Cambridge Bancorp (OTCQB: CATC) today announced unaudited net income of $16,896,000 for the year ended December 31, 2016, representing an increase of $1.2 million, or 7.7%, compared to net income of $15,694,000 for the year ended December 31, 2015. Diluted earnings per share (EPS) were $4.15, a 5.6% increase over diluted earnings per share for the prior year.
“We are pleased to report the Bank delivered another record earnings year with robust growth across each of our business lines,” noted Denis K. Sheahan, President and CEO. “Cambridge Trust posted strong profitability metrics for the year with return on average assets of 0.95% and return on average stockholders’ equity of 12.77%.”
The Bank experienced strong loan growth with an overall increase of $127.9 million, or 10.7%, for the year. At year-end 2016, the Bank’s loan portfolio stood at $1.3 billion. Commercial mortgages and commercial and industrial loans showed noteworthy growth for the year, with increases of $105.1 million (20.6%) and $17.3 million (40.9%), respectively. Home equity loans were also up $11.5 million (18.1%) for the year ending December 31, 2016. The Bank’s residential mortgage portfolio decreased by $11.8 million (2.2%) as more new loan production is sold on the secondary market.
The Bank recorded strong core deposit growth in 2016. Deposits grew by $128.8 million, or 8.3%, since year-end 2015, which provided match funding for loan growth. The total cost of deposits was 0.20% for 2016. Total deposits at year-end 2016 were $1.7 billion.
For the year ended December 31, 2016, net interest income increased by $2.0 million, or 3.9%, to $53.7 million compared to $51.6 million for 2015. Interest on loans increased by $3.4 million, or 7.5%, driven by the impact of strong loan growth in both 2015 and 2016. The prolonged low interest rate environment persisted in impacting margins, which have been unfavorable for the industry for some time. The Bank’s net interest margin decreased nine basis points to 3.18% for the year compared to 3.27% for the year ended December 31, 2015.
The Bank’s total investment securities portfolio decreased slightly from $430.2 million to $408.1 million at year-end 2016. The continued lower interest rate environment resulted in a decrease of $723,000 in interest income on investment securities for the year. Long-term borrowings decreased to $3.7 million as of December 31, 2016 as the bank emphasized the use of core deposits to fund balance sheet growth.
Noninterest income totaled $28.7 million for the year 2016 compared to $25.9 million for 2015. The Bank’s Wealth Management income accounted for the largest increase in total noninterest income for the year. Wealth management income increased by $1.1 million, or 6.0%, to $20.4 million compared to $19.2 million for 2015. Wealth Management assets under management (AUM) increased by $243.6 million, or 10.5%, and stood at $2.6 billion at year-end. Assets under management combined with assets under administration were $2.7 billion at year-end 2016 compared to $2.4 billion at year-end 2015.
During the fourth quarter of 2015, the Bank began to enter into loan level derivative contracts to manage commercial loan interest rate risk. This activity generated $1.3 million in loan related derivative income for year ended December 31, 2016. As part of overall balance sheet management, the Bank sold more of its long-term residential mortgage production. Income from gains on loans sold ended $307,000 higher for 2016 versus 2015. Deposit account fee income increased by $598,000, or 25.7%, due primarily to greater commercial cash management income for year-end 2016.
Noninterest income increases were offset by lower gains on disposition of investment securities of $252,000, lower bank owned life insurance income of $55,000, and lower ATM/Debit card fees of $52,000 for the year ended December 31, 2016.
Noninterest expense increased by $3.6 million, or 6.7%, to $56.8 million for the year ended December 31, 2016. The increase in salaries and benefits for the year of $3.7 million is primarily the result of strategic new hires to support business growth, coupled with higher expenses related to long-term equity compensation and health care benefits. The increase of $307,000 in occupancy and equipment for the year is the result of increased cost of facilities and amortization of leasehold improvements. The increase of $217,000 in data processing expense is attributable to increased transaction volumes and new products. The increase of $134,000 in professional services is primarily the result of higher consulting fees. The increases in noninterest expense categories were offset by lower marketing expenses of $674,000 for year-end 2016.
