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Personal Business

Personal Business

As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD
Source Document Currency Code 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD

Cash flows from operating activities

Net income 3,360,889 3,774,388 4,186,686 4,769,520

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

Distribution of interest in Manry Rawls, LLC NA NA 0 (292,577)
Depreciation 487,942 454,801 464,346 475,504
Recovery of loan losses (850,000) NA NA NA
Amortization of intangible assets NA NA 0 178,889
Provision for deferred income taxes 360,364 92,841 (19,121) 167,113
Amortization of investment securities premiums 884,280 846,954 675,237 567,255
Net gain on disposition of available-for-sale securities (288,847) (422,821) (115,948) 61,216
Net gain on disposition of non-marketable equity securities NA NA 0 23,597
Gain on sales and writedowns on other real estate owned 288,130 91,469 (18,243) (578,828)
Gain on sale of premises and equipment (20,404) 58 (3,901) (16,665)
Gain on sale of mortgages held for sale 0 (210,353) (235,135) (67,009)
Increase in cash value of bank owned life insurance and annuity (240,019) (324,118) (321,812) (313,602)
Increase in cash value of annuity NA NA 0 1,799
Stock based compensation 0 48,000 (5,151) 20,446
Issuance of stock to directors 30,000 40,600 26,400 47,500
Origination of mortgage loans held for sale (2,091,950) (12,170,944) (16,035,951) (4,853,323)
Proceeds from sale of mortgage loans held for sale 1,105,950 12,456,247 15,738,176 6,364,292

Change in operating assets and liabilities

Interest receivable 71,685 (49,249) 51,411 (64,657)
Interest payable 14,875 (50,427) (15,102) 66,325
Prepaid expenses 22,453 29,126 (21,400) (216,877)
Income taxes receivable (453,136) 574,279 87,104 (107,298)
Other assets 49,301 89,488 (6,188) (286,683)
Deferred compensation 132,860 136,614 82,715 110,410
Other liabilities 184,764 55,894 139,811 820,456
Net cash provided by operating activities 3,049,137 5,462,847 4,653,934 6,750,773

Cash flows from investing activities

Proceeds from sales, prepayments and maturities of available for sale securities 17,521,826 28,677,043 23,753,682 26,461,528
Purchase of available-for-sale securities (11,308,586) (28,144,858) (17,101,366) (39,115,533)
Purchase of bank owned life insurance (3,500,000) NA NA NA
Proceeds from sale of non-marketable equity securities 0 425,000 260,650 438,081
Purchase of annuity NA 0 (3,026,890) 0
Purchase of non-marketable equity securities (2,099,458) (588,628) (417,566) (1,452,129)
Proceeds from sale of other real estate owned 1,440,628 794,531 82,368 811,390
Loan originations, net of repayments (18,251,293) (2,706,487) (18,499,207) (6,677,814)
Proceeds from sale of premises and equipment 1,235,085 150 23,000 61,797
Purchases of premises and equipment (470,903) (196,235) (413,024) 478,630
Acquisition of business, net of cash acquired NA NA 0 (2,491,216)
Net cash used in investing activities (15,432,701) (1,739,484) (15,338,353) (22,442,526)

Cash flows from financing activities

Cash dividends paid on common shares (340,492) (595,893) (760,073) (1,219,256)
Repurchase of common shares 0 (58,324) NA NA
Proceeds from issuance of capital notes NA NA 0 6,000,000
Repayment of capital notes 0 (1,325,000) (2,040,000) (7,888,475)
Proceeds from FHLB borrowings 10,000,000 5,000,000 NA NA
Repayment of FHLB borrowings 0 (10,000,000) NA NA
Repayment of debt related to Manry Rawls, LLC NA NA 0 894,750
Net increase in noninterest-bearing deposits 15,045,762 10,335,526 5,131,087 5,804,848
Net increase in interest-bearing deposits (15,587,545) (17,266,858) 2,902,989 21,174,341
Net increase in securities sold under agreements to repurchase (666,177) (1,106,497) 302,779 491,885
Net cash provided by financing activities 8,451,548 (15,017,046) 5,536,782 23,468,593
Net increase (decrease) in cash and cash equivalents (3,932,016) (11,293,683) (5,147,637) 7,776,840

Cash and cash equivalents

Beginning of the year 31,510,684 27,578,668 16,284,985 11,137,348
End of year 27,578,668 16,284,985 11,137,348 18,914,188

Supplemental disclosure of cash flow information

Cash paid for

Income taxes 1,000,000 300,000 1,061,000 1,391,000
Interest on deposits and other borrowings 3,141,032 2,780,525 2,130,861 2,083,271

Supplemental schedule of non-cash investing activities

Change in unrealized gains on available-for-sale securities, net of income tax 2,078,653 (619,210) (1,175,656) (59,877)
Transfer of loans to other real estate owned (1,618,758) 0 (328,605) (127,500)
Contribution of other real estate owned (180,000) NA 0 (30,000)
Income from investment in Manry Rawls, LLC (175,611) (437,428) (266,666) (66,467)
Loss from investment in Plexus Capital,LLC NA NA 0 5,976
Income front investment in Tidewater Homefunding, LLC NA NA 0 (46,988)

Acquisitions

Assets acquired NA NA 0 10,461,400
Liabilities assumed NA NA 0 4,314,323
Net assets NA NA 0 6,147,077
Goodwill and fair value acquisition adjustments NA NA 0 4,511,407
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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