EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

January 27, 2005

 

Contacts:                         Melanie J. Dressel, President and

Chief Executive Officer

(253) 305-1911

Gary R. Schminkey, Executive Vice President

and Chief Financial Officer

(253) 305-1966

 

COLUMBIA BANKING SYSTEM ANNOUNCES

INCREASED FULL YEAR AND FOURTH QUARTER 2004 EARNINGS;

REACHES $2 BILLION IN ASSETS

 

HIGHLIGHTS

 

  •   Fourth quarter earnings of $6.5 million, up 19% from 4th quarter 2003.

 

  •   Earnings for the year of $22.5 million, up 15% compared with the prior year.

 

  •   Diluted 4th quarter earnings per share of $0.41, up 8% from the prior year.

 

  •   Diluted earnings per share for the year of $1.52, up 11% from last year.

 

  •   Total loans increased $281 million, up 26% from 2003.

 

  •   Average core deposit growth of 22% compared with the prior year.

 

  •   Return on Assets and Return on Equity of 1.17% and 13.25%, respectively, for 2004.

 

  •   Bank of Astoria acquisition completed October 1, 2004.

 

  •   Reached milestone of over $2 billion in assets.

 

TACOMA, Washington—Columbia Banking System, Inc. (Nasdaq: COLB) today announced increased net income for the fourth quarter ended December 31, 2004 of $6.5 million, an increase of 19% compared to $5.4 million for the fourth quarter of 2003. On a diluted per share basis, net income for the fourth quarter was $0.41, an increase of 8% from $0.38 in 2003. Return on average assets and return on average equity for the fourth quarter 2004 were 1.19% and 12.63%, respectively, compared to 1.25% and 14.80%, respectively, for last year. Total nonperforming assets decreased $6.3 million, or 41%, to $9.1 million at December 31, 2004 from $15.4 million at December 31, 2003. Return on average equity for the year was 13.25%, down from 13.83% for 2003. The slight decrease in ROE for the year was primarily due to the increase in shareholder equity related to the acquisition of the Bank of Astoria in the fourth quarter 2004. Net income for the year 2004 was $22.5 million, an increase of $3.0 million, up 15% compared to $19.5 million for 2003. On a diluted per share basis, net income for 2004 was $1.52, compared with $1.37, an increase of 11% over the same period last year. Return on average assets for the year 2004 was 1.17%, up from 1.15% for 2003.

Melanie J. Dressel, President and Chief Executive Officer, said “We are pleased to see our profitability continue to improve for the fourth quarter and full year 2004 as a result of increased interest income, loan growth and rising short-term rates. This is in spite of significant expenses related to documentation compliance with Section 404 of the Sarbanes-Oxley Act.”

 

Ms. Dressel said, “On October 1, 2004, we completed the acquisition of the Bank of Astoria, a 5-branch commercial bank headquartered in Astoria, Oregon with $170 million in assets. We are delighted to have such a high quality organization join our team. Bank of Astoria is continuing to operate under its existing name and locations with the same local management and board of directors.”

 

“Total loans at December 31, 2004 reflected a significant increase from the prior year,” Ms. Dressel continued. “Compared to a year ago, outstanding loans are up $281million. The Bank of Astoria portfolio added over $100 million in loans. Our existing loan production staff throughout our market area, including our expanded King County team, generated the remainder. We recently added nine experienced bankers who came to us when Washington Mutual discontinued its business banking operation.”

 

Ms. Dressel further noted, “The increases in the prime rate have had a positive impact on our net interest income, as over 40% of our loans are tied to prime and other related indices. We have been able to lower our cost of funds and manage our net interest margin through our continued growth in core deposits, which comprise over 74% of our total deposits.”

 

At December 31, 2004, Columbia’s total assets were $2.2 billion, an increase of 25% from $1.7 billion at December 31, 2003. Total loans were $1.4 billion at December 31, 2004, up 26% from December 31, 2003, and total securities increased $119 million to $643 million at December 31, 2004, an increase of 23% from the prior year. Total deposits increased 21% from December 31, 2003, ending at $1.9 billion at December 31, 2004. Core deposits at December 31, 2004 were $1.4 billion, an increase of $284 million, or 26%, compared with 2003.

