge nera l l y a n d i n t h e fi n a ncia l s erv i ces in d u stry in partic u l ar, whether na t i onall y , regi o n al l y or in the mar k ets i n wh i ch we operate;

 

o ur ab i li ty to ac hi eve o rg a n ic loan a n d dep o sit g r ow t h , a n d th e comp o s i ti o n o f t ha t g r ow t h ;

 

changes (or the lack of c hang e s) in inter e st rates, yield curves and intere s t rate spread relationships that affect our loan and de p o sit pric i ng ;

 

t h e exte n t o f co n ti n ui n g cl i e n t de ma n d f o r th e h ig h leve l o f pe rs onal i ze d se r vic e t ha t i s a ke y e l emen t o f ou r ba n ki n g approa c h a s well as our abili t y to execute our strate g y general ly ;

 

o ur de p e nde n c e on ou r man agement team, and our abili t y to attract and retain q u al i f ied personnel;

 

cha n ge s i n th e qua l it y o r composi t io n o f ou r l o a n or i nvestmen t po r t f ol i os , inc l ud i n g a d ve r s e de vel o pment s i n b o r r o w e r i n dustries or i n the re p ay ment ab i li t y of i n di v id u a l bo r r o wers;

 

inaccuracy of the assumptions and estimat e s we make in establishing reserves for p r obable loan lo s ses and other estimates;

 

the concentration of ou r b u s i ne s s wi t hi n o u r ge og raphic areas of operat i on in L o uisia n a; and

 

concentration of credit exposure.

 

These factors should not be con s tru e d as exha u s tive . Ad d it i ona l i n f o rmati o n on thes e an d ot h er ris k f acto rs ca n b e fo u n d i n I t em 1 A. “Risk Factor s and Item 7. “Special Note Rega r di n g Fo r wa r d-L o ok i n g S t atement s i n t h e C ompan y s A nn u a l Re p o rt on Fo rm 1 0-K for the year end e d December 31, 2015, f i led wi t h the Secu r ities and Exchange Commission.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking to update our forward-looking statements, and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements or any changes in events, conditions or circumstances upon which any forward-looking statement may be based, except as required by law.

 

 

 

3


P ART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

INVESTAR HOLDING CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

 

 

June 30, 2016

 

 

December 31, 2015

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Cash and due from banks

$

9,958

 

 

$

6,313

 

Interest-bearing balances due from other banks

 

27,175

 

 

 

14,472

 

Federal funds sold

 

1

 

 

 

181

 

Cash and cash equivalents

 

37,134

 

 

 

20,966

 

 

 

 

 

 

 

 

 

Available for sale securities at fair value (amortized cost

   of $149,986, and $113,828, respectively)

 

151,841

 

 

 

113,371

 

Held to maturity securities at amortized cost (estimated

   fair value of $25,810 and $26,271, respectively)

 

25,656

 

 

 

26,408

 

Loans held for sale

 

46,717

 

 

 

80,509

 

Loans, net of allowance for loan losses of $7,091 and

   $6,128, respectively

 

810,379

 

 

 

739,313

 

Other equity securities

 

7,371

 

 

 

5,835

 

Bank premises and equipment, net of accumulated

   depreciation of $6,017 and $5,368, respectively

 

30,147

 

 

 

30,630

 

Other real estate owned, net

 

279

 

 

 

725

 

Accrued interest receivable

 

2,840

 

 

 

2,831

 

Deferred tax asset

 

1,459

 

 

 

1,915

 

Goodwill and other intangible assets, net

 

3,254

 

 

 

3,175

 

Bank owned life insurance

 

7,101

 

 

 

3,512

 

Other assets

 

2,752

 

 

 

2,365

 

Total assets

$

1,126,930

 

 

$

1,031,555

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing

$

109,828

 

 

$

90,447

 

Interest-bearing

 

757,377

 

 

 

646,959

 

Total deposits

 

867,205

 

 

 

737,406

 

Advances from Federal Home Loan Bank

 

93,599

 

 

 

127,497

 

Repurchase agreements

 

28,854

 

 

 

39,099

 

Junior subordinated debt

 

3,609

 

 

 

3,609

 

Accrued taxes and other liabilities

 

20,900

 

 

 

14,594

 

Total liabilities

 

1,014,167

 

 

 

922,205

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

Preferred stock, no par value per share; 5,000,000 shares

   authorized

 

-

 

 

 

-

 

Common stock, $1.00 par value per share; 40,000,000 shares authorized;

   7,359,976 and 7,305,213 shares issued and 7,214,734 and 7,264,282

   shares outstanding, respectively

 

7,360

 

 

 

7,305

 

Treasury stock

 

(2,249

)

 

 

(634

)

Surplus

 

84,958

 

 

 

84,692

 

Retained earnings

 

22,507

 

 

 

18,650

 

Accumulated other comprehensive income (loss)

 

187

 

 

 

(663

)

Total stockholders’ equity

 

112,763

 

 

 

109,350

 

Total liabilities and stockholders’ equity

$

1,126,930

 