Total loans outstanding at year-end 2016 were $1.3 billion compared to $1.2 billion at year-end 2015. Loan quality remained sound across consumer and commercial customer bases with non-performing loans totaling $1.7 million, or 0.13%, of total loans outstanding at December 31, 2016, a modest increase of $195,000 compared to the year-end 2015. The Allowance for Loan Losses was $15.3 million, or 1.16%, of total loans outstanding at year-end 2016. At December 31, 2015, the Allowance for Loan Losses was $15.2 million, or 1.27%, of total loans outstanding. The provision for loan losses of $132,000 during 2016 was primarily driven by loan growth and changes in the mix of the portfolio.
Total assets at year-end 2016 were $1.8 billion versus $1.7 billion year-end 2015.
About Cambridge Bancorp
Cambridge Bancorp and its subsidiary, Cambridge Trust Company, are based in Cambridge, Massachusetts, in the heart of Harvard Square. Cambridge Trust Company is a 127-year-old Massachusetts chartered commercial bank with $1.8 billion in total assets and 11 Massachusetts locations in Cambridge, Boston, Belmont, Concord, Lexington, and Weston. Cambridge Trust Company is one of New England’s leaders in wealth management with $2.6 billion in client assets under management. The Wealth Management group maintains offices in Boston, Massachusetts, and Concord, Manchester, and Portsmouth, New Hampshire.
The accompanying unaudited condensed interim and annual consolidated financial information should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Cambridge Bancorp 2015 Annual Report, which is posted in the investor relations section of our website at www.cambridgetrust.com. We will also post the Cambridge Bancorp 2016 Annual Report at the same site later this quarter.
Financial Highlights:
CAMBRIDGE BANCORP | ||||||||||||||||||||||||
QUARTERLY UNAUDITED RESULTS | ||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Dollar amounts in thousands (except share data) | ||||||||||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||
Interest Income | $ | 14,663 | $ | 14,056 | $ | 57,028 | $ | 54,341 | ||||||||||||||||
Interest Expense | 763 | 860 | 3,355 | 2,694 | ||||||||||||||||||||
Net Interest Income | 13,900 | 13,196 | 53,673 | 51,647 | ||||||||||||||||||||
Provision for (Release of) Loan Losses | (206 | ) | - | 132 | 1,075 | |||||||||||||||||||
Non-Interest Income | 7,278 | 6,495 | 28,661 | 25,865 | ||||||||||||||||||||
Non-Interest Expense | 14,595 | 13,981 | 56,750 | 53,192 | ||||||||||||||||||||
Income Before Taxes | 6,789 | 5,710 | 25,452 | 23,245 | ||||||||||||||||||||
Income Taxes | 2,366 | 1,840 | 8,556 | 7,551 | ||||||||||||||||||||
Net Income | $ | 4,423 | $ | 3,870 | $ | 16,896 | $ | 15,694 | ||||||||||||||||
Data Per Common Share: | ||||||||||||||||||||||||
Basic Earnings Per Share | $ | 1.10 | $ | 0.97 | $ | 4.19 | $ | 3.94 | ||||||||||||||||
Diluted Earnings Per Share | $ | 1.08 | $ | 0.97 | $ | 4.15 | $ | 3.93 | ||||||||||||||||
Dividends Declared Per Share | $ | 0.46 | $ | 0.45 | $ | 1.84 | $ | 1.80 | ||||||||||||||||
Avg. Common Shares Outstanding: | ||||||||||||||||||||||||
Basic | 3,995,495 | 3,951,736 | 3,990,343 | 3,938,117 | ||||||||||||||||||||
Diluted | 4,034,687 | 4,008,334 | 4,028,944 | 3,993,599 | ||||||||||||||||||||
Selected Operating Ratios: | ||||||||||||||||||||||||
Net Interest Margin | 3.22 | % | 3.28 | % | 3.18 | % | 3.27 | % | ||||||||||||||||
