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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Taylor Calvin B Bankshares Inc (QX) | USOTC:TYCB | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 44.00 | 41.00 | 45.00 | 0.00 | 21:41:50 |
Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Part I -
|
Financial Information
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Page
|
|
|
|
Item 1
|
|
|
|
3
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|
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4
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|
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5
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6-7
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8-19
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|
|
|
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Item 2
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20-27
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|
|
|
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Item 3
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28
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|
|
|
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Item 4
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28
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|
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|
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Part II -
|
Other Information
|
|
|
|
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Item 1
|
29
|
|
Item 1A
|
29
|
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Item 2
|
29
|
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Item 3
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30
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Item 4
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30
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Item 5
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30
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Item 6
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30-33
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|
|
|
|
|
34
|
|
(unaudited)
|
|
||||||
|
September 30,
2013
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December 31,
2012
|
||||||
|
|
|
||||||
Assets
|
|
|
||||||
|
|
|
||||||
Cash and due from banks
|
$
|
38,587,600
|
$
|
23,587,107
|
||||
Federal funds sold
|
41,890,839
|
20,842,304
|
||||||
Interest-bearing bank deposits
|
16,452,674
|
13,587,889
|
||||||
Investment securities available for sale
|
46,021,253
|
74,282,927
|
||||||
Investment securities held to maturity (approximate fair value of $83,722,515 and $65,931,275)
|
83,605,734
|
65,792,282
|
||||||
Loans, less allowance for loan losses of $825,591 and $780,493
|
222,889,379
|
227,346,558
|
||||||
Premises and equipment
|
5,780,411
|
5,988,294
|
||||||
Other real estate owned
|
1,114,800
|
1,440,900
|
||||||
Accrued interest receivable
|
1,070,195
|
1,152,721
|
||||||
Computer software
|
165,271
|
126,820
|
||||||
Bank owned life insurance
|
7,883,872
|
7,690,815
|
||||||
Prepaid expenses
|
421,129
|
781,417
|
||||||
Other assets
|
408,763
|
273,040
|
||||||
Total assets
|
$
|
466,291,920
