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| 8-K - HCSB FINANCIAL CORP | e00432_hcsb-8k.htm |
For Immediate Release
HCSB Financial Corporation Announces Second Quarter 2016
Financial Results
Loris, SC, July 29, 2016----HCSB Financial Corporation (OTC Pink: HCFB), the holding company for Horry County State Bank, announced today financial results for the second quarter ended June 30, 2016. The Company announced net earnings per share available to common shareholders of $0.03 per share, an increase from the loss of $0.96 per share at the end of the first quarter of 2016.
“We have made tremendous progress during the second quarter and through the first half of 2016. The capital raise, the repurchase of our senior securities, and the hiring of key executives, are all important accomplishments on our road to profitability, efficiency, and increased loan production. Our Company is now well-capitalized, and we have a strong team of commercial bankers in place to begin building our loan portfolio with quality commercial loans in our markets,” remarked Jan Hollar, Chief Executive Officer of the Company and the Bank.
The new executive team is now in place and leading the Bank into its next chapter. In addition to Jan Hollar as CEO, the Company announced the following additions to the executive team during the first half of 2016: Jack McElveen as Chief Credit Officer, Rick Patterson as Chief Operating Officer, and Jennifer Harris as Chief Financial Officer.
Financial Highlights
During the second quarter, the Company raised $45 million in capital in an offering led by a group of accredited institutional investors, as well as $1.4 million in a follow-on offering to legacy shareholders, employees, and other investors. Portions of this capital has already been used to accomplish several of the Company’s goals. First, the Company repurchased all of its outstanding trust preferred securities as well as the preferred stock issued to the United States Treasury as part of the Troubled Asset Relief Program (TARP), ending the Company’s obligation to Treasury. In addition, the Company was able to repurchase subordinated debt that the Company issued to certain accredited investors in 2010.
The Company is committed to improving its asset quality through a planned bulk sale of nonperforming assets. A portion of the capital raised is being used for this purpose. The terms of the sale have been finalized, and the sale closed early in the third quarter of 2016.
Also during the second quarter, the Company booked $9 million in new loans, the largest portion of which were in the commercial real estate category. This uptick in loan production is in line with the Bank’s strategy to increase lending within prudent limits and high standards of credit quality.
Interest Income and Net Interest Margin
Net interest income was up quarter over quarter, totaling $2.4 million for the second quarter of 2016 as compared to $1.9 million in the first quarter of 2016. The Company also experienced a 39 basis point increase in its net interest margin to 2.84% for the quarter ended June 30, 2016 from 2.45% for the quarter ended March 31, 2016. The increase in margin is primarily the result of a 380 basis point decrease in cost of borrowings, as trust preferred securities were repurchased and subordinated debt was settled early in the second quarter of 2016.
Non-Interest Income
Non-interest income increased to $19.5 million in the second quarter of 2016 compared to $416,000 in the first quarter of 2016. The current quarter included $19.1 million of gains on the extinguishment of debt related to the settlement of subordinated debt noted above. Also included in non-interest income for the quarter ended June 30, 2016 was a $102,000 loss on the sale of securities, as the Company begins to restructure its current portfolio to better mitigate interest rate risk within the portfolio. This compares to a gain on sale of securities of $17,000 in the first quarter of 2016. Excluding the gain on extinguishment of debt and gain (loss) on the sale of securities for each quarter, non-interest income increased $41,000 in the second quarter of 2016 as compared to the first quarter of 2016.
Asset Quality
During the second quarter, asset quality improved significantly due to the asset disposition plan put into place following the capital raise. Other real estate owned (OREO) decreased by $4.0 million during the quarter to $7.3 million at June 30, 2016 due to the write down and sale of several properties. Nonperforming loans decreased by $1.8 million to $4.3 million at June 30, 2016, of which $4.28 million are classified as held-for-sale as the Company finalizes the sale of those assets in early third quarter. The ratio of nonperforming assets to total assets dropped to 3.03%, as compared to 4.78% at March 31, 2016 and the ratio of nonperforming loans to total loans dropped to 2.18% at the end of the second quarter of 2016 as compared to 3.06% at the end of the first quarter of 2016. The Company expects continued improvement in these ratios and other asset quality metrics as the classified asset reduction plan is completed in the third quarter of 2016.
