Investar Holding Corporation
Investar Holding Corp (Form: 10-Q, Received: 11/04/2016 10:16:25)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended September 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      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       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

 

 

 

 

Non-accelerated filer

 (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  

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, 7,115,186 shares outstanding as of November 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 September 30, 2016 and December 31, 2015

4

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015

5

 

 

Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2016 and 2015

6

 

 

Consolidated Statements of Changes in Stockholders’ Equity

7

 

 

Consolidated Statements of Cash Flows for the nine months ended September 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

30

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

49

Item 4.

 

Controls and Procedures

49

 

 

 

 

Part II. Other Information

50

 

 

 

 

Item 1A.

 

Risk Factors

50

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

50

Item 6.

 

Exhibits

51

Signatures

52

Exhibit Index

53

 

 

 

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 and including the potential impact on our borrowers of the August 2016 flooding in Baton Rouge and surrounding areas;

 

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)

 

 

September 30, 2016

 

 

December 31, 2015

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Cash and due from banks

$

10,172

 

 

$

6,313

 

Interest-bearing balances due from other banks

 

35,811

 

 

 

14,472

 

Federal funds sold

 

172

 

 

 

181

 

Cash and cash equivalents

 

46,155

 

 

 

20,966

 

 

 

 

 

 

 

 

 

Available for sale securities at fair value (amortized cost

   of $147,609, and $113,828, respectively)

 

148,981

 

 

 

113,371

 

Held to maturity securities at amortized cost (estimated

   fair value of $21,625 and $26,271, respectively)

 

21,454

 

 

 

26,408

 

Loans held for sale

 

40,553

 

 

 

80,509

 

Loans, net of allowance for loan losses of $7,383 and

   $6,128, respectively

 

839,445

 

 

 

739,313

 

Other equity securities

 

7,388

 

 

 

5,835

 

Bank premises and equipment, net of accumulated

   depreciation of $6,380 and $5,368, respectively

 

31,835

 

 

 

30,630

 

Other real estate owned, net

 

279

 

 

 

725

 

Accrued interest receivable

 

3,081

 

 

 

2,831

 

Deferred tax asset

 

1,384

 

 

 

1,915

 

Goodwill and other intangible assets, net

 

3,244

 

 

 

3,175

 

Bank owned life insurance

 

7,150

 

 

 

3,512

 

Other assets

 

3,256

 

 

 

2,365

 

Total assets

$

1,154,205

 

 

$

1,031,555

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

Noninterest-bearing

$

112,414

 

 

$

90,447

 

Interest-bearing

 

794,637

 

 

 

646,959

 

Total deposits

 

907,051

 

 

 

737,406

 

Advances from Federal Home Loan Bank

 

88,943

 

 

 

127,497

 

Repurchase agreements

 

23,554

 

 

 

39,099

 

Junior subordinated debt

 

3,609

 

 

 

3,609

 

Accrued taxes and other liabilities

 

17,472

 

 

 

14,594

 

Total liabilities

 

1,040,629

 

 

 

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;

   7,359,665 and 7,305,213 shares issued, and 7,131,186, and 7,264,282

   shares outstanding, respectively

 

7,360

 

 

 

7,305

 

Treasury stock

 

(3,526

)

 

 

(634

)

Surplus

 

85,124

 

 

 

84,692

 

Retained earnings

 

24,465

 

 

 

18,650

 

Accumulated other comprehensive income (loss)

 

153

 

 

 

(663

)

Total stockholders’ equity

 

113,576

 

 

 

109,350

 

Total liabilities and stockholders’ equity

$

1,154,205

 

 

$

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

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

10,011

 

 

$

8,912

 

 

$

29,277

 

 

$

25,856

 

Interest on investment securities

 

 

920

 

 

 

550

 

 

 

2,667

 

 

 

1,558

 

Other interest income

 

 

62

 

 

 

18

 

 

 

146

 

 

 

53

 

Total interest income

 

 

10,993

 

 

 

9,480

 

 

 

32,090

 

 

 

27,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

1,934

 

 

 

1,358

 

 

 

5,212

 

 

 

3,849

 