|
$
|
442,893,074
|
||||
|
||||||||
Liabilities and Stockholders' Equity
|
||||||||
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
|
$
|
114,157,148
|
$
|
96,697,061
|
||||
Interest-bearing
|
265,370,818
|
263,857,994
|
||||||
Total deposits
|
379,527,966
|
360,555,055
|
||||||
Securities sold under agreements to repurchase
|
7,057,017
|
5,230,572
|
||||||
Accrued interest payable
|
28,631
|
46,789
|
||||||
Deferred income taxes
|
83,725
|
62,582
|
||||||
Other liabilities
|
87,897
|
118,266
|
||||||
Total liabilities
|
386,785,236
|
366,013,264
|
||||||
Stockholders' equity
|
||||||||
Common stock, par value $1 per share authorized 10,000,000 shares, issued and outstanding 2,955,828 shares at September 30, 2013, and 2,978,554 shares at December 31, 2012
|
2,955,828
|
2,978,554
|
||||||
Additional paid-in capital
|
7,635,333
|
8,216,785
|
||||||
Retained earnings
|
68,237,157
|
64,885,625
|
||||||
Total tier 1 capital
|
78,828,318
|
76,080,964
|
||||||
Accumulated other comprehensive income
|
678,366
|
798,846
|
||||||
Total stockholders' equity
|
79,506,684
|
76,879,810
|
||||||
Total liabilities and stockholders' equity
|
$
|
466,291,920
|
$
|
442,893,074
|
|
For the three months ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Interest and dividend revenue
|
|
|
||||||
Loans, including fees
|
$
|
3,465,645
|
$
|
3,549,816
|
||||
U.S. Treasury and government agency securities
|
150,773
|
168,931
|
||||||
State and municipal securities
|
11,248
|
9,551
|
||||||
Federal funds sold and due from banks
|
29,068
|
12,507
|
||||||
Interest-bearing bank deposits
|
10,780
|
14,708
|
||||||
Equity securities
|
4,466
|
4,356
|
||||||
Total interest and dividend revenue
|
3,671,980
|
3,759,869
|
||||||
|
||||||||
Interest expense
|
||||||||
Deposits
|
108,467
|
187,556
|
||||||
Borrowings
|
2,722
|
4,441
|
||||||
Total interest expense
|
111,189
|
191,997
|
||||||
Net interest income
|
3,560,791
|
3,567,872
|
||||||
|
||||||||
Provision for loan losses
|
261,000
|
206,200
|
||||||
Net interest income after provision for loan losses
|
3,299,791
|
3,361,672
|
||||||
|
||||||||
Noninterest revenue
|
||||||||
Service charges on deposit accounts
|
170,706
|
180,674
|
||||||
ATM and debit card
|
201,194
|
175,282
|
||||||
Increase in cash surrender value of bank owned life insurance
|
65,120
|
66,022
|
||||||
Gain (loss) on disposition of assets
|
-
|
400
|
||||||
Loss on other than temporary impairment of investment value
|
-
|
(31,904
|
)
|
|||||
Miscellaneous
|
118,223
|
121,445 | ||||||
Total noninterest revenue
|
555,243
|
511,919 | ||||||
|
||||||||
Noninterest expenses
|
||||||||
Salaries
|
912,661
|
908,206
|
||||||
Employee benefits
|
259,202
|
276,836
|
||||||
Occupancy
|
172,042
|
194,050
|
||||||
Furniture and equipment
|
103,070
|
130,237
|
||||||
Data processing
|
53,074
|
66,777
|
||||||
ATM and debit card
|
74,003
|
63,779
|
||||||
Deposit insurance premiums
|
50,235
|
49,548
|
||||||
Other operating
|
456,138
|
440,915 | ||||||
Total noninterest expenses
|
2,080,425
|
2,130,348 | ||||||
|
||||||||
Income before income taxes
|
1,774,609
|
1,743,243
|
||||||
|
||||||||
Income taxes
|
623,887
|
619,000
|
||||||
Net income
|
$
|
1,150,722
|
$
|
1,124,243
|
