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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_________________________

FORM 10-Q

 

logo.jpg

 

(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, 2021

 

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 001-36452

 

SERVISFIRST BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware26-0734029
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization)Identification No.)

 

2500 Woodcrest Place, Birmingham, Alabama 35209 

(Address of Principal Executive Offices)           (Zip Code)

 

(205) 949-0302

(Registrant's Telephone Number, Including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common stock, par value $.001 per share

SFBS

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or Section 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒   No ☐

 

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

 

Large accelerated filer ☒Accelerated filer ☐ Non-accelerated filer ☐Smaller reporting company Emerging growth company 

 

 

 

 

 

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

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

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.

 

ClassOutstanding as of October 25, 2021
Common stock, $.001 par value 54,211,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION 4
Item 1. Financial Statements 4
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 28
Item 3. Quantitative and Qualitative Disclosures about Market Risk 44
Item 4. Controls and Procedures 45
     
PART II. OTHER INFORMATION 45
Item 1. Legal Proceedings 45
Item 1A. Risk Factors 45
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46
Item 3. Defaults Upon Senior Securities 46
Item 4. Mine Safety Disclosures 46
Item 5. Other Information 46
Item 6. Exhibits 47

 

EX-31.01 SECTION 302 CERTIFICATION OF THE CEO

EX-31.02 SECTION 302 CERTIFICATION OF THE CFO

EX-32.01 SECTION 906 CERTIFICATION OF THE CEO

EX-32.02 SECTION 906 CERTIFICATION OF THE CFO

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

 

  

September 30, 2021

  

December 31, 2020

 
  

(Unaudited)

   (1) 

ASSETS

        

Cash and due from banks

 $102,313  $93,655 

Interest-bearing balances due from depository institutions

  4,297,473   2,115,985 

Federal funds sold

  44,700   1,771 

Cash and cash equivalents

  4,444,486   2,211,411 

Available for sale debt securities, at fair value

  723,324   886,688 

Held to maturity debt securities (fair value of $261,276 at September 30, 2021 and $250 at December 31, 2020)

  261,276   250 

Mortgage loans held for sale

  578   14,425 

Loans

  8,812,811   8,465,688 

Less allowance for credit losses

  (108,950)  (87,942)

Loans, net

  8,703,861   8,377,746 

Premises and equipment, net

  60,953   54,969 

Accrued interest and dividends receivable

  33,815   36,841 

Deferred tax assets

  31,533   31,072 

Other real estate owned and repossessed assets

  2,068   6,497 

Bank owned life insurance contracts

  281,399   276,387 

Goodwill and other identifiable intangible assets

  13,705   13,908 

Other assets

  45,230   22,460 

Total assets

 $14,602,228  $11,932,654 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Liabilities:

        

Deposits:

        

Noninterest-bearing

 $4,366,654  $2,788,772 

Interest-bearing

  7,712,016   7,186,952 

Total deposits

  12,078,670   9,975,724 

Federal funds purchased

  1,286,756   851,545 

Other borrowings

  64,701   64,748 

Accrued interest payable

  12,697   12,321 

Other liabilities

  45,111   35,464 

Total liabilities

  13,487,935   10,939,802 

Stockholders' equity:

        

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at September 30, 2021 and December 31, 2020

  -   - 

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 54,207,147 shares issued and outstanding at September 30, 2021, and 53,943,751 shares issued and outstanding at December 31, 2020

  54   54 

Additional paid-in capital

  225,648   223,856 

Retained earnings

  869,731   748,224 

Accumulated other comprehensive income

  18,360   20,218 

Total stockholders' equity attributable to ServisFirst Bancshares, Inc.

  1,113,793   992,352 

Noncontrolling interest

  500   500 

Total stockholders' equity

  1,114,293   992,852 

Total liabilities and stockholders' equity

 $14,602,228  $11,932,654 

 

(1) Derived from audited financial statements.

 

See Notes to Consolidated Financial Statements.