Operating Results

 

Quarter Ended December 31, 2004

 

Net Interest Income

 

Net interest income for the fourth quarter of 2004 increased 26% to $20.5 million, from $16.2 million for the three months ended December 31, 2003. This was primarily due to higher average earning assets during this period, coupled with increases in the prime lending rate, and lower funding costs from increased core deposits. The net interest margin increased to 4.26% in the fourth quarter of 2004, from 4.16% for the same period last year.

 

Average interest-earning assets grew to $1.97 billion, or 24%, during the fourth quarter of 2004, compared with $1.59 billion in the fourth quarter of 2003. The yield on average interest-earning assets increased 7 basis points (a basis point equals 1/100 of 1%) to 5.32% during the fourth quarter of 2004 compared with 5.25% during the same period of 2003. In comparison, average interest-bearing liabilities increased $287 million to $1.53 billion compared to a year ago. The cost of average interest-bearing liabilities decreased 3 basis points to 1.36% during the fourth quarter of 2004, from 1.39% in the same period of 2003.

 

For the twelve months ended December 31, 2004, net interest income increased 13% to $71.9 million from $63.9 million in 2003. During 2004, the Company’s net interest margin decreased to 4.19% from 4.23% for 2003. Average interest-earning assets grew to $1.77 billion during 2004, compared with $1.54 billion for the same period of 2003. The yield on average interest-earning assets decreased 32 basis points to 5.21% during 2004, from 5.53% in 2003. In comparison, average interest-bearing liabilities grew to $1.39 billion compared with $1.24 billion for 2003. The cost of average interest-bearing liabilities decreased 30 basis points to 1.31% during 2004 from 1.61% in 2003.

 

Noninterest Income

 

Noninterest income for the fourth quarter of 2004 increased $459,000 or 8% over the same period in 2003, and decreased $540,000, or 2%, for the full year of 2004 compared with the year 2003.

 

The increase during the fourth quarter is due primarily to increases in service charges and other fees and continuing growth in merchant services income. The decreases in noninterest income during the full year of 2004 were primarily due to decreases in home refinancing activity. Merchant services income increased $1.2 million to $7.3 million for the year ended December 31, 2004, compared to $6.1 million for the same period in 2003.

Noninterest Expense

 

Total noninterest expense for the fourth quarter of 2004 was $16.7 million, an increase of 20% from $13.9 million for the same period in 2003. Noninterest expense for the full year 2004 was $61.3 million, an increase of 10% from $56.0 for the full year 2003. These increases included costs of implementing the internal control requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (“Sarbanes”). The Company has incurred Sarbanes expenditures of $1.0 million year-to-date, excluding Sarbanes audit expenses; $254,000 was expensed in the fourth quarter of 2004. These expenses should continue at a lower level into subsequent quarters in 2005, as requirements are implemented. Noninterest expense during the fourth quarter of 2004 increased primarily due to the purchase of the Bank of Astoria and the investment in the expansion of our King County team. The Company also experienced higher group health insurance rates and state employment taxes in its employee benefit expenses.

 

Sarbanes-Oxley 404 external implementation expenses for the fourth quarter 2004 were $254,000, and total $1.0 million for the full year 2004, exclusive of audit expenses. Excluding the Sarbanes implementation expenses, pro-forma net income for the fourth quarter 2004 was $6.6 million, up 22% from $5.4 million for the fourth quarter of 2003. Pro-forma earnings per share were $0.42 per diluted share, an increase of 11% from $0.38 per diluted share one year ago. For the year 2004, pro-forma net income was $23.2 million, an increase of 19% from $19.5 million for the year 2003; pro-forma net income on a diluted per share basis for the year 2004 was $1.57 compared with $1.37 for 2003, an increase of 15%. The pro-forma efficiency ratio for the fourth quarter 2004 was 60.46% compared to 62.84% for the fourth quarter of 2003; the pro-forma efficiency ratio for the year 2004 was 62.12% compared to 62.86% for the same period last year.

 

Nonperforming Assets and Loan Loss Provision

 

Nonperforming assets decreased $6.3 million to $9.1 million from $15.4 million at year-end 2003, primarily due to decreases in nonaccrual loans, which decreased $5.0 million, or 38%, to $8.2 million at December 31, 2004.