||||
|
||||||||
Earnings per common share – basic and diluted
|
$
|
0.39
|
$
|
0.38
|
||||
|
||||||||
Other comprehensive income (loss), net of tax
|
||||||||
Unrealized gains (losses) on available for sale investment securities arising during the period, net of taxes of $22,214 and ($7,790)
|
43,015
|
(12,283
|
)
|
|||||
Comprehensive income
|
$
|
1,193,737
|
$
|
1,111,960
|
|
For the nine months ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Interest and dividend revenue
|
|
|
||||||
Loans, including fees
|
$
|
10,554,088
|
$
|
10,791,941
|
||||
U.S. Treasury and government agency securities
|
443,104
|
529,286
|
||||||
State and municipal securities
|
27,893
|
34,803
|
||||||
Federal funds sold and due from banks
|
53,711
|
30,714
|
||||||
Interest-bearing bank deposits
|
32,296
|
41,182
|
||||||
Equity securities
|
21,247
|
17,860
|
||||||
Total interest and dividend revenue
|
11,132,339
|
11,445,786
|
||||||
|
||||||||
Interest expense
|
||||||||
Deposits
|
356,527
|
701,231
|
||||||
Borrowings
|
6,408
|
10,315
|
||||||
Total interest expense
|
362,935
|
711,546
|
||||||
Net interest income
|
10,769,404
|
10,734,240
|
||||||
|
||||||||
Provision for loan losses
|
670,000
|
503,700
|
||||||
Net interest income after provision for loan losses
|
10,099,404
|
10,230,540
|
||||||
|
||||||||
Noninterest revenue
|
||||||||
Service charges on deposit accounts
|
530,839
|
574,218
|
||||||
ATM and debit card
|
534,078
|
505,172
|
||||||
Increase in cash surrender value of bank owned life insurance
|
193,057 | 187,147 | ||||||
Gain (loss) on disposition of assets
|
1,075
|
(12,183
|
)
|
|||||
Gain (loss) on sale of other real estate owned and repossessed assets
|
(171,958
|
)
|
108 | |||||
Loss on other than temporary impairment of investment value
|
-
|
(31,904
|
)
|
|||||
Miscellaneous
|
313,009 | 321,063 | ||||||
Total noninterest revenue
|
1,400,100
|
1,543,621 | ||||||
|
||||||||
Noninterest expenses
|
||||||||
Salaries
|
2,744,561
|
2,703,156
|
||||||
Employee benefits
|
826,647
|
875,454
|
||||||
Occupancy
|
546,134
|
556,345
|
||||||
Premises and equipment
|
319,192
|
359,844
|
||||||
Data processing
|
167,790
|
200,127
|
||||||
ATM and debit card
|
232,266
|
204,759
|
||||||
Deposit insurance premiums
|
151,719
|
146,178
|
||||||
Other operating
|
1,283,775
|
1,363,333 | ||||||
Total noninterest expenses
|
6,272,084
|
6,409,196 | ||||||
|
||||||||
Income before income taxes
|
5,227,420
|
5,364,965
|
||||||
|
||||||||
Income taxes
|
1,875,887
|
1,920,000
|
||||||
Net income
|
$
|
3,351,533
|
$
|
3,444,965
|
||||
|
||||||||
Earnings per common share – basic and diluted
|
$
|
1.13
|
$
|
1.15
|
||||
|
||||||||
Other comprehensive income (loss), net of tax
|
||||||||
Unrealized gains (losses) on available for sale investment securities arising during the period, net of taxes of ($60,401) and $5,097
|
(120,480
|
)
|
5,611
|
|||||
Comprehensive income
|
$
|
3,231,053
|
$
|
3,450,576
|
|
For the nine months ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Cash flows from operating activities
|
|
|
||||||
Interest and dividends received
|
$
|
11,362,890
|
$
|
11,572,500
|
||||
Fees and commissions received
|
1,384,484
|
1,204,113
|
||||||
Interest paid
|
(381,092
|