Allowance for Loan Losses
At June 30, 2016, the allowance for loan losses was $4.5 million, compared to $3.7 million at March 31, 2016. As a percentage of total loans held-for-investment, the allowance for loan losses was 2.26% in the second quarter of 2016, up from 1.86% in the first quarter of 2016. Our reserves increased modestly due to charge-offs taken during the quarter, the extension of the lookback period in the calculation of historic loss rates, as well as an increase in qualitative factors which management felt prudent given significant changes in credit administration. Out of the $4.5 million in total allowance for loan losses at June 30, 2016, specific allowances for impaired loans accounted for $845,000 as compared to $1.2 million in the first quarter due to the sale and resolution of nonperforming loans.
Balance Sheet and Capital
Total assets increased $19.1 million during the second quarter of 2016, and gross loans (including loans held-for-sale) increased $3.7 million compared to the first quarter of 2016 as the Company saw solid loan production during the quarter. Total deposits decreased $12.2 million, which primarily resulted from the maturity of $9.9 million in internet-based time deposits.
The Company’s capital ratios have improved significantly following the capital raise in April 2016. As of June 30, 2016 the Bank’s leverage ratio, Common Equity Tier 1 ratio (CET1), Tier 1 risk-based capital ratio, and total risk-based capital ratio were 9.90%, 16.32%, 16.32% and 17.58%, respectively.
About HCSB Financial Corporation
HCSB Financial Corporation is the holding company for Horry County State Bank, a full-service community bank providing services in 8 branches across Horry County, South Carolina. Horry County State Bank’s website is www.hcsbaccess.com. HSCB shares are quoted on the OTC Pink under the symbol “HCFB”.
SAFE HARBOR
This news release contains forward-looking statements, as defined by the federal securities laws, including statement about the Company’s financial outlook and business environment. Forward looking statements generally include words such as “expects,” “projects,” “anticipates,” “believes,” “estimates,” “strategy,” “plan,” “potential,” and other similar expressions. These statements are provided to assist in the understanding of future financial performance and such performance involves risks and uncertainties that may cause actual results to differ materially from those anticipated in such statements. Any such statements are based on current expectations and involve a number of risks and uncertainties. For a discussion of some factors that may cause such forward-looking statements to differ materially from actual results, please refer to the section entitled “Forward-Looking Statements” on pages 1-2 and in the section entitled “Risk Factors” of the Company’s annual report on Form 10-K filed with the SEC for the year ended December 31, 2015. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements.
For additional information contact:
Jan H. Hollar
Chief Executive Officer
(843) 716-6117
jhollar@horrycountystatebank.com
| HCSB Financial Corporation | |||||||||||
| Condensed Consolidated Balance Sheet (Unaudited) | |||||||||||
| As of | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2016 | 2016 | 2015* | 2015 | 2015 | ||||||||||||||||