Return on Average Assets | 0.97 | % | 0.91 | % | 0.95 | % | 0.95 | % | ||||||||||||||||
Return on Average Equity | 12.94 | % | 12.36 | % | 12.77 | % | 12.91 | % | ||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||||
Total Assets | $ | 1,848,999 | $ | 1,706,201 | ||||||||||||||||||||
Total Loans | 1,320,154 | 1,192,214 | ||||||||||||||||||||||
Non-Performing Loans | 1,676 | 1,481 | ||||||||||||||||||||||
Allowance for Loan Losses | 15,261 | 15,191 | ||||||||||||||||||||||
Allowance to Total Loans | 1.16 | % | 1.27 | % | ||||||||||||||||||||
Total Deposits | 1,686,038 | 1,557,224 | ||||||||||||||||||||||
Total Stockholders' Equity | 134,671 | 125,063 | ||||||||||||||||||||||
Wealth Management AUM | 2,572,760 | 2,329,208 | ||||||||||||||||||||||
Book Value Per Share | $ | 33.36 | $ | 31.26 | ||||||||||||||||||||
Tangible Book Value Per Share | $ | 33.06 | $ | 31.04 | ||||||||||||||||||||
CAMBRIDGE BANCORP | |||||||||||||||||
UNAUDITED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
December 31, | |||||||||||||||||
2016 | 2015 | ||||||||||||||||
(In thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Cash and cash equivalents |
| $ | 54,050 |
| $ | 24,645 | |||||||||||
Investment securities: | |||||||||||||||||
Available for sale, at fair value | 325,641 | 347,173 | |||||||||||||||
Held to maturity, at amortized cost | 82,502 | 83,063 | |||||||||||||||
Total investment securities | 408,143 | 430,236 | |||||||||||||||
Loans held for sale, at lower of cost or fair value | 6,506 | — | |||||||||||||||
Loans: | |||||||||||||||||
Residential mortgage | 534,404 | 546,245 | |||||||||||||||
Commercial mortgage | 616,140 | 511,071 | |||||||||||||||
Home equity | 75,051 | 63,522 | |||||||||||||||
Commercial & Industrial | 59,706 | 42,384 | |||||||||||||||
Consumer | 34,853 | 28,992 | |||||||||||||||
Total loans | 1,320,154 | 1,192,214 | |||||||||||||||
Allowance for loan losses | (15,261 | ) | (15,191 | ) | |||||||||||||
Net loans | 1,304,893 | 1,177,023 | |||||||||||||||
Stock in FHLB of Boston, at cost | 4,098 | 6,465 | |||||||||||||||
Bank owned life insurance | 30,499 | 29,887 | |||||||||||||||
Banking premises and equipment, net | 10,451 | 11,371 | |||||||||||||||
Accrued interest receivable | 4,627 | 4,222 | |||||||||||||||
Other assets | 25,732 | 22,352 | |||||||||||||||
Total assets |
| $ | 1,848,999 |
| $ | 1,706,201 | |||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||
Deposits: | |||||||||||||||||
Demand |
| $ | 472,923 |
| $ | 436,998 | |||||||||||
Interest bearing checking | 430,706 | 370,400 | |||||||||||||||
Money market | 72,057 | 73,911 | |||||||||||||||
Savings | 539,190 | 497,525 | |||||||||||||||
Certificates of deposit | 171,162 | 178,390 | |||||||||||||||
Total deposits | 1,686,038 | 1,557,224 | |||||||||||||||
Short-term borrowings | — | — | |||||||||||||||
Long-term borrowings | 3,746 | 3,910 | |||||||||||||||
Other liabilities | 24,544 | 20,004 | |||||||||||||||
Total liabilities | 1,714,328 | 1,581,138 | |||||||||||||||
Stockholders' equity: | |||||||||||||||||
Common stock, par value $1.00; Authorized: | |||||||||||||||||
10,000,000 shares; Outstanding: 4,036,879 and | |||||||||||||||||
4,000,181 shares, respectively | 4,037 | 4,000 | |||||||||||||||
Additional paid-in capital | 33,253 | 30,427 | |||||||||||||||
Retained earnings | 107,262 | 99,064 | |||||||||||||||