)
|
(741,618
|
)
|
||||
Cash paid to suppliers and employees
|
(5,579,198
|
)
|
(5,902,711
|
)
|
||||
Income taxes paid
|
(1,940,198
|
)
|
(1,920,214
|
)
|
||||
Net cash from operating activities
|
4,846,886
|
4,212,070
|
||||||
|
||||||||
Cash flows from investing activities
|
||||||||
Certificates of deposit purchased, net of maturities
|
(2,863,811
|
)
|
(3,036,384
|
)
|
||||
Proceeds from maturities of investments available for sale
|
37,025,000
|
38,100,000
|
||||||
Purchase of investments available for sale
|
(8,988,740
|
)
|
(68,327,102
|
)
|
||||
Proceeds from maturities of investments held to maturity
|
41,325,000
|
39,535,000
|
||||||
Purchase of investments held to maturity
|
(59,241,945
|
)
|
(38,959,290
|
)
|
||||
Loans made, net of principal reductions
|
3,246,679
|
4,065,045
|
||||||
Proceeds from sale of real property and equipment
|
1,075
|
400
|
||||||
Purchases of premises, equipment, and computer software
|
(194,609
|
)
|
(309,262
|
)
|
||||
Proceeds from sale of other real estate owned and repossessed assets, net
|
699,292
|
55,986
|
||||||
Purchase of bank owned life insurance
|
-
|
(2,000,000
|
)
|
|||||
Net cash from investing activities
|
11,007,941
|
(30,875,607
|
)
|
|||||
|
||||||||
|
||||||||
Cash flows from financing activities
|
||||||||
Net increase (decrease) in
|
||||||||
Time deposits
|
(7,205,294
|
)
|
(1,934,774
|
)
|
||||
Other deposits
|
26,178,205
|
36,127,693
|
||||||
Securities sold under agreements to repurchase
|
1,826,444
|
3,068,480
|
||||||
Common shares repurchased
|
(604,179
|
)
|
(356,775
|
)
|
||||
Net cash from financing activities
|
20,195,176
|
36,904,624
|
||||||
|
||||||||
Net increase in cash and cash equivalents
|
36,050,003
|
10,241,087
|
||||||
|
||||||||
Cash and cash equivalents at beginning of period
|
44,443,301
|
52,689,223
|
||||||
Cash and cash equivalents at end of period
|
$
|
80,493,304
|
$
|
62,930,310
|
|
For the nine months ended September 30,
|
|||||||
|
2013
|
2012
|
||||||
Reconciliation of net income to net cash provided by operating activities
|
|
|
||||||
Net income
|
$
|
3,351,533
|
$
|
3,444,965
|
||||
Adjustments to reconcile net income to net cash provided by operating activities
|
||||||||
Premium amortization and discount accretion, net
|
148,026
|
96,018
|
||||||
Loss from other than temporary impairment of investment value
|
-
|
31,904
|
||||||
Loss (gain) on disposition of investment securities
|
-
|
4,026
|
||||||
Provision for loan losses
|
670,000
|
503,700
|
||||||
Depreciation and amortization
|
364,042
|
375,993
|
||||||
Loss (gain) on disposition of premises, equipment, and software
|
(1,075
|
)
|
8,157
|
|||||
Loss (gain) on sale of other real estate and repossessed assets
|
171,958
|
(108
|
)
|
|||||
Decrease (increase) in
|
||||||||
Accrued interest receivable
|
82,526
|
30,695
|
||||||
Cash surrender value of bank owned life insurance
|
(193,057
|
)
|
(187,147
|
)
|
||||
Other assets
|
365,772
|
37,305
|
||||||
Increase (decrease) in
|
||||||||
Accrued interest payable
|
(18,158
|
)
|
(30,072
|
)
|
||||
Accrued and deferred income taxes
|
(64,311
|
)
|
(214
|
)
|
||||
Other liabilities
|
(30,370
|
)
|
(103,152
|
)
|
||||
Net cash provided by operating activities
|
$
|