| ($ in thousands) | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and due from banks | $ | 64,024 | $ | 41,652 | $ | 22,137 | $ | 29,185 | $ | 43,085 | ||||||||||
| Investment securities available for sale | 80,969 | 83,205 | 89,701 | 84,291 | 91,466 | |||||||||||||||
| Nonmarketable equity securities | 1,090 | 1,276 | 1,330 | 1,330 | 1,330 | |||||||||||||||
| Loans held for sale | 4,280 | — | — | — | 6,179 | |||||||||||||||
| Loans | 199,072 | 199,635 | 209,367 | 219,982 | 225,576 | |||||||||||||||
| Allowance for loan losses | (4,492 | ) | (3,719 | ) | (4,601 | ) | (5,021 | ) | (5,599 | ) | ||||||||||
| Net loans | 194,580 | 195,916 | 204,766 | 214,961 | 219,977 | |||||||||||||||
| Premises and equipment, net | 14,591 | 15,758 | 15,917 | 16,069 | 16,178 | |||||||||||||||
| Assets held-for-sale | 768 | — | — | — | — | |||||||||||||||
| Other real estate owned | 7,256 | 11,270 | 13,624 | 18,510 | 17,897 | |||||||||||||||
| Bank-owned life insurance | 11,481 | 11,400 | 11,319 | 11,239 | 11,159 | |||||||||||||||
| Other assets | 3,441 | 2,886 | 2,629 | 2,962 | 6,599 | |||||||||||||||
| Total assets | $ | 382,480 | $ | 363,363 | $ | 361,423 | $ | 378,547 | $ | 413,870 | ||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Demand noninterest-bearing | $ | 44,077 | $ | 40,227 | $ | 40,182 | $ | 45,135 | $ | 46,155 | ||||||||||
| Money market, NOW and savings | 119,191 | 122,613 | 116,678 | 121,965 | 138,076 | |||||||||||||||
| Time deposits | 159,974 | 172,621 | 173,971 | 180,514 | 200,275 | |||||||||||||||
| Total deposits | 323,242 | 335,461 | 330,831 | 347,614 | 384,506 | |||||||||||||||
| Short-term borrowings | 1,659 | 1,248 | 1,716 | 1,119 | 1,066 | |||||||||||||||
| Long-term debt | 17,000 | 34,141 | 34,138 | 34,248 | 34,248 | |||||||||||||||
| Accrued expenses and other liabilities | 3,312 | 7,161 | 6,988 | 6,741 | 6,168 | |||||||||||||||
| Total liabilities | 345,213 | 378,011 | 373,673 | 389,722 | 425,988 | |||||||||||||||
| Shareholders’ equity: | ||||||||||||||||||||
| Preferred stock | 9 | 12,895 | 12,895 | 12,895 | 12,895 | |||||||||||||||
| Common stock | 3,633 | 38 | 38 | 38 | 38 | |||||||||||||||
| Warrants | — | 1,012 | 1,012 | 1,012 | 1,012 | |||||||||||||||
| Additional paid-in capital | 81,903 | 30,220 | 30,220 | 30,214 | 30,214 | |||||||||||||||
| Retained deficit | (48,177 | ) | (58,090 | ) | (54,807 | ) | (54,398 | ) | (54,766 | ) | ||||||||||
| Accumulated other comprehensive loss | (101 | ) | (723 | ) | (1,608 | ) | (936 | ) | (1,511 | ) | ||||||||||
| Total shareholders’ equity | 37,267 | (14,648 | ) | (12,250 | ) | (11,175 | ) | (12,118 | ) | |||||||||||
| Total liabilities and shareholders’ equity | $ | 382,480 | $ | 363,363 | $ | 361,423 | $ | 378,547 | $ | 413,870 | ||||||||||
| Common shares issued and outstanding | 363,314,783 | 3,846,340 | 3,846,340 | 3,816,340 | 3,816,340 | |||||||||||||||
* Derived from audited financial statements.
| HCSB Financial Corporation | |||||||||||
| Condensed Consolidated Income Statement (Unaudited) | |||||||||||
| At or For the Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2016 | 2016 | 2015 | 2015 | 2015 | ||||||||||||||||
| ($ in thousands, except per share amounts) | ||||||||||||||||||||
| Interest income | ||||||||||||||||||||
| Loans, including fees | $ | 2,581 | $ | 2,483 | $ | 2,753 | $ | 3,088 | $ | 2,954 | ||||||||||