Accumulated other comprehensive income/(loss) | (9,881 | ) | (8,428 | ) | |||||||||||||
Total stockholders’ equity | 134,671 | 125,063 | |||||||||||||||
Total liabilities and stockholders’ equity |
| $ | 1,848,999 |
| $ | 1,706,201 | |||||||||||
CAMBRIDGE BANCORP | ||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
Quarter Ended December 31, | ||||||||||||||||
2016 | 2015 | |||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Interest income: | ||||||||||||||||
Interest on loans |
| $ | 12,679 |
| $ | 11,769 | ||||||||||
Interest on taxable investment securities | 1,251 | 1,519 | ||||||||||||||
Interest on tax exempt investment securities | 666 | 698 | ||||||||||||||
Dividends on FHLB of Boston stock | 47 | 56 | ||||||||||||||
Interest on overnight investments | 20 | 14 | ||||||||||||||
Total interest income | 14,663 | 14,056 | ||||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits | 734 | 824 | ||||||||||||||
Interest on borrowed funds | 29 | 36 | ||||||||||||||
Total interest expense | 763 | 860 | ||||||||||||||
Net interest income | 13,900 | 13,196 | ||||||||||||||
Provision for (release of) loan losses | (206 | ) | — | |||||||||||||
Net interest income after provision for (release of) loan losses | 14,106 | 13,196 | ||||||||||||||
Noninterest income: | ||||||||||||||||
Wealth management income | 5,363 | 4,855 | ||||||||||||||
Deposit account fees | 788 | 608 | ||||||||||||||
ATM/Debit card income | 288 | 304 | ||||||||||||||
Bank owned life insurance income | 138 | 162 | ||||||||||||||
Gain on disposition of investment securities | — | — | ||||||||||||||
Gain on loans held for sale | 325 | 114 | ||||||||||||||
Loan related derivative income | 132 | 260 | ||||||||||||||
Other income | 244 | 192 | ||||||||||||||
Total noninterest income | 7,278 | 6,495 | ||||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 9,098 | 7,711 | ||||||||||||||
Occupancy and equipment | 2,302 | 2,549 | ||||||||||||||
Data processing | 1,280 | 1,258 | ||||||||||||||
Professional services | 537 | 778 | ||||||||||||||
Marketing | 318 | 618 | ||||||||||||||
FDIC Insurance | 206 | 221 | ||||||||||||||
Other expenses | 854 | 846 | ||||||||||||||
Total noninterest expense | 14,595 | 13,981 | ||||||||||||||
Income before income taxes | 6,789 | 5,710 | ||||||||||||||
Income tax expense | 2,366 | 1,840 | ||||||||||||||
Net income |
| $ | 4,423 |
| $ | 3,870 | ||||||||||
Per share data: | ||||||||||||||||
Basic earnings per common share |
| $ | 1.10 |
| $ | 0.97 | ||||||||||
Diluted earnings per common share |
| $ | 1.08 |
| $ | 0.97 | ||||||||||
Average shares outstanding - basic | 3,995,495 | 3,951,736 | ||||||||||||||
Average shares outstanding - diluted | 4,034,687 | 4,008,334 | ||||||||||||||
CAMBRIDGE BANCORP | |||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Quarter Ended December 31, | |||||||||||||||||
2016 | 2015 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net income |
| $ | 4,423 |
| $ | 3,870 | |||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||
Defined benefit retirement plans: | |||||||||||||||||
Change in unfunded retirement liability | (788 | ) | (275 | ) | |||||||||||||
Unrealized gains/(losses) on Available for | |||||||||||||||||
Sale of securities: | |||||||||||||||||
Unrealized holding gains/(losses) arising | |||||||||||||||||
during the period | (3,727 | ) | (2,143 | ) | |||||||||||||
Less: reclassification adjustment for gains | |||||||||||||||||