4,846,886
|
$
|
4,212,070
|
||||
|
||||||||
Composition of cash and cash equivalents
|
||||||||
Cash and due from banks
|
$
|
38,587,600
|
$
|
23,383,015
|
||||
Federal funds sold
|
41,890,839
|
39,533,733
|
||||||
Interest-bearing deposits, except for time deposits
|
14,865
|
13,562
|
||||||
Total cash and cash equivalents
|
$
|
80,493,304
|
$
|
62,930,310
|
||||
|
||||||||
Supplemental cash flows information:
|
||||||||
Non-cash transfers from loans to other real estate owned
|
$
|
540,500
|
$
|
929,151
|
1. | Basis of Presentation |
|
2013
|
2012
|
||||||
Three months ended September 30
|
2,956,306
|
2,986,498
|
||||||
Nine months ended September 30
|
2,963,853
|
2,992,104
|
2. | Investment Securities |
|
Amortized
cost
|
Unrealized
gains
|
Unrealized
losses
|
Fair
value
|
||||||||||||
September 30, 2013
|
|
|
|
|
||||||||||||
Available for sale
|
|
|
|
|
||||||||||||
U.S. Treasury
|
$
|
43,047,063
|
$
|
848,919
|
$
|
2,922
|
$
|
43,893,060
|
||||||||
State and municipal
|
371,030
|
7,125
|
17
|
378,138
|
||||||||||||
Equity
|
1,566,913
|
593,502
|
410,360
|
1,750,055
|
||||||||||||
|
$
|
44,985,006
|
$
|
1,449,546
|
$
|
413,299
|
$
|
46,021,253
|
||||||||
Held to maturity
|
||||||||||||||||
U.S. Treasury
|
$
|
53,972,888
|
$
|
120,928
|
$
|
26
|
$
|
54,093,790
|
||||||||
U.S. government agency
|
19,753,609
|
9,247
|
25,926
|
19,736,930
|
||||||||||||
State and municipal
|
9,879,237
|
20,188
|
7,630
|
9,891,795
|
||||||||||||
|
$
|
83,605,734
|
$
|
150,363
|
$
|
33,582
|
$
|
83,722,515
|
||||||||
|
||||||||||||||||
December 31, 2012
|
||||||||||||||||
Available for sale
|
||||||||||||||||
U.S. Treasury
|
$
|
71,098,759
|
$
|
1,078,755
|
$
|
4,174
|
$
|
72,173,340
|
||||||||
State and municipal
|
400,126
|
4,155
|
844
|
403,437
|
||||||||||||
Equity
|
1,566,913
|
532,832
|
393,595
|
1,706,150
|
||||||||||||
|
$
|
73,065,798
|
$
|
1,615,742
|
$
|
398,613
|
$
|
74,282,927
|
||||||||
Held to maturity
|
||||||||||||||||
U.S. Treasury
|
$
|
51,979,332
|
$
|
126,149
|
$
|
661
|
$
|
52,104,820
|
||||||||
U.S. government agency
|
9,000,000
|
3,600
|
1,800
|
9,001,800
|
||||||||||||
State and municipal
|
4,812,950
|
12,049
|
344
|
4,824,655
|
||||||||||||
|
$
|
65,792,282
|
$
|
141,798
|
$
|
2,805
|
$
|
65,931,275
|
2. | Investment Securities (continued) |
|
Less than 12 months
|
12 months or more
|
Total
|
|||||||||||||||||||||
|
Fair
value
|
Unrealized
losses
|
Fair
value
|
Unrealized
losses
|
Fair
value
|
Unrealized
losses
|
||||||||||||||||||
U.S. Treasury
|
$
|
3,997,120
|
$
|
2,948
|
$
|
-
|
$
|
-
|
$
|
3,997,120
|
$
|
2,948
|
||||||||||||
U.S. government agency
|
8,035,690
|
25,927
|
-
|
-
|
8,035,690
|
25,927
|
||||||||||||||||||
State and municipal
|
1,847,238
|
7,646
|
-
|
-
|
1,847,238
|
7,646
|
||||||||||||||||||
Equity securities
|
5,000
|
12,100
|
734,329
|
398,259
|
739,329
|
410,359
|
||||||||||||||||||
|
$
|
13,885,048
|
$
|
48,621
|
$
|
734,329
|
$
|
398,259
|
$
|
14,619,377
|
$
|
446,880
|
|
September 30, 2013
|
December 31, 2012
|
||||||||||||||
|
Amortized
cost
|
Fair
value
|
Amortized
cost
|
Fair
value
|
||||||||||||
Available for sale
|
|
|
|
|
||||||||||||
Within one year
|
$
|
16,065,467
|
$
|
16,089,493
|
$
|
41,027,015
|
$
|
41,048,970
|
||||||||