| Investment securities | 386 | 461 | 479 | 506 | 510 | |||||||||||||||
| Nonmarketable equity securities | 14 | 14 | 14 | 8 | 15 | |||||||||||||||
| Interest on deposits at banks | 73 | 31 | 14 | 16 | 21 | |||||||||||||||
| Total interest income | 3,054 | 2,989 | 3,260 | 3,618 | 3,500 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Money market, NOW and savings deposits | 100 | 96 | 98 | 108 | 112 | |||||||||||||||
| Time deposits | 412 | 427 | 450 | 487 | 529 | |||||||||||||||
| Borrowings | 97 | 523 | 518 | 510 | 497 | |||||||||||||||
| Total interest expense | 609 | 1,046 | 1,066 | 1,105 | 1,138 | |||||||||||||||
| Net interest income | 2,445 | 1,943 | 2,194 | 2,513 | 2,362 | |||||||||||||||
| Provision for loan losses | 3,560 | 1,424 | — | — | — | |||||||||||||||
| Net interest income (loss) after provision | (1,115 | ) | 519 | 2,194 | 2,513 | 2,362 | ||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Service charges on deposit accounts | 189 | 161 | 163 | 197 | 201 | |||||||||||||||
| Mortgage banking income | — | — | 6 | 50 | 63 | |||||||||||||||
| Income from bank-owned life insurance | 110 | 110 | 109 | 109 | 106 | |||||||||||||||
| Gain (loss) on sale of securities available for sale | (102 | ) | 17 | — | 20 | 78 | ||||||||||||||
| Gain (loss) on sale of assets | — | — | (4 | ) | 736 | (9 | ) | |||||||||||||
| Gain on extinguishment of debt | 19,115 | — | — | — | — | |||||||||||||||
| Other noninterest income | 141 | 128 | 149 | 231 | 227 | |||||||||||||||
| Total noninterest income | 19,453 | 416 | 423 | 1,343 | 666 | |||||||||||||||
| Noninterest expenses | ||||||||||||||||||||
| Salaries and employee benefits | 1,668 | 1,286 | 1,228 | 1,330 | 1,402 | |||||||||||||||
| Occupancy and equipment | 486 | 499 | 493 | 558 | 534 | |||||||||||||||
| Legal and professional fees | 1,076 | 215 | 494 | 488 | 372 | |||||||||||||||
| Deposit charges and FDIC insurance | 206 | 309 | 320 | 346 | 363 | |||||||||||||||
| Loss on disposal of fixed assets | 247 | — | — | — | — | |||||||||||||||
| Net cost of operation of other real estate owned | 3,273 | 1,564 | 167 | 382 | 365 | |||||||||||||||
| Other noninterest expense | 549 | 345 | 364 | 349 | 394 | |||||||||||||||
| Total noninterest expenses | 7,505 | 4,218 | 3,066 | 3,453 | 3,430 | |||||||||||||||
| Income (loss) before income taxes | 10,833 | (3,283 | ) | (449 | ) | 403 | (402 | ) | ||||||||||||
| Income tax expense (benefit) | 920 | — | (40 | ) | 35 | 5 | ||||||||||||||
| Net income (loss) | 9,913 | (3,283 | ) | (409 | ) | 368 | (407 | ) | ||||||||||||
| Preferred dividends | — | (398 | ) | (405 | ) | (514 | ) | (296 | ) | |||||||||||
| Net income (loss) available to common shareholders | $ | 9,913 | $ | (3,681 | ) | $ | (814 | ) | $ | (146 | ) | $ | (703 | ) | ||||||
| Earnings per common share, fully diluted | $ | 0.03 | $ | (0.96 | ) | $ | (0.21 | ) | $ | (0.04 | ) | $ | (0.18 | ) | ||||||
| Weighted average diluted common shares | 319,862,554 | 3,846,340 | 3,846,340 | 3,816,340 | 3,816,640 | |||||||||||||||
| HCSB Financial Corporation | |||||||||||
| Average Balance Sheets and Net Interest Analysis (Unaudited) | |||||||||||
| For the Three Months Ended | ||||||||||||||||||||||||
| June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||
| Average | Income/ | Yield/ | Average | Income/ | Yield/ | |||||||||||||||||||