 

 

 

4

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

 

   

Three Months Ended

   

Nine Months Ended

 
   

September 30,

   

September 30,

 
   

2021

   

2020

   

2021

   

2020

 

Interest income:

                               

Interest and fees on loans

  $ 96,119     $ 89,564     $ 285,373     $ 268,332  

Taxable securities

    6,544       5,858       18,666       16,104  

Nontaxable securities

    62       166       255       610  

Federal funds sold

    4       16       11       327  

Other interest and dividends

    1,507       506       3,046       2,584  

Total interest income

    104,236       96,110       307,351       287,957  

Interest expense:

                               

Deposits

    6,581       9,876       20,298       37,377  

Borrowed funds

    1,335       1,152       3,700       4,624  

Total interest expense

    7,916       11,028       23,998       42,001  

Net interest income

    96,320       85,082       283,353       245,956  

Provision for credit losses

    5,963       12,284       23,066       36,151  

Net interest income after provision for credit losses

    90,357       72,798       260,287       209,805  

Noninterest income:

                               

Service charges on deposit accounts

    1,727       1,818       5,542       5,557  

Mortgage banking

    1,423       2,519       6,869       5,697  

Credit card income

    2,043       1,840       5,147       5,003  

Securities gains

    -       -       620       -  

Increase in cash surrender value life insurance

    1,671       1,733       5,012       4,650  

Other operating income

    1,162       262       2,897       972  

Total noninterest income

    8,026       8,172       26,087       21,879  

Noninterest expenses:

                               

Salaries and employee benefits

    17,995       14,994       50,425       46,444  

Equipment and occupancy expense

    2,996       2,556       8,494       7,390  

Third party processing and other services

    4,144       3,281       11,506       10,360  

Professional services

    948       955       2,978       2,994  

FDIC and other regulatory assessments

    1,630       1,061       4,637       2,988  

OREO expense

    123       119       820       2,023  

Other operating expenses

    6,541       3,607       15,740       11,110  

Total noninterest expenses

    34,377       26,573       94,600       83,309  

Income before income taxes

    64,006       54,397       191,774       148,375  

Provision for income taxes

    11,507       11,035       37,793       29,787  

Net income

    52,499       43,362       153,981       118,588  

Preferred stock dividends

    -       -       31       31  

Net income available to common stockholders

  $ 52,499     $ 43,362     $ 153,950     $ 118,557  
                                 

Basic earnings per common share

  $ 0.97     $ 0.80     $ 2.84     $ 2.20  

Diluted earnings per common share

  $ 0.96     $ 0.80     $ 2.83     $ 2.19  

 

See Notes to Consolidated Financial Statements.

 

 

5

 

 

SERVISFIRST BANCSHARES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

  

Three Months Ended

  

Nine Months Ended

 
  

September 30,

  

September 30,

 
  

2021

  

2020

  

2021

  

2020

 

Net income

 $52,499  $43,362  $153,981  $118,588 

Other comprehensive (loss) income, net of tax:

                

Unrealized net holding (loss) gains arising during period from securities available for sale, net of tax of $(1,798) and $(2,097) for the three and nine months ended September 30, 2021, respectively, and net of tax of $58 and $3,477 for the three and nine months ended September 30, 2020, respectively

  (6,764)  220   (7,916)  13,082 

Amortization of net unrealized gains on securities transferred from available-for-sale to held-to-maturity, net of tax of $36 for the three and nine months ended September 30, 2021

  (136)  -   (136)  - 

Reclassification adjustment for securities transferred from available-for-sale to held-to-maturity net of tax of $1,480 for the three and nine months ended September 30, 2021, respectively

  5,705   -   5,705   - 

Reclassification adjustment for net gains on call of securities, net of tax of $130 for the nine months ended September 30, 2021

  -   -   490   - 

Other comprehensive income (loss), net of tax

  (1,195)  220   (1,858)  13,082 

Comprehensive income

 $51,304  $43,582  $152,123  $131,670 

 

See Notes to Consolidated Financial Statements.