After one year through five years
|
25,355,049
|
25,395,605
|
28,474,650
|
28,519,007
|
||||||||||||
After five years through ten years
|
1,997,577
|
2,786,100
|
-
|
-
|
||||||||||||
After ten years
|
-
|
-
|
1,997,220
|
3,008,800
|
||||||||||||
Total available for sale
|
$
|
43,418,093
|
$
|
44,271,198
|
$
|
71,498,885
|
$
|
72,576,777
|
||||||||
|
||||||||||||||||
Held to maturity
|
||||||||||||||||
Within one year
|
$
|
31,052,723
|
$
|
31,114,980
|
$
|
30,318,940
|
$
|
30,346,374
|
||||||||
After one year through five years
|
52,553,011
|
52,607,535
|
35,473,342
|
35,584,901
|
||||||||||||
Total held to maturity
|
$
|
83,605,734
|
$
|
83,722,515
|
$
|
65,792,282
|
$
|
65,931,275
|
||||||||
|
||||||||||||||||
Pledged securities
|
$
|
26,127,600
|
$
|
26,189,354
|
$
|
24,796,570
|
$
|
24,894,038
|
3. | Loans and Allowance for Loan Losses |
|
September 30, 2013
|
December 31, 2012
|
||||||
Real estate mortgages
|
|
|
||||||
Construction, land development, and land
|
$
|
12,475,478
|
$
|
13,819,207
|
||||
Residential 1 to 4 family, 1st liens
|
82,177,991
|
81,794,242
|
||||||
Residential 1 to 4 family, subordinate liens
|
1,886,712
|
1,932,743
|
||||||
Commercial properties
|
112,469,280
|
115,655,467
|
||||||
Commercial
|
12,652,347
|
12,946,639
|
||||||
Consumer
|
2,053,162
|
1,978,753
|
||||||
|
223,714,970
|
228,127,051
|
||||||
Allowance for loan losses
|
825,591
|
780,493
|
||||||
Loans, net
|
$
|
222,889,379
|
$
|
227,346,558
|
|
September 30, 2013
|
December 31, 2012
|
||||||
Loans 90 days or more past due and still accruing
|
|
|
||||||
Real estate mortgages
|
|
|
||||||
Residential 1 to 4 family
|
$
|
387,575
|
$
|
-
|
||||
Commercial properties
|
684,422
|
684,422
|
||||||
Total loans 90 or more days past due and still accruing
|
1,071,997
|
684,422
|
||||||
|
||||||||
Nonaccruing loans
|
||||||||
Nonaccruing loans - current
|
||||||||
Real estate mortgages
|
||||||||
Construction, land development, and land
|
-
|
550,614
|
||||||
Residential 1 to 4 family
|
-
|
237,527
|
||||||
Total nonaccruing loans - current
|
-
|
788,141
|
||||||
|
||||||||
Nonaccruing loans - past due 30 days or more
|
||||||||
Real estate mortgages
|
||||||||
Construction, land development, and land
|
320,415
|
325,966
|
||||||
Residential 1 to 4 family
|
495,461
|
668,794
|
||||||
Commercial properties
|
650,000
|
890,967
|
||||||
Total nonaccruing loans - past due 30 days or more
|
1,465,876
|
1,885,727
|
||||||
Total nonaccruing loans
|
1,465,876
|
2,673,868
|
||||||
|
||||||||
Total nonperforming loans
|
2,537,873
|
3,358,290
|
||||||
Other real estate owned
|
1,114,800
|
1,440,900
|
||||||
Total nonperforming assets
|
$
|
3,652,673
|
$
|
4,799,190
|
||||
|
||||||||
Interest not accrued to income on nonaccruing loans
|
$
|
133,694
|
$
|
178,546
|
3. | Loans and Allowance for Loan Losses (continued) |
|
Real estate mortgages
|
|
|
|
|
|||||||||||||||||||||||
September 30, 2013
|
Construction
and land
|
Residential
|
Commercial
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
|||||||||||||||||||||
Beginning balance
|
$
|
119,036
|
$
|
161,984
|
$
|
250,781
|
$
|
168,033
|
$
|
55,595
|
$
|
25,064
|
$
|
780,493
|
||||||||||||||
Loans charged off
|
-
|
(299,100
|
)
|
(336,495
|
)
|
-
|