| Balance | Expense | Rate (2) | Balance | Expense | Rate (2) | |||||||||||||||||||
| Assets | ($ in thousands) | |||||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||||||
| Loans and loans held for sale (1) | $ | 201,380 | $ | 2,581 | 5.15 | % | $ | 231,604 | $ | 2,954 | 5.17 | % | ||||||||||||
| Interest-bearing deposits | 66,958 | 73 | 0.44 | % | 33,129 | 21 | 0.26 | % | ||||||||||||||||
| Investment securities | 76,970 | 386 | 2.01 | % | 103,333 | 510 | 1.97 | % | ||||||||||||||||
| Other interest-earning assets | 1,090 | 14 | 5.17 | % | 1,144 | 15 | 5.32 | % | ||||||||||||||||
| Total interest-earning assets | 346,398 | 3,054 | 3.55 | % | 369,210 | 3,500 | 3.84 | % | ||||||||||||||||
| Allowance for loan losses | (3,821 | ) | (5,477 | ) | ||||||||||||||||||||
| Cash and due from banks | 1,762 | 2,108 | ||||||||||||||||||||||
| Premises and equipment | 15,676 | 20,140 | ||||||||||||||||||||||
| Other assets | 24,650 | 32,786 | ||||||||||||||||||||||
| Total assets | $ | 384,665 | $ | 418,767 | ||||||||||||||||||||
| Liabilities and shareholders’ equity | ||||||||||||||||||||||||
| Interest-bearing liabilities: | ||||||||||||||||||||||||
| Interest-bearing demand | $ | 40,565 | $ | 18 | 0.18 | % | $ | 43,090 | $ | 16 | 0.15 | % | ||||||||||||
| Money market, NOW and savings | 78,870 | 82 | 0.42 | % | 92,553 | 96 | 0.42 | % | ||||||||||||||||
| Time deposits | 164,464 | 412 | 1.01 | % | 205,823 | 529 | 1.04 | % | ||||||||||||||||
| Total interest-bearing deposits | 283,899 | 512 | 0.73 | % | 341,466 | 641 | 0.76 | % | ||||||||||||||||
| Short-term borrowings | 1,418 | 1 | 0.28 | % | 1,084 | 1 | 0.37 | % | ||||||||||||||||
| Long-term debt | 19,017 | 96 | 2.03 | % | 34,248 | 496 | 5.87 | % | ||||||||||||||||
| Total borrowed funds | 20,435 | 97 | 1.91 | % | 35,332 | 497 | 5.70 | % | ||||||||||||||||
| Total interest-bearing liabilities | 304,334 | 609 | 0.80 | % | 376,798 | 1,138 | 1.22 | % | ||||||||||||||||
| Net interest rate spread | 2,445 | 2.75 | % | 2,362 | 2.62 | % | ||||||||||||||||||
| Noninterest-bearing demand deposits | 40,568 | 46,608 | ||||||||||||||||||||||
| Other liabilities | 4,142 | 6,413 | ||||||||||||||||||||||
| Shareholders’ equity | 35,621 | (11,052 | ) | |||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 384,665 | $ | 418,767 | ||||||||||||||||||||
| Net interest margin | 2.84 | % | 2.59 | % | ||||||||||||||||||||
(1) Nonaccrual loans are included in the average loan balances.
(2) Yield/ rate calculated on Actual/Actual day count basis, except for yield on investments which is calculated on a 30/360 day count basis.
| HCSB Financial Corporation | |||||||||
| Selected Ratios (Unaudited) | |||||||||
| At or For the Three Months Ended | ||||||||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | ||||||||||||||||
| 2016 | 2016 | 2015 | 2015 | 2015 | ||||||||||||||||
| ($ in thousands, except per share amounts) | ||||||||||||||||||||
| Per Share Data: | ||||||||||||||||||||
| Basic Earnings (Loss) per Common Share | $ | 0.03 | $ | (0.96 | ) | $ | (0.21 | ) | $ | (0.04 | ) | $ | (0.18 | ) | ||||||
| Book value per common share (1) | $ | 0.10 | $ | (7.16 | ) | $ | (6.54 | ) | $ | (6.31 | ) | $ | (6.55 | ) | ||||||
| Common shares outstanding | 363,314,783 | 3,846,340 | 3,846,340 | 3,816,340 | 3,816,640 | |||||||||||||||