Interest on borrowings

 

 

306

 

 

 

170

 

 

 

920

 

 

 

387

 

Total interest expense

 

 

2,240

 

 

 

1,528

 

 

 

6,132

 

 

 

4,236

 

Net interest income

 

 

8,753

 

 

 

7,952

 

 

 

25,958

 

 

 

23,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

450

 

 

 

400

 

 

 

1,704

 

 

 

1,500

 

Net interest income after provision for loan losses

 

 

8,303

 

 

 

7,552

 

 

 

24,254

 

 

 

21,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

79

 

 

 

95

 

 

 

264

 

 

 

286

 

Gain on sale of investment securities, net

 

 

204

 

 

 

334

 

 

 

428

 

 

 

468

 

Gain on sale of fixed assets, net

 

 

-

 

 

 

-

 

 

 

1,252

 

 

 

-

 

Gain (loss) on sale of other real estate owned, net

 

 

-

 

 

 

(147

)

 

 

11

 

 

 

(141

)

Gain on sale of loans, net

 

 

-

 

 

 

1,023

 

 

 

313

 

 

 

3,831

 

Fee income on loans held for sale, net

 

 

118

 

 

 

261

 

 

 

347

 

 

 

771

 

Servicing fees

 

 

392

 

 

 

429

 

 

 

1,291

 

 

 

1,082

 

Other operating income

 

 

236

 

 

 

172

 

 

 

666

 

 

 

476

 

Total noninterest income

 

 

1,029

 

 

 

2,167

 

 

 

4,572

 

 

 

6,773

 

Income before noninterest expense

 

 

9,332

 

 

 

9,719

 

 

 

28,826

 

 

 

28,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

371

 

 

 

362

 

 

 

1,110

 

 

 

1,081

 

Salaries and employee benefits

 

 

3,945

 

 

 

4,161

 

 

 

11,708

 

 

 

12,040

 

Occupancy

 

 

265

 

 

 

217

 

 

 

743

 

 

 

655

 

Data processing

 

 

374

 

 

 

389

 

 

 

1,115

 

 

 

1,099

 

Marketing

 

 

102

 

 

 

35

 

 

 

316

 

 

 

155

 

Professional fees

 

 

312

 

 

 

271

 

 

 

966

 

 

 

770

 

Customer reimbursements

 

 

-

 

 

 

-

 

 

 

584

 

 

 

-

 

Other operating expenses

 

 

1,179

 

 

 

1,578

 

 

 

3,494

 

 

 

4,319

 

Total noninterest expense

 

 

6,548

 

 

 

7,013

 

 

 

20,036

 

 

 

20,119

 

Income before income tax expense

 

 

2,784

 

 

 

2,706

 

 

 

8,790

 

 

 

8,385

 

Income tax expense

 

 

747

 

 

 

850

 

 

 

2,758

 

 

 

2,766

 

Net income

 

$

2,037

 

 

$

1,856

 

 

$

6,032

 

 

$

5,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.29

 

 

$

0.26

 

 

$

0.85

 

 

$

0.78

 

Diluted earnings per share

 

$

0.29

 

 

$

0.26

 

 

$

0.84

 

 

$

0.78

 

Cash dividends declared per common share

 

$

0.01

 

 

$

0.01

 

 

$

0.03

 

 

$

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

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

2,037

 

 

$

1,856

 

 

$

6,032

 

 

$

5,619

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

     (benefit) expense of ($98), $173, $790 and $122, respectively

 

 

(182

)

 

 

323

 

 

 

1,466

 

 

 

227

 

Reclassification of realized gain, net of tax expense of

     $71, $117, $150 and $164, respectively

 

 

(133

)

 

 

(218

)

 

 

(278

)

 

 

(305

)

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

     net of tax benefit of $0, $0, $1, and $1, respectively

 

 

-

 

 

 

(1

)

 

 

(2

)

 

 

(3

)

Fair value of derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

     hedge, net of tax expense (benefit) of $151, ($151), ($199) and

    ($233), respectively

 

 

281

 

 

 

(281

)

 

 

(370

)

 

 

(432

)