(11,184
|
)
|
-
|
(646,779
|
)
|
|||||||||||||||||
Recoveries
|
12,000
|
4,949
|
-
|
600
|
4,328
|
-
|
21,877
|
|||||||||||||||||||||
Provision charged to operations
|
(25,250
|
)
|
325,950
|
352,670
|
(600
|
)
|
14,351
|
2,879
|
670,000
|
|||||||||||||||||||
Ending balance
|
$
|
105,786
|
$
|
193,783
|
$
|
266,956
|
$
|
168,033
|
$
|
63,090
|
$
|
27,943
|
$
|
825,591
|
||||||||||||||
|
||||||||||||||||||||||||||||
Individually evaluated for impairment:
|
||||||||||||||||||||||||||||
Balance in allowance
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Related loan balance
|
$
|
320,415
|
$
|
4,072,009
|
$
|
5,502,321
|
$
|
-
|
$
|
-
|
$
|
9,894,745
|
||||||||||||||||
|
||||||||||||||||||||||||||||
Collectively evaluated for impairment:
|
||||||||||||||||||||||||||||
Balance in allowance
|
$
|
105,786
|
$
|
193,783
|
$
|
266,956
|
$
|
168,033
|
$
|
63,090
|
$
|
27,943
|
$
|
825,591
|
||||||||||||||
Related loan balance
|
$
|
12,155,063
|
$
|
79,992,694
|
$
|
106,966,959
|
$
|
12,652,347
|
$
|
2,053,162
|
$
|
213,820,225
|
||||||||||||||||
|
||||||||||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||||
Beginning balance
|
$
|
160,392
|
$
|
42,064
|
$
|
193,570
|
$
|
197,353
|
$
|
60,487
|
$
|
18,395
|
$
|
672,261
|
||||||||||||||
Loans charged off
|
(45,081
|
)
|
(239,043
|
)
|
(206,707
|
)
|
(18,559
|
)
|
(14,253
|
)
|
-
|
(523,643
|
)
|
|||||||||||||||
Recoveries
|
-
|
16,843
|
-
|
103
|
9,229
|
-
|
26,175
|
|||||||||||||||||||||
Provision charged to operations
|
3,725
|
342,120
|
263,918
|
(10,864
|
)
|
132
|
6,669
|
605,700
|
||||||||||||||||||||
Ending balance
|
$
|
119,036
|
$
|
161,984
|
$
|
250,781
|
$
|
168,033
|
$
|
55,595
|
$
|
25,064
|
$
|
780,493
|
||||||||||||||
|
||||||||||||||||||||||||||||
Individually evaluated for impairment:
|
||||||||||||||||||||||||||||
Balance in allowance
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Related loan balance
|
$
|
878,029
|
$
|
4,116,048
|
$
|
6,307,478
|
$
|
-
|
$
|
-
|
$
|
11,301,555
|
||||||||||||||||
|
||||||||||||||||||||||||||||
Collectively evaluated for impairment:
|
||||||||||||||||||||||||||||
Balance in allowance
|
$
|
119,036
|
$
|
161,984
|
$
|
250,781
|
$
|
168,033
|
$
|
55,595
|
$
|
25,064
|
$
|
780,493
|
||||||||||||||
Related loan balance
|
$
|
12,941,178
|
$
|
79,610,937
|
$
|
109,347,989
|
$
|
12,946,639
|
$
|
1,978,753
|
$
|
216,825,496
|
||||||||||||||||
|
||||||||||||||||||||||||||||
September 30, 2012
|
||||||||||||||||||||||||||||
Beginning balance
|
$
|
160,392
|
$
|
42,064
|
$
|
193,570
|
$
|
197,353
|
$
|
60,487
|
$
|
18,395
|
$
|
672,261
|
||||||||||||||
Loans charged off
|
(45,081
|
)
|
(239,044
|
)
|
(206,707
|
)
|
(16,057
|
)
|
(11,077
|
)
|
-
|
(517,966
|
)
|
|||||||||||||||
Recoveries
|
-
|
15,943
|
-
|
103
|
8,375
|
-
|
24,421
|
|||||||||||||||||||||
Provision charged to operations
|
15,190
|
319,100
|
224,200
|
(59,053
|
)
|
(1,083
|
)
|
5,346
|
503,700
|
|||||||||||||||||||
Ending balance
|
$
|
130,501
|
$
|
138,063
|
$
|
211,063
|
$
|
122,346
|
$
|
56,702
|
$
|
23,741
|
$
|
682,416
|
||||||||||||||
|
||||||||||||||||||||||||||||
Individually evaluated for impairment:
|
||||||||||||||||||||||||||||
Balance in allowance
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||||