 

Nonperforming loans were $8.4 million, or 0.62% of total loans (excluding loans held for sale) at December 31, 2004, compared to $13.3 million, or 1.23% of total loans at December 31, 2003. For the quarter, nonperforming loans rose slightly, from 0.51% as of September 30, 2004 to 0.62% as of December 31, 2004. Most of the increase centered in the commercial business category, which was negatively affected by events surrounding a single relationship, and resulted in the increase in nonaccrual loans and the increase in net loan charge-offs for the fourth quarter and the full year 2004. Ms. Dressel said, “Our credit quality measures continue to move in a positive direction and remain some of the strongest in the Company’s history”.

The provision for loan losses was $445,000 for the fourth quarter of 2004; the Company made no provision for loan losses in the fourth quarter of 2003. The increase in the provision for loan losses was primarily due to the increases in loan volume during the fourth quarter, 2004. For 2004 the loan loss provision was $995,000 compared to $2.9 million for the full year 2003.

 

The allowance for loan losses as a percentage of loans (excluding loans held for sale at each date) decreased to 1.46% at year-end 2004 as compared to 1.88% at year-end 2003, primarily due to improved credit quality and the previously mentioned increase in loan balances. In addition, the allowance for loan losses was positively impacted by a 41% decrease in nonperforming assets from 2003. At year-end, the allowance for loan losses to nonperforming loans increased to 235% compared to 153% at December 31, 2003. Ms. Dressel said, “We continue to maintain a conservative approach to credit quality and will continue to prudently add to our loan loss allowance as necessary to ensure we maintain appropriate reserves.”

 

Ms. Dressel continued, “The year 2004 brought the opportunity to expand our footprint as well as deepen our strength in existing markets. We have always strived to attract and hire the most experienced bankers in our market areas. We benefited from the addition of the Bank of Astoria team and the additions to our King County lending team. We believe both will continue to add value to our organization.”

 

Ms. Dressel further noted, “In early 2005, we will extend our footprint by adding a branch in University Place. We will continue our strategy of leveraging our strong base of branches in both Washington and Oregon, focusing on increasing market share in the communities we serve.”

Conference Call

 

Columbia will discuss the quarterly and year-end results on a conference call on Thursday, January 27, 2005 at 1:00 PST. Interested investors, analysts, media representatives and the public are invited to listen to this discussion by calling 1-800-322-1106. A conference call replay will be available from approximately 4:30 p.m. PST on January 27 through midnight PST on Thursday, February 3, 2005. The conference call replay can be accessed by dialing 1-800-642-1687 and entering access code 3584539.

 

Columbia Banking System, Inc. is a Tacoma-based bank holding company whose wholly owned bank subsidiaries are Columbia Bank and Bank of Astoria, which was acquired October 1, 2004. Columbia Bank is a Washington state-chartered full-service commercial bank with 34 banking offices in Pierce, King, Cowlitz, Kitsap and Thurston counties. Bank of Astoria, a federally insured commercial bank headquartered in Astoria, Oregon, operates four branches in Clatsop County: Astoria, Warrenton, Seaside and Cannon Beach; and one branch in Manzanita in Tillamook County. Columbia Banking System Inc.’s Annual Meeting of Shareholders will be held at 1:00 PDT on April 27, 2005 at the Greater Tacoma Convention & Trade Center, 1500 Broadway, Tacoma, WA 98402.

 

# # #

 

Note Regarding Forward-Looking Statements

 

This news release includes forward looking statements, which management believes are a benefit to shareholders. These forward looking statements describe Columbia’s management’s expectations regarding future events and developments such as future operating results, growth in loans and deposits, continued success of Columbia’s style of banking and the strength of the local economy. The words “will,” “believe,” “expect,” “should,” and “anticipate” and words of similar construction are intended in part to help identify forward looking statements. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. In addition to discussions about risks and uncertainties set forth from time to time in Columbia’s filings with the SEC, factors that may cause actual results to differ materially from those contemplated by such forward looking statements include, among others, the following possibilities: (1) local, national and international economic conditions are less favorable than expected or have a more direct and pronounced effect on Columbia than expected and adversely affect Columbia’s ability to continue its internal growth at historical rates and maintain the quality of its earning assets; (2) changes in interest rates reduce interest margins more than expected and negatively affect funding sources; (3) projected business increases following strategic expansion or opening or acquiring new branches are lower than expected; (4) costs or difficulties related to the integration of acquisitions are greater than expected; (5) competitive pressure among financial institutions increases significantly; (6) legislation or regulatory requirements or changes adversely affect the businesses in which Columbia is engaged.