recognized in net income | — | — | |||||||||||||||
Other comprehensive income/(loss) | (4,515 | ) | (2,418 | ) | |||||||||||||
Comprehensive income/(loss) |
| $ | (92 | ) |
| $ | 1,452 | ||||||||||
CAMBRIDGE BANCORP | |||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2016 | 2015 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||
Interest income: | |||||||||||||||
Interest on loans |
| $ | 48,768 |
| $ | 45,358 | |||||||||
Interest on taxable investment securities | 5,230 | 5,921 | |||||||||||||
Interest on tax exempt investment securities | 2,737 | 2,766 | |||||||||||||
Dividends on FHLB of Boston stock | 179 | 259 | |||||||||||||
Interest on overnight investments | 114 | 37 | |||||||||||||
Total interest income | 57,028 | 54,341 | |||||||||||||
Interest expense: | |||||||||||||||
Interest on deposits | 3,260 | 2,459 | |||||||||||||
Interest on borrowed funds | 95 | 235 | |||||||||||||
Total interest expense | 3,355 | 2,694 | |||||||||||||
Net interest income | 53,673 | 51,647 | |||||||||||||
Provision for loan losses | 132 | 1,075 | |||||||||||||
Net interest income after provision for loan losses | 53,541 | 50,572 | |||||||||||||
Noninterest income: | |||||||||||||||
Wealth management income | 20,389 | 19,242 | |||||||||||||
Deposit account fees | 2,922 | 2,324 | |||||||||||||
ATM/Debit card income | 1,140 | 1,192 | |||||||||||||
Bank owned life insurance income | 612 | 667 | |||||||||||||
Gain on disposition of investment securities | 438 | 690 | |||||||||||||
Gain on loans held for sale | 916 | 609 | |||||||||||||
Loan related derivative income | 1,323 | 260 | |||||||||||||
Other income | 921 | 881 | |||||||||||||
Total noninterest income | 28,661 | 25,865 | |||||||||||||
Noninterest expense: | |||||||||||||||
Salaries and employee benefits | 34,529 | 30,838 | |||||||||||||
Occupancy and equipment | 9,331 | 9,024 | |||||||||||||
Data processing | 5,024 | 4,807 | |||||||||||||
Professional services | 2,394 | 2,260 | |||||||||||||
Marketing | 1,706 | 2,380 | |||||||||||||
FDIC Insurance | 834 | 854 | |||||||||||||
Other expenses | 2,932 | 3,029 | |||||||||||||
Total noninterest expense | 56,750 | 53,192 | |||||||||||||
Income before income taxes | 25,452 | 23,245 | |||||||||||||
Income tax expense | 8,556 | 7,551 | |||||||||||||
Net income |
| $ | 16,896 |
| $ | 15,694 | |||||||||
Per share data: | |||||||||||||||
Basic earnings per common share |
| $ | 4.19 |
| $ | 3.94 | |||||||||
Diluted earnings per common share |
| $ | 4.15 |
| $ | 3.93 | |||||||||
Average shares outstanding - basic | 3,990,343 | 3,938,117 | |||||||||||||
Average shares outstanding - diluted | 4,028,944 | 3,993,599 | |||||||||||||
CAMBRIDGE BANCORP | |||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2016 | 2015 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Net income |
| $ | 16,896 |
| $ | 15,694 | |||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||
Defined benefit retirement plans: | |||||||||||||||||
Change in unfunded retirement liability | (437 | ) | 40 | ||||||||||||||
Unrealized gains/(losses) on Available for | |||||||||||||||||
Sale of securities: | |||||||||||||||||
Unrealized holding gains/(losses) arising | |||||||||||||||||
during the period | (735 | ) | (980 | ) | |||||||||||||
Less: reclassification adjustment for gains | |||||||||||||||||
recognized in net income | (281 | ) | (443 | ) | |||||||||||||