Total other comprehensive income

 

 

(34

)

 

 

(177

)

 

 

816

 

 

 

(513

)

Total comprehensive income

 

$

2,003

 

 

$

1,679

 

 

$

6,848

 

 

$

5,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, $0.02 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

 

-

 

 

 

(60

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(60

)

Shares repurchased

 

-

 

 

 

(2,832

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,832

)

Options exercised

 

2

 

 

 

-

 

 

 

28

 

 

 

-

 

 

 

-

 

 

 

30

 

Dividends declared, $0.03 per share

 

-

 

 

 

-

 

 

 

-

 

 

 

(217

)

 

 

-

 

 

 

(217

)

Stock-based compensation

 

53

 

 

 

-

 

 

 

404

 

 

 

-

 

 

 

-

 

 

 

457

 

Net income

 

-

 

 

 

-

 

 

 

-

 

 

 

6,032

 

 

 

-

 

 

 

6,032

 

Other comprehensive income, net

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

816

 

 

 

816

 

Balance, September 30, 2016 (Unaudited)

$

7,360

 

 

$

(3,526

)

 

$

85,124

 

 

$

24,465

 

 

$

153

 

 

$

113,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

 

 

 

7


 

INVESTAR HOLDING CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)  

 

 

 

For the nine months ended

 

 

 

September 30,

 

 

 

2016

 

 

2015

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

 

6,032

 

 

 

5,619

 

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

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,110

 

 

 

1,081

 

Provision for loan losses

 

 

1,704

 

 

 

1,500

 

Amortization of purchase accounting adjustments

 

 

(36

)

 

 

(160

)

Provision for other real estate owned

 

 

7

 

 

 

54

 

Net amortization of securities

 

 

893

 

 

 

797

 

Gain on sale of securities, net

 

 

(428

)

 

 

(468

)

Gain on sale of fixed assets, net

 

 

(1,252

)

 

 

-

 

(Gain) loss on sale of other real estate owned, net

 

 

(11

)

 

 

141

 

FHLB stock dividend

 

 

(48

)

 

 

(10

)

Stock-based compensation

 

 

457

 

 

 

281

 

Deferred taxes

 

 

92

 

 

 

(433

)

Net change in value of bank owned life insurance

 

 

(137

)

 

 

-

 

Other

 

 

-

 

 

 

11

 

Loans held for sale:

 

 

 

 

 

 

 

 

Originations

 

 

(495

)

 

 

(287,512

)

Proceeds from sales

 

 

23,837

 

 

 

339,086

 

Gain on sale of loans

 

 

(313

)

 

 

(3,831

)

Net change in:

 

 

 

 

 

 

 

 

Accrued interest receivable

 

 

(250

)

 

 

(125

)

Other assets

 

 

(339

)

 

 

(20

)

Accrued taxes and other liabilities

 

 

2,232

 

 

 

6,148

 

Net cash provided by operating activities

 

 

33,055

 

 

 

62,159

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Proceeds from sales of investment securities available for sale

 

 

14,416

 

 

 

27,053

 

Funds invested in securities available for sale

 

 

(60,664

)

 

 

(50,255

)

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

 

 

12,058

 

 

 

8,479

 

Funds invested in securities held to maturity

 

 

-

 

 

 

(5,623

)

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

 

 

4,893

 

 

 

582

 

Proceeds from redemption of other equity securities

 

 

-

 

 

 

5,356

 

Purchase of other equity securities

 

 

(1,505

)

 

 

(4,679

)

Net increase in loans

 

 

(84,951

)

 

 

(88,272

)

Proceeds from sales of other real estate owned

 

 

480

 

 

 

1,726

 

Proceeds from the sales of fixed assets

 

 

2,649

 

 

 

-

 

Purchases of fixed assets

 

 

(3,682

)

 

 

(2,429

)

Acquisition of trademark intangible

 

 

(100

)

 

 

-

 

Purchase of bank owned life insurance

 

 

(3,500

)

 

 

-

 

Purchase of other investments

 

 

(553

)

 

 

-

 

Net cash used in investing activities

 

 

(120,459

)

 

 

(108,062

)