FINANCIAL STATISTICS

Columbia Banking System, Inc.

Unaudited

 

    

Three Months Ended

December 31,

    

Twelve Months Ended

December 31,

  

(in thousands, except per share amounts)

 

    2004
     2003
     2004
     2003
  

Earnings

                                 

Net interest income

    $ 20,528     $ 16,245     $ 71,943     $ 63,867  

Provision for loan loss

      445               995       2,850  

Noninterest income

      5,923       5,464       22,244       22,784  

Noninterest expense

      16,737       13,931       61,326       55,960  

Net income

      6,465       5,431       22,513       19,522  

Per Share

                                 

Net income (basic)

    $ 0.42     $ 0.39     $ 1.55     $ 1.39  

Net income (diluted)

      0.41       0.38       1.52       1.37  

Averages

                                 

Total assets

    $ 2,156,030     $ 1,724,573     $ 1,919,573     $ 1,696,417  

Interest-earning assets

      1,973,690       1,588,762       1,769,470       1,544,869  

Loans

      1,320,260       1,081,513       1,186,506       1,128,941  

Securities

      650,411       497,380       552,742       401,594  

Deposits

      1,854,809       1,532,063       1,690,513       1,483,173  

Core deposits

      1,381,334       1,082,843       1,238,536       1,017,126  

Shareholders’ Equity

      203,679       145,593       169,853       141,129  

Financial Ratios

                                 

Return on average assets

      1.19 %     1.25 %     1.17 %     1.15 %

Return on average equity

      12.63 %     14.80 %     13.25 %     13.83 %

Net interest margin

      4.26 %     4.16 %     4.19 %     4.23 %

Efficiency ratio (tax equivalent) (1)

      61.40 %     62.84 %     63.20 %     62.86 %

Average equity to average assets

      9.45 %     8.44 %     8.85 %     8.32 %
           December 31,
  
                 2004
     2003
  

Period end

                                 

Total assets

                    $ 2,179,280     $ 1,744,347  

Loans

                      1,359,743       1,078,302  

Allowance for loan losses

                      19,881       20,261  

Securities

                      643,060       523,864  

Deposits

                      1,864,028       1,544,626  

Core deposits

                      1,382,235       1,098,237  

Shareholders’ equity

                      204,900       150,372  

Book value per share

                      13.14       10.66  

Nonperforming assets

                                 

Nonaccrual loans

                    $ 8,222     $ 13,255  

Restructured loans

                      227          

Personal property owned

                              691  

Real estate owned

                      680       1,452  
                    
 

Total nonperforming assets

                    $ 9,129     $ 15,398  
                    
 

Nonperforming loans to period-end loans

                      0.62 %     1.23 %

Nonperforming assets to period-end assets

                      0.42 %     0.88 %

Allowance for loan losses to period-end loans

                      1.46 %     1.88 %

Allowance for loan losses to nonperforming loans

                      235.31 %     152.86 %

Allowance for loan losses to nonperforming assets

                      217.78 %     131.58 %

Net loan charge-offs

                    $ 2,742 (2)   $ 1,760 (2)

 

(1)      Noninterest expense divided by the sum of net interest income and noninterest income on a tax equivalent basis, excluding nonrecurring income and expense, such as gains/losses on investment securities and net cost (gain) of OREO.

(2)      For the year ended December 31, 2004 and 2003, respectively.

QUARTERLY FINANCIAL STATISTICS

Columbia Banking System, Inc.