 

 

 

 

 

 

 

 

 

 

6

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

(In thousands, except share amounts)(Unaudited)

 

  

Three Months Ended September 30,

 
  

Common Shares

  

Preferred Stock

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Income (Loss)

  

Noncontrolling interest

  

Total Stockholders' Equity

 

Balance, July 1, 2020

  53,874,276  $-  $54  $222,437  $672,984  $18,611  $502  $914,588 

Common dividends declared, $0.175 per share

  -   -   -   -   (9,422)  -   -   (9,422)

Issue restricted shares pursuant to stock incentives, net of forfeitures

  3,500   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  37,469   -   -   728   -   -   -   728 

5,831 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (225)  -   -   -   (225)

Stock-based compensation expense

  -   -   -   340   -   -   -   340 

Other comprehensive income, net of tax

  -   -   -   -   -   220   -   220 

Net income

  -   -   -   -   43,362   -   (2)  43,360 

Balance, September 30, 2020

  53,915,245  $-  $54  $223,280  $706,924  $18,831  $500  $949,589 
                                 

Balance, July 1, 2021

  54,201,204  $-  $54  $225,127  $828,048  $19,555  $500  $1,073,284 

Common dividends declared, $0.20 per share

  -   -   -   -   (10,842)  -   -   (10,842)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   26   -   -   26 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  346   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  5,597   -   -   159   -   -   -   159 

1,903 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (99)  -   -   -   (99)

Stock-based compensation expense

  -   -   -   461   -   -   -   461 

Other comprehensive loss, net of tax

  -   -   -   -   -   (1,195)  -   (1,195)

Net income

  -   -   -   -   52,499   -   -   52,499 

Balance, September 30, 2021

  54,207,147  $-  $54  $225,648  $869,731  $18,360  $500  $1,114,293 

 

 

 

 

7

 

  

Nine Months Ended September 30,

 
  

Common Shares

  

Preferred Stock

  

Common Stock

  

Additional Paid-in Capital

  

Retained Earnings

  

Accumulated Other Comprehensive Income (Loss)

  

Noncontrolling interest

  

Total Stockholders' Equity

 

Balance, January 1, 2020

  53,623,740  $-  $54  $219,766  $616,611  $5,749  $502  $842,682 

Common dividends paid, $0.35 per share

  -   -   -   -   (18,822)  -   -   (18,822)

Common dividends declared, $0.175 per share

  -   -   -   -   (9,422)  -   -   (9,422)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Issue restricted shares pursuant to stock incentives, net of forfeitures

  29,067   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  262,438   -   -   3,172   -   -   -   3,172 

16,862 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (627)  -   -   -   (627)

Stock-based compensation expense

  -   -   -   969   -   -   -   969 

Other comprehensive income, net of tax

  -   -   -   -   -   13,082   -   13,082 

Net income

  -   -   -   -   118,588   -   (2)  118,586 

Balance, September 30, 2020

  53,915,245  $-  $54  $223,280  $706,924  $18,831  $500  $949,589 
                                 

Balance, January 1, 2021

  53,943,751  $-  $54  $223,856  $748,224  $20,218  $500  $992,852 

Common dividends paid, $0.40 per share

  -   -   -   -   (21,678)  -   -   (21,678)

Common dividends declared, $0.20 per share

  -   -   -   -   (10,842)  -   -   (10,842)

Preferred dividends paid

  -   -   -   -   (31)  -   -   (31)

Dividends on nonvested restricted stock recognized as compensation expense

  -   -   -   -   77   -   -   77 

Issue restricted shares pursuant to stock incentives, net of forfeitures

  57,570   -   -   -   -   -   -   - 

Issue shares of common stock upon exercise of stock options

  205,826   -   -   3,219   -   -   -   3,219 

51,374 shares of common stock withheld in net settlement upon exercise of stock options

  -   -   -   (2,737)  -   -   -   (2,737)

Stock-based compensation expense

  -   -   -   1,310   -   -   -   1,310 

Other comprehensive loss, net of tax

  -   -   -   -   -   (1,858)  -   (1,858)

Net income

  -   -   -   -   153,981   -   -   153,981 

Balance, September 30, 2021

  54,207,147  $-  $54  $225,648  $869,731  $18,360  $500  $1,114,293 

 

See Notes to Consolidated Financial Statements.