 

$

1,031,555

 

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

 

 

 

4


INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share data)

(Unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

9,781

 

 

$

8,646

 

 

$

19,266

 

 

$

16,944

 

Interest on investment securities

 

 

891

 

 

 

523

 

 

 

1,747

 

 

 

1,008

 

Other interest income

 

 

47

 

 

 

18

 

 

 

84

 

 

 

35

 

Total interest income

 

 

10,719

 

 

 

9,187

 

 

 

21,097

 

 

 

17,987

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

1,763

 

 

 

1,299

 

 

 

3,278

 

 

 

2,491

 

Interest on borrowings

 

 

298

 

 

 

108

 

 

 

614

 

 

 

217

 

Total interest expense

 

 

2,061

 

 

 

1,407

 

 

 

3,892

 

 

 

2,708

 

Net interest income

 

 

8,658

 

 

 

7,780

 

 

 

17,205

 

 

 

15,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

800

 

 

 

400

 

 

 

1,254

 

 

 

1,100

 

Net interest income after provision for loan losses

 

 

7,858

 

 

 

7,380

 

 

 

15,951

 

 

 

14,179

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

88

 

 

 

97

 

 

 

185

 

 

 

191

 

Gain on sale of investment securities, net

 

 

144

 

 

 

134

 

 

 

224

 

 

 

134

 

Gain on sale of fixed assets

 

 

1,252

 

 

 

-

 

 

 

1,252

 

 

 

-

 

Gain on sale of other real estate owned, net

 

 

10

 

 

 

7

 

 

 

11

 

 

 

6

 

Gain on sale of loans, net

 

 

-

 

 

 

1,077

 

 

 

313

 

 

 

2,808

 

Fee income on loans held for sale, net

 

 

106

 

 

 

210

 

 

 

229

 

 

 

510

 

Servicing fees

 

 

431

 

 

 

373

 

 

 

899

 

 

 

653

 

Other operating income

 

 

225

 

 

 

168

 

 

 

430

 

 

 

304

 

Total noninterest income

 

 

2,256

 

 

 

2,066

 

 

 

3,543

 

 

 

4,606

 

Income before noninterest expense

 

 

10,114

 

 

 

9,446

 

 

 

19,494

 

 

 

18,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

369

 

 

 

362

 

 

 

739

 

 

 

719

 

Salaries and employee benefits

 

 

3,890

 

 

 

3,971

 

 

 

7,763

 

 

 

7,879

 

Occupancy

 

 

242

 

 

 

225

 

 

 

478

 

 

 

438

 

Data processing

 

 

367

 

 

 

370

 

 

 

741

 

 

 

710

 

Marketing

 

 

102

 

 

 

62

 

 

 

214

 

 

 

120

 

Professional fees

 

 

375

 

 

 

237

 

 

 

654

 

 

 

499

 

Customer reimbursements

 

 

584

 

 

 

-

 

 

 

584

 

 

 

-

 

Other operating expenses

 

 

1,175

 

 

 

1,455

 

 

 

2,315

 

 

 

2,741

 

Total noninterest expense

 

 

7,104

 

 

 

6,682

 

 

 

13,488

 

 

 

13,106

 

Income before income tax expense

 

 

3,010

 

 

 

2,764

 

 

 

6,006

 

 

 

5,679

 

Income tax expense

 

 

1,005

 

 

 

951

 

 

 

2,011

 

 

 

1,916

 

Net income

 

$

2,005

 

 

$

1,813

 

 

$

3,995

 

 

$

3,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.28

 

 

$

0.25

 

 

$

0.56

 

 

$

0.52

 

Diluted earnings per share

 

$

0.28

 

 

$

0.25

 

 

$

0.55

 

 

$

0.52

 

Cash dividends declared per common share

 

$

0.01

 

 

$

0.01

 

 

$

0.02

 

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

 

 

 

5


INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands)

(Unaudited)

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,005

 

 

$

1,813

 

 

$

3,995

 

 

$

3,763

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss), available for sale, net of tax

     expense (benefit) of $408, ($194), $887 and ($51), respectively

 

 

757

 

 

 

(374

)

 

 

1,648

 

 

 

(96

)

Reclassification of realized gain, net of tax expense of

     $50, $47, $78 and $47, respectively

 

 

(93

)

 

 

(87

)

 

 

(145

)

 

 

(87

)

Unrealized loss, transfer from available for sale to held to maturity,

     net of tax benefit of $0 for all respective periods

 

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(2

)

Fair value of derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of interest rate swap designated as a cash flow

     hedge, net of tax (benefit) expense of ($109), $44, ($351) and ($82),

     respectively

 

 

(202

)

 

 

94

 

 

 

(651

)

 

 

(151

)

Total other comprehensive income

 

 

461

 

 

 

(368

)

 

 

850

 

 

 

(336

)

Total comprehensive income

 

$

2,466

 

 

$

1,445

 

 

$

4,845

 

 

$

3,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

 

 

 

6


INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Amounts in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

Common

 

 

Treasury

 