| Weighted average dilutive common shares outstanding | 319,862,554 | 3,846,340 | 3,846,340 | 3,816,340 | 3,816,640 | |||||||||||||||
| Selected Performance Ratios: | ||||||||||||||||||||
| Return on Average Assets | 10.36 | % | -3.67 | % | -0.44 | % | 0.37 | % | -0.39 | % | ||||||||||
| Return on Average Equity (2) | 111.93 | % | N/A | N/A | N/A | N/A | ||||||||||||||
| Net interest margin (non-tax equivalent) | 2.84 | % | 2.45 | % | 2.66 | % | 2.86 | % | 2.59 | % | ||||||||||
| Non-interest Income as a % of Revenue | 86.43 | % | 12.22 | % | 11.49 | % | 27.07 | % | 15.99 | % | ||||||||||
| Non-interest Income as a % of Average Assets | 5.06 | % | 0.12 | % | 0.11 | % | 0.34 | % | 0.16 | % | ||||||||||
| Non-interest Expense as a % of Average Assets | 1.95 | % | 1.17 | % | 0.83 | % | 0.87 | % | 0.82 | % | ||||||||||
| Asset Quality: | ||||||||||||||||||||
| Past due 30-59 days (and still accruing) | $ | 636 | $ | 3,667 | $ | 3,897 | $ | 2,058 | $ | 623 | ||||||||||
| Past due 60-89 days (and still accruing) | 159 | 647 | 244 | 808 | 331 | |||||||||||||||
| Past due 90 days plus (and still accruing) | — | — | — | — | 2 | |||||||||||||||
| Nonaccrual loans | 332 | 6,115 | 8,742 | 6,792 | 9,000 | |||||||||||||||
| Nonperforming loans | 332 | 6,115 | 8,742 | 6,792 | 9,002 | |||||||||||||||
| Nonperforming loans held for sale (nonaccruing) | 4,012 | — | — | — | — | |||||||||||||||
| OREO | 7,256 | 11,270 | 13,624 | 18,510 | 17,897 | |||||||||||||||
| Nonperforming assets | 11,600 | 17,385 | 22,366 | 25,302 | 26,899 | |||||||||||||||
| Nonperforming loans to total loans | 2.18 | % | 3.06 | % | 4.18 | % | 3.09 | % | 3.99 | % | ||||||||||
| Nonperforming assets to total assets | 3.03 | % | 4.78 | % | 6.19 | % | 6.68 | % | 6.50 | % | ||||||||||
| Allowance to total loans held-for-investment | 2.26 | % | 1.86 | % | 2.20 | % | 2.28 | % | 2.48 | % | ||||||||||
| Allowance to nonperforming loans | 103.41 | % | 60.82 | % | 52.63 | % | 73.93 | % | 62.20 | % | ||||||||||
| Allowance to nonperforming assets | 38.72 | % | 21.39 | % | 20.57 | % | 19.84 | % | 20.81 | % | ||||||||||
| Net charge-offs (recoveries) to average loans | 5.57 | % | 4.52 | % | 0.78 | % | 1.02 | % | -0.36 | % | ||||||||||
| (annualized) | ||||||||||||||||||||
| Capital Ratios (Bank): | ||||||||||||||||||||
| Common Equity Tier 1 (CET1) capital | $ | 38,114 | $ | 9,238 | $ | 12,135 | $ | 12,169 | 11,434 | |||||||||||
| Tier 1 capital | 38,114 | 9,238 | 12,135 | 12,169 | $ | 11,434 | ||||||||||||||
| Tier 2 capital | 2,939 | 2,962 | 3,267 | 3,497 | 3,708 | |||||||||||||||
| Total risk based capital | 41,053 | 12,200 | 15,402 | 15,666 | 15,142 | |||||||||||||||
| Risk weighted assets | 233,528 | 236,204 | 260,024 | 278,214 | 294,742 | |||||||||||||||
| Average assets for leverage ratio | 384,914 | 360,649 | 370,482 | 400,954 | 418,697 | |||||||||||||||
| Common Equity Tier 1 (CET1) ratio | 16.32 | % | 3.91 | % | 4.67 | % | 4.37 | % | 3.88 | % | ||||||||||
| Tier 1 ratio | 16.32 | % | 3.91 | % | 4.67 | % | 4.37 | % | 3.88 | % | ||||||||||
| Total risk based capital ratio | 17.58 | % | 5.17 | % | 5.92 | % | 5.63 | % | 5.14 | % | ||||||||||
| Tier 1 leverage ratio | 9.90 | % | 2.56 | % | 3.28 | % | 3.04 | % | 2.73 | % | ||||||||||
(1) Book value per share excludes non-voting preferred shares
(2) Ratio not applicable in prior periods due to negative equity