 

 

8

 

 

SERVISFIRST BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) (Unaudited)

 

  

Nine Months Ended September 30,

 
  

2021

  

2020

 

OPERATING ACTIVITIES

        

Net income

 $153,981  $118,588 

Adjustments to reconcile net income to net cash provided by

        

Deferred tax (benefit)

  12   (4,675)

Provision for credit losses

  23,066   36,151 

Depreciation

  3,074   2,788 

Accretion on acquired loans

  -   (100)

Amortization of core deposit intangible

  203   203 

Net amortization of debt securities available for sale

  7,456   3,834 

Decrease (increase) in accrued interest and dividends receivable

  3,026   (10,345)

Stock-based compensation expense

  1,310   969 

Increase (decrease) in accrued interest payable

  376   (19)

Proceeds from sale of mortgage loans held for sale

  221,548   194,558 

Originations of mortgage loans held for sale

  (200,832)  (204,021)

Gain on call of securities available for sale

  (620)  - 

Gain on sale of mortgage loans held for sale

  (6,869)  (5,697)

Net loss (gain) on sale of other real estate owned and repossessed assets

  282   (8)

Write down of other real estate owned and repossessed assets

  876   1,836 

Operating losses of tax credit partnerships

  4   4 

Increase in cash surrender value of life insurance contracts

  (5,012)  (4,650)

Net change in other assets, liabilities, and other operating activities

  (6,395)  (11,916)

Net cash provided by operating activities

  195,486   117,500 

INVESTMENT ACTIVITIES

        

Purchase of debt securities available for sale

  (298,684)  (288,453)

Proceeds from maturities, calls and paydowns of debt securities available for sale

  188,559   148,206 

Investment in tax credit partnership and SBIC

  (10,546)  (636)

Increase in loans

  (350,600)  (1,269,704)

Purchase of premises and equipment

  (9,058)  (1,565)

Purchase of bank owned life insurance contracts

  -   (40,000)

Proceeds from sale of other real estate owned and repossessed assets

  911   1,780 

Net cash used in investing activities

  (479,418)  (1,450,372)

FINANCING ACTIVITIES

        

Net increase in non-interest-bearing deposits

  1,577,882   1,012,935 

Net increase in interest-bearing deposits

  525,064   1,130,415 

Net increase in federal funds purchased

  435,211   198,601 

Proceeds from exercise of stock options

  3,219   3,172 

Taxes paid in net settlement of tax obligation upon exercise of stock options

  (2,737)  (627)

Dividends paid on common stock

  (21,601)  (18,822)

Dividends paid on preferred stock

  (31)  (31)

Net cash provided by financing activities

  2,517,007   2,325,643 

Net increase in cash and cash equivalents

  2,233,075   992,771 

Cash and cash equivalents at beginning of period

  2,211,411   630,600 

Cash and cash equivalents at end of period

 $4,444,486  $1,623,371 

SUPPLEMENTAL DISCLOSURE

        

Cash paid/(received) for:

        

Interest

 $23,622  $42,020 

Income taxes

  18,148   38,593 

Income tax refund

  (3)  (47)

NONCASH TRANSACTIONS

        

Other real estate acquired in settlement of loans

 $1,419  $2,406 

Internally financed sale of other real estate owned

  3,779   - 

Available-for-sale securities transferred to held-to-maturity portfolio

  261,026   - 

Dividends declared

  10,842   9,422 

 

See Notes to Consolidated Financial Statements.

 

 

9

 

SERVISFIRST BANCSHARES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2021

(Unaudited)

 

 

NOTE 1 - GENERAL

 

The accompanying consolidated financial statements in this report have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, including Regulation S-X and the instructions for Form 10-Q, and have not been audited. These consolidated financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all adjustments necessary to present fairly the consolidated financial position and the consolidated results of operations for the interim periods have been made. All such adjustments are of a normal recurring nature. The consolidated results of operations are not necessarily indicative of the consolidated results of operations which ServisFirst Bancshares, Inc. (the “Company”) and its consolidated subsidiaries, including ServisFirst Bank (the “Bank”), may achieve for future interim periods or the entire year. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Form 10-K for the year ended December 31, 2020.

