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Personal Business

Personal Business

As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

Cash flows from operating activities

Net income 3,774,388 4,186,686 4,769,520 5,095,769

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

Distribution of interest in Manry Rawls, LLC NA 0 (292,577) (219,318)
Depreciation 454,801 464,346 475,504 511,307
Amortization of intangible assets NA 0 178,889 290,945
Provision for deferred income taxes 92,841 (19,121) 167,113 52,637
Amortization of investment securities premiums 846,954 675,237 567,255 660,668
Net gain on disposition of available-for-sale securities (422,821) (115,948) (61,216) (154,773)
Net loss on disposition of non-marketable equity securities NA 0 23,597 0
Loss (gain) on sales and writedowns on other real estate owned 91,469 (18,243) (578,828) 8,318
Gain on sale of premises and equipment 58 (3,901) (16,665) 0
Gain on sale of mortgages held for sale (210,353) (235,135) (67,009) 0
Increase in cash value of bank owned life insurance and annuity (324,118) (321,812) (313,602) (306,814)
Decrease (increase) in cash value of annuity NA 0 (1,799) 67,168
Stock based compensation 48,000 (5,151) 20,446 30,399
Issuance of stock to directors 40,600 26,400 47,500 24,501
Origination of mortgage loans held for sale (12,170,944) (16,035,951) (4,853,323) 0
Proceeds from, sale of mortgage loans held for sale 12,456,247 15,738,176 6,364,292 0
Change in operating assets and liabilities
Interest receivable (49,249) 51,411 (64,657) (190,725)
Interest payable (50,427) (15,102) 66,325 86,583
Prepaid expenses 29,126 (21,400) (216,877) 157,458
Income taxes receivable 574,279 87,104 (107,298) 109,495
Other assets 89,488 (6,188) (286,683) (559,982)
Deferred compensation 136,614 82,715 110,410 86,926
Deferred revenue NA NA 0 102,051
Other liabilities 55,894 139,811 820,456 1,126,670
Net cash provided by operating activities 5,462,847 4,653,934 6,750,773 6,837,283

Cash flows from investing activities

Proceeds from sales, prepayments and maturities of available-for-sale securities 28,677,043 23,753,682 26,461,528 21,890,718
Purchase of available-for-sale securities (28,144,858) (17,101,366) (39,115,533) 43,859,532
Proceeds from sale of non-marketable equity securities 425,000 260,650 438,081 10,863
Purchase of annuity 0 (3,026,890) NA NA
Purchase of non-marketable equity securities (588,628) (417,566) (1,452,129) (571,850)
Proceeds from sale of other real estate owned 794,531 82,368 811,390 61,494
Loan originations, net of repayments (2,706,487) (18,499,207) (6,677,814) (2,767,593)
Proceeds from sale of premises and equipment 150 23,000 61,797 0
Purchases of premises and equipment (196,235) (413,024) (478,630) (565,025)
Acquisition of business, net of cash acquired NA 0 (2,491,216) (200,000)
Net cash used in investing activities (1,739,484) (15,338,353) (22,442,526) (26,000,925)

Cash flows from financing activities

Cash dividends paid on common shares (595,893) (760,073) (1,219,256) (1,283,200)
Repurchase of common shares (58,324) NA NA NA
Proceeds from issuance of capital notes NA 0 6,000,000 0
Repayment of capital notes (1,325,000) (2,040,000) (7,888,475) 0
Proceeds from FHLB borrowings 5,000,000 NA NA NA
Repayment of FHLB borrowings (10,000,000) NA NA NA
Repayment of debt related to Manry Rawls, LLC NA 0 (894,750) 0
Net increase in noninterest-bearing deposits 10,335,526 5,131,087 5,804,848 NA
Net increase in interest-bearing deposits (17,266,858) 2,902,989 21,174,341 7,277,577
Net increase in securities sold under agreements to repurchase (1,106,497) 302,779 491,885 2,231,138
Net cash provided by financing activities (15,017,046) 5,536,782 23,468,593 16,739,756
Net increase to noninterest-bearing deposits NA NA NA 8,514,241
Net (decrease) increase in cash and cash equivalents (11,293,683) (5,147,637) 7,776,840 (2,423,886)

Supplemental disclosure of cash flow information

Cash and cash equivalents

Beginning of the year 27,578,668 16,284,985 11,137,348 18,914,188
End of year 16,284,985 11,137,348 18,914,188 16,490,302

Cash paid for

Income taxes 300,000 1,061,000 1,391,000 457,000
Interest on deposits and other borrowings 2,780,525 2,130,861 2,083,271 2,724,528

Supplemental schedule of non-cash investing activities

Change in unrealized gains on available-for-sale securities, net of income tax (619,210) (1,175,656) (19,474) (1,778,572)
Transfer of loans to other real state owned 0 (328,605) (127,500) 0
Contribution of other real estate owned NA 0 (30,000) 0
Income from investment in Manry Rawls, LLC (437,428) (266,666) (66,467) 0
Loss from investment in Plexus Capital,LLC NA 0 NA NA
Income front investment in Tidewater Homefunding, LLC NA 0 NA NA

Acquisitions

Assets acquired NA 0 10,461,400 568,351
Liabilities assumed NA 0 4,314,323 0
Net assets NA 0 6,147,077 568,351
Goodwill and fair value acquisition adjustments NA 0 4,511,407 296,111
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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