 

 

 

 

 

Retained

 

 

Comprehensive

 

 

Stockholders’

 

 

Stock

 

 

Stock

 

 

Surplus

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

Balance, December 31, 2014

$

7,264

 

 

$

(23

)

 

$

84,213

 

 

$

11,809

 

 

$

121

 

 

$

103,384

 

Surrendered shares

 

-

 

 

 

(39

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(39

)

Shares repurchased

 

-

 

 

 

(572

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(572

)

Options exercised

 

10

 

 

 

-

 

 

 

125

 

 

 

-

 

 

 

-

 

 

 

135

 

Dividends declared, $0.03 per share

 

-

 

 

 

-

 

 

 

-

 

 

 

(232

)

 

 

-

 

 

 

(232

)

Stock-based compensation

 

31

 

 

 

-

 

 

 

354

 

 

 

-

 

 

 

-

 

 

 

385

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

7,073

 

 

 

-

 

 

 

7,073

 

Other comprehensive loss, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(784

)

 

 

(784

)

Balance, December 31, 2015

$

7,305

 

 

$

(634

)

 

$

84,692

 

 

$

18,650

 

 

$

(663

)

 

$

109,350

 

Surrendered shares

 

-

 

 

 

(23

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(23

)

Shares repurchased

 

-

 

 

 

(1,592

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,592

)

Options exercised

 

1

 

 

 

-

 

 

 

14

 

 

 

-

 

 

 

-

 

 

 

15

 

Dividends declared, $0.02 per share

 

-

 

 

 

-

 

 

 

-

 

 

 

(138

)

 

 

-

 

 

 

(138

)

Stock-based compensation

 

54

 

 

 

-

 

 

 

252

 

 

 

-

 

 

 

-

 

 

 

306

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

3,995

 

 

 

-

 

 

 

3,995

 

Other comprehensive income, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

850

 

 

 

850

 

Balance, June 30, 2016 (Unaudited)

$

7,360

 

 

$

(2,249

)

 

$

84,958

 

 

$

22,507

 

 

$

187

 

 

$

112,763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

 

 

 

7


 

INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)  

 

 

 

For the six months ended

 

 

 

June 30,

 

 

 

2016

 

 

2015

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

 

3,995

 

 

 

3,763

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

739

 

 

 

719

 

Provision for loan losses

 

 

1,254

 

 

 

1,100

 

Amortization of purchase accounting adjustments

 

 

(27

)

 

 

(121

)

Provision for other real estate owned

 

 

7

 

 

 

24

 

Net amortization of securities

 

 

534

 

 

 

528

 

Gain on sale of securities, net

 

 

(224

)

 

 

(134

)

Gain on sale of fixed assets, net

 

 

(1,252

)

 

 

-

 

Gain on sale of other real estate owned, net

 

 

(11

)

 

 

(6

)

FHLB stock dividend

 

 

(31

)

 

 

(7

)

Stock-based compensation

 

 

306

 

 

 

176

 

Deferred taxes

 

 

(2

)

 

 

(349

)

Net change in value of bank owned life insurance

 

 

(89

)

 

 

-

 

Other

 

 

-

 

 

 

11

 

Loans held for sale:

 

 

 

 

 

 

 

 

Originations

 

 

(495

)

 

 

(210,350

)

Proceeds from sales

 

 

23,837

 

 

 

238,341

 

Gain on sale of loans

 

 

(313

)

 

 

(2,808

)

Net change in:

 

 

 

 

 

 

 

 

Accrued interest receivable

 

 

(9

)

 

 

3

 

Other assets

 

 

166

 

 

 

533

 

Accrued taxes and other liabilities

 

 

5,272

 

 

 

4,759

 

Net cash provided by operating activities

 

 

33,657

 

 

 

36,182

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of investment securities available for sale

 

 

8,418

 

 

 

6,217

 

Funds invested in securities available for sale

 

 

(52,263

)

 

 

(24,095

)

Proceeds from maturities, prepayments and calls of investment securities available for sale

 

 

7,425

 

 

 

5,248

 

Funds invested in securities held to maturity

 

 

-

 

 

 

(2,182

)

Proceeds from maturities, prepayments and calls of investment securities held to maturity

 

 

701

 

 

 

449

 

Proceeds from redemption of other equity securities

 

 

-

 

 

 

5,355

 

Purchase of other equity securities

 

 

(1,505

)

 

 

(3,966

)

Net increase in loans

 

 

(61,598

)

 

 

(51,093

)

Proceeds from sales of other real estate owned

 

 

480

 

 

 

561

 

Proceeds from the sales of fixed assets

 

 

2,649

 

 

 

-

 

Purchases of fixed assets

 

 

(1,632

)

 

 

(1,604

)

Acquisition of trademark intangible

 

 

(100

)

 

 

-

 

Purchase of bank owned life insurance

 

 

(3,500

)

 

 

-

 

Purchase of other investments

 

 

(553

)

 

 

-

 

Net cash used in investing activities

 

 

(101,478

)

 

 

(65,110

)