Other comprehensive income/(loss) | (1,453 | ) | (1,383 | ) | |||||||||||||
Comprehensive income/(loss) |
| $ | 15,443 |
| $ | 14,311 | |||||||||||
CAMBRIDGE BANCORP | |||||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2016 | 2015 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Cash flows provided by operating activities: | |||||||||||||||||
Net income |
| $ | 16,896 |
| $ | 15,694 | |||||||||||
Adjustments to arrive at net cash provided by operating activities: | |||||||||||||||||
Provision for loan losses | 132 | 1,075 | |||||||||||||||
Amortization of deferred charges and fees, net | 1,655 | 1,027 | |||||||||||||||
Depreciation and amortization | 2,107 | 1,935 | |||||||||||||||
Bank owned life insurance income | (612 | ) | (667 | ) | |||||||||||||
Gain on disposition of investment securities | (438 | ) | (690 | ) | |||||||||||||
Compensation expense from stock options, RSU's | |||||||||||||||||
and restricted stock grants | 968 | 498 | |||||||||||||||
Change in loans held for sale | (6,506 | ) | 284 | ||||||||||||||
Change in accrued interest receivable, deferred taxes, | |||||||||||||||||
other assets and other liabilities | 963 | 835 | |||||||||||||||
Other, net | 42 | 25 | |||||||||||||||
Net cash provided by operating activities | 15,207 | 20,016 | |||||||||||||||
Cash flows used by investing activities: | |||||||||||||||||
Origination of loans | (275,866 | ) | (260,020 | ) | |||||||||||||
Purchase of: | |||||||||||||||||
Investment securities - AFS | (154,719 | ) | (225,912 | ) | |||||||||||||
Investment securities - HTM | (11,238 | ) | (9,691 | ) | |||||||||||||
Maturities, calls and principal payments of: | |||||||||||||||||
Loans | 147,282 | 148,049 | |||||||||||||||
Investment securities - AFS | 156,272 | 168,787 | |||||||||||||||
Investment securities - HTM | 11,450 | 6,206 | |||||||||||||||
Proceeds from sales of investment securities - AFS & HTM | 18,070 | 47,625 | |||||||||||||||
Change in FHLB of Boston stock | 2,367 | 1,490 | |||||||||||||||
Purchase of banking premises and equipment | (1,187 | ) | (4,939 | ) | |||||||||||||
Net cash used by investing activities | (107,569 | ) | (128,405 | ) | |||||||||||||
Cash flows provided by financing activities: | |||||||||||||||||
Change in deposits | 128,733 | 186,688 | |||||||||||||||
Change in short-term borrowings | — | (69,000 | ) | ||||||||||||||
Proceeds from long-term borrowings | — | 3,950 | |||||||||||||||
Repayment of long-term borrowings | (164 | ) | (40 | ) | |||||||||||||
Proceeds from issuance of common stock | 2,186 | 1,841 | |||||||||||||||
Repurchase of common stock | (1,560 | ) | (667 | ) | |||||||||||||
Cash dividends paid on common stock | (7,428 | ) | (7,178 | ) | |||||||||||||
Net cash provided by financing activities | 121,767 | 115,594 | |||||||||||||||
Net increase/(decrease) in cash and cash equivalents | 29,405 | 7,205 | |||||||||||||||
Cash and cash equivalents at beginning of period | 24,645 | 17,440 | |||||||||||||||
Cash and cash equivalents at end of period |
| $ | 54,050 |
| $ | 24,645 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest |
| $ | 3,371 |
| $ | 2,644 | |||||||||||
Cash paid for income taxes | 9,205 | 8,220 | |||||||||||||||
Non-cash transactions: | |||||||||||||||||
Change in accumulated other comprehensive | |||||||||||||||||
income/(loss), net of taxes | (1,453 | ) | (1,383 | ) |
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