Unaudited

 

     Three Months Ended
  

(in thousands, except per share amounts)

 

   

Dec 31

2004

    

Sept 30

2004

    

Jun 30

2004

    

Mar 31

2004

    

Dec 31

2003

  

Earnings

                                         

Net interest income

    $ 20,528     $ 17,567     $ 16,976     $ 16,872     $ 16,245  

Provision for loan loss

      445       250               300          

Noninterest income

      5,923       5,336       5,871       5,114       5,464  

Noninterest expense

      16,737       15,061       15,179       14,349       13,931  

Net income

      6,465       5,483       5,414       5,151       5,431  

Per Share

                                         

Net income [basic]

      0.42       0.38       0.38       0.36       0.39  

Net income [diluted]

      0.41       0.38       0.37       0.36       0.38  

Averages

                                         

Total assets

    $ 2,156,030     $ 1,885,892     $ 1,858,082     $ 1,776,056     $ 1,724,573  

Interest-earning assets

      1,973,690       1,742,778       1,716,825       1,642,635       1,588,762  

Loans

      1,320,260       1,147,746       1,150,611       1,126,363       1,081,513  

Securities

      650,411       550,203       498,553       510,756       497,380  

Deposits

      1,854,809       1,681,896       1,664,497       1,559,140       1,532,063  

Core deposits

      1,381,334       1,243,860       1,218,528       1,108,794       1,082,843  

Shareholders’ Equity

      203,679       162,133       158,331       154,981       145,593  

Financial Ratios

                                         

Return on average assets

      1.19 %     1.16 %     1.17 %     1.17 %     1.25 %

Return on average equity

      12.63       13.45       13.75       13.37       14.80  

Net interest margin

      4.26       4.13       4.10       4.25       4.16  

Efficiency ratio (tax equivalent)

      61.40       64.14       64.18       63.36       62.84  

Average equity to average assets

      9.45       8.60       8.52       8.73       8.44  

Period end

                                         

Total assets

    $ 2,179,280     $ 1,936,048     $ 1,861,623     $ 1,801,353     $ 1,744,347  

Loans

      1,359,743       1,165,340       1,130,508       1,131,531       1,078,302  

Allowance for loan losses

      19,881       19,927       19,769       19,958       20,261  

Securities

      643,060       608,939       487,407       508,046       523,864  

Deposits

      1,864,028       1,688,437       1,671,545       1,603,378       1,544,626  

Core deposits

      1,382,235       1,246,958       1,227,948       1,147,246       1,098,237  

Shareholders’ equity

      204,900       169,939       155,674       163,016       150,372  

Book value per share

      13.14       11.90       10.92       11.45       10.66  

Nonperforming assets

                                         

Nonaccrual loans

    $ 8,222     $ 5,743     $ 5,255     $ 12,715     $ 13,255  

Restructured loans

      227       239       251                  

Personal property owned

              615       639       635       691  

Real estate owned

      680       680       781       1,056       1,452  
    
 
 
 
 

Total nonperforming assets

    $ 9,129     $ 7,277     $ 6,926     $ 14,406     $ 15,398  
    
 
 
 
 

Nonperforming loans to period-end loans

      0.62 %     0.51 %     0.49 %     1.12 %     1.23 %

Nonperforming assets to period-end assets

      0.42 %     0.38 %     0.37 %     0.80 %     0.88 %

Allowance for loan losses to period-end loans

      1.46 %     1.71 %     1.75 %     1.76 %     1.88 %

Allowance for loan losses to nonperforming loans

      235.31 %     333.12 %     359.04 %     156.96 %     152.86 %

Allowance for loan losses to nonperforming assets

      217.78 %     273.84 %     285.43 %     138.54 %     131.58 %

Net loan charge-offs

    $ 1,858     $ 92     $ 189     $ 603     $ 70  

 

 

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

Columbia Banking System, Inc.

(Unaudited)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,

(in thousands except per share)

    2004
    2003
    2004
     2003

Interest Income

                             

Loans

    $ 19,840    $ 15,985    $ 68,908     $ 69,427

Securities available for sale

      5,905      4,567      20,718       14,166

Securities held to maturity

      22      34      103       162

Deposits with banks

      15      23      337       145
    
  
  
 

Total interest income

      25,782      20,609      90,066       83,900

Interest Expense

                             

Deposits

      4,628      4,068      16,537       18,304

Federal Home Loan Bank advances

      267      36      370       652

Long-term obligations

      324      260      1,162       1,077

Other borrowings

      35             54        
    
  
  
 

Total interest expense

      5,254      4,364      18,123       20,033
    
  
  
 

Net Interest Income

      20,528      16,245      71,943       63,867

Provision for loan losses

      445             995       2,850
    
  
  
 