 

All reported amounts are in thousands except share and per share data.

 

Debt Securities

 

Debt securities are classified based on the Company’s intention on the date of purchase. All debt securities classified as available-for-sale are recorded at fair value with any unrealized gains and losses reported in accumulated other comprehensive income (loss), net of the deferred income tax effects. Securities that the Company has both the positive intent and ability to hold to maturity are classified as held-to-maturity and are carried at historical cost and adjusted for amortization of premiums and accretion of discounts.

 

Interest and dividends on securities, including amortization of premiums and accretion of discounts calculated under the effective interest method, are included in interest income.  For certain securities, amortization of premiums and accretion of discounts is computed based on the anticipated life of the security which may be shorter than the stated life of the security.  Realized gains and losses from the sale of securities are determined using the specific identification method and are recorded on the trade date of the sale.

 

Allowance for Credit Losses

 

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was passed on March 27, 2020 and provided financial institutions with the option to delay adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“CECL”). As described below under “Note 9 - Recently Adopted Accounting Pronouncements, the Company decided to delay its adoption of ASU 2016-13, as provided by the CARES Act, until December 31, 2020, with an effective retrospective implementation date of January 1, 2020. Prior to January 1, 2020, as well as for quarterly periods in 2020 which were not restated, the allowance for credit losses (“ACL”) was calculated using an incurred losses methodology.

 

Prior to the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, the allowance for loan losses represented management’s best estimate of inherent losses that had been incurred within the existing portfolio of loans. The allowance for losses on loans included allowance allocations calculated in accordance with FASB Accounting Standards Codification (“ASC”) Topic 310, “Receivables” and allowance allocations calculated in accordance with ASC Topic 450, “Contingencies.”

 

 

NOTE 2 - CASH AND CASH EQUIVALENTS

 

Cash on hand, cash items in process of collection, amounts due from banks, and federal funds sold are included in cash and cash equivalents.

 

 

NOTE 3 - EARNINGS PER COMMON SHARE

 

Basic earnings per common share are computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share include the dilutive effect of additional potential common shares issuable under stock options.

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2021

  

2020

  

2021

  

2020

 
  

(In Thousands, Except Shares and Per Share Data)

 

Earnings per common share

                

Weighted average common shares outstanding

  54,205,565   53,893,753   54,143,324   53,817,928 

Net income available to common stockholders

 $52,499  $43,362  $153,950  $118,557 

Basic earnings per common share

 $0.97  $0.80  $2.84  $2.20 

Weighted average common shares outstanding

  54,205,565   53,893,753   54,143,324   53,817,928 

Dilutive effects of assumed conversions and exercise of stock options and warrants

  272,175   339,212   296,680   380,494 

Weighted average common and dilutive potential common shares outstanding

  54,477,740   54,232,965   54,440,004   54,198,422 

Net income available to common stockholders

 $52,499  $43,362  $153,950  $118,557 

Diluted earnings per common share

 $0.96  $0.80  $2.83  $2.19 

 

 

10

 

 

NOTE 4 - SECURITIES

 

The amortized cost and fair value of available-for-sale and held-to-maturity securities at September 30, 2021 and December 31, 2020 are summarized as follows:

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Market

 
  

Cost

  

Gain

  

Loss

  

Value

 

September 30, 2021

 

(In Thousands)

 

Securities Available for Sale

                

U.S. Treasury securities

 $14,001  $178  $-  $14,179 

Government agencies

  9,023   61   -   9,084 

Mortgage-backed securities

  294,887   4,693   (1,032)  298,548 

State and municipal securities

  21,414   221   (38)  21,597 

Corporate debt

  367,861   12,580   (525)  379,916 

Total

 $707,186  $17,733  $(1,595) $723,324 

Securities Held to Maturity

                

Mortgage-backed securities

 $261,026  $-  $-  $261,026 

State and municipal securities

  250   -   -   250 

Total

 $