Net interest income after provision for loan losses

      20,083      16,245      70,948       61,017

Noninterest Income

                             

Service charges and other fees

      2,721      2,514      10,547       10,072

Mortgage banking

      473      439      1,806       3,746

Merchant services fees

      1,854      1,613      7,259       6,108

Gain (loss) on sale of investment securities, net

             222      (6 )     222

Bank owned life insurance (BOLI)

      384      388      1,318       1,539

Other

      491      288      1,320       1,097
    
  
  
 

Total noninterest income

      5,923      5,464      22,244       22,784

Noninterest Expense

                             

Compensation and employee benefits

      8,743      7,512      32,228       29,657

Occupancy

      2,451      2,060      8,437       8,728

Merchant processing

      763      620      2,984       2,461

Advertising and promotion

      359      326      2,002       1,745

Data processing

      625      493      2,319       1,918

Legal & professional services

      998      449      3,312       1,831

Taxes, licenses & fees

      425      411      1,635       1,670

Net cost (gain) of other real estate owned

      2      41      (13 )     139

Other

      2,371      2,019      8,422       7,811
    
  
  
 

Total noninterest expense

      16,737      13,931      61,326       55,960
    
  
  
 

Income before income taxes

      9,269      7,778      31,866       27,841

Provision for income taxes

      2,804      2,347      9,353       8,319
    
  
  
 

Net Income

    $ 6,465    $ 5,431    $ 22,513     $ 19,522
    
  
  
 

Net income per common share:

                             

Basic

    $ 0.42    $ 0.39    $ 1.55     $ 1.39

Diluted

      0.41      0.38      1.52       1.37

Dividends paid per common share

      0.07      0.05      0.26       0.15

Average number of common shares outstanding

      15,570      14,073      14,558       14,039

Average number of diluted common shares outstanding

      15,846      14,298      14,816       14,215

CONSOLIDATED CONDENSED BALANCE SHEETS

Columbia Banking System, Inc.

(Unaudited)

 

(in thousands)

           

December 31,

2004

   

December 31,

2003

  

Assets

                        

Cash and due from banks

            $ 54,287    $ 49,685  

Interest-earning deposits with banks

              369      949  
            
  

Total cash and cash equivalents

              54,656      50,634  

Securities available for sale at fair value (amortized cost of $627,396 and $509,989 respectively)

              629,198      509,200  

Securities held to maturity (fair value of $3,199 and $4,708 respectively)

              3,101      4,548  

Federal Home Loan Bank stock

              10,761      10,116  

Loans held for sale

              6,019      10,640  

Loans, net of unearned income of ($2,839) and ($2,437) respectively

              1,359,743      1,078,302  

Less: allowance for loan losses

              19,881      20,261  
            
  

Loans, net

              1,339,862      1,058,041  

Interest receivable

              9,582      6,640  

Premises and equipment, net

              44,774      50,692  

Real estate owned

              680      1,452  

Goodwill

              31,263         

Other assets

              49,384      42,384  
            
  

Total Assets

            $ 2,179,280    $ 1,744,347  
            
  

Liabilities and Shareholders’ Equity

                        

Deposits:

                        

Noninterest-bearing

            $ 392,173    $ 317,721  

Interest-bearing

              1,471,855      1,226,905  
            
  

Total deposits

              1,864,028      1,544,626  

Federal Home Loan Bank advances

              68,700      16,500  

Other borrowings

              2,500         

Long-term subordinated debt

              22,246      22,180  

Other liabilities

              16,906      10,669  
            
  

Total liabilities

              1,974,380      1,593,975  

Shareholders’ equity:

                        

Preferred stock (no par value)

                        

Authorized, 2 million shares; none outstanding

                        
   

December 31,

2004

  

December 31,

2003

            
                     

Common stock (no par value)

 

                        

Authorized shares

   63,034   63,034                

Issued and outstanding

   15,594   14,105      161,185      112,675  

Retained earnings

              42,552      38,210  

Accumulated other comprehensive loss -

                        

Unrealized gains (losses) on securities available for sale, net of tax

              1,163      (513 )
            
  

Total shareholders’ equity

              204,900      150,372  
            
  

Total Liabilities and Shareholders’ Equity

            $ 2,179,280    $ 1,744,347