Related loan balance
|
$
|
900,199
|
$
|
4,005,497
|
$
|
7,291,435
|
$
|
-
|
$
|
-
|
$
|
12,197,131
|
||||||||||||||||
|
||||||||||||||||||||||||||||
Collectively evaluated for impairment:
|
||||||||||||||||||||||||||||
Balance in allowance
|
$
|
130,501
|
$
|
138,063
|
$
|
211,063
|
$
|
122,346
|
$
|
56,702
|
$
|
23,741
|
$
|
682,416
|
||||||||||||||
Related loan balance
|
$
|
11,773,620
|
$
|
77,492,719
|
$
|
109,337,022
|
$
|
10,849,619
|
$
|
1,997,699
|
$
|
211,450,679
|
3. | Loans and Allowance for Loan Losses (continued) |
|
For nine months ended
September 30
|
For the year ended
December 31
|
||||||||||
|
2013
|
2012
|
2012
|
|||||||||
|
|
|
|
|||||||||
Net loans charged off
|
$
|
624,902
|
$
|
493,545
|
$
|
497,468
|
||||||
|
||||||||||||
Allowance for loan losses at the end of the period
|
$
|
825,591
|
$
|
682,416
|
$
|
780,493
|
||||||
|
||||||||||||
Gross loans outstanding at the end of the period
|
$
|
223,714,970
|
$
|
223,647,810
|
$
|
228,127,051
|
||||||
Allowance for loan losses to gross loans outstanding at the end of the period
|
0.37
|
%
|
0.31
|
%
|
0.34
|
%
|
||||||
|
||||||||||||
Average loans outstanding during the period
|
$
|
233,382,435
|
$
|
229,988,427
|
$
|
229,923,000
|
||||||
Annualized net charge-offs as a percentage of average loans outstanding during the period
|
0.36
|
%
|
0.29
|
%
|
0.22
|
%
|
|
|
90 Days Past
|
||||||||||||||||||||||||||
September 30, 2013
|
30-59 Days
Past Due
|
60-89 Days
Past Due
|
90 Days Past
Due or Greater
|
Total
Past Due
|
Current
|
Total
Loans
|
Due or Greater
and Accruing
|
|||||||||||||||||||||
Real estate mortgages
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Construction, land development, and land
|
$
|
-
|
$
|
-
|
$
|
320,415
|
$
|
320,415
|
$
|
12,155,063
|
$
|
12,475,478
|
$
|
-
|
||||||||||||||
Residential 1 to 4 family, 1st lien
|
446,156
|
216,406
|
866,864
|
1,529,426
|
80,648,565
|
82,177,991
|
387,575
|
|||||||||||||||||||||
Residential 1 to 4 family, subordinate
|
-
|
-
|
-
|
-
|
1,886,712
|
1,886,712
|
-
|
|||||||||||||||||||||
Commercial properties
|
86,128
|
1,648,592
|
1,334,422
|
3,069,142
|
109,400,138
|
112,469,280
|
684,422
|
|||||||||||||||||||||
Commercial
|
-
|
-
|
-
|
-
|
12,652,347
|
12,652,347
|
-
|
|||||||||||||||||||||
Consumer
|
9,777
|
770
|
-
|
10,547
|
2,042,615
|
2,053,162
|
-
|
|||||||||||||||||||||
Total
|
$
|
542,061
|
$
|
1,865,768
|
$
|
2,521,701
|
$
|
4,929,530
|
$
|
218,785,440
|
$
|
223,714,970
|
$
|
1,071,997
|
||||||||||||||
|
||||||||||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||||||
Real estate mortgages
|
||||||||||||||||||||||||||||
Construction, land development, and land
|
$
|
327,415
|
$
|
-
|
$
|
-
|
$
|
327,415
|
$
|
13,491,792
|
$
|
13,819,207
|
$
|
-
|
||||||||||||||
Residential 1 to 4 family, 1st lien
|
2,325,354
|
783,618
|
648,693
|
3,757,665
|
78,036,577
|
81,794,242
|
-
|
|||||||||||||||||||||
Residential 1 to 4 family, subordinate
|
-
|
-
|
-
|
-
|
1,932,743
|
1,932,743
|
-
|
|||||||||||||||||||||
Commercial properties
|
519,766
|
-
|
1,575,389
|
2,095,155
|
113,560,312
|
115,655,467
|
684,422
|
|||||||||||||||||||||
Commercial
|
-
|
-
|
-
|
-
|
12,946,639
|
12,946,639
|
-
|
|||||||||||||||||||||
Consumer
|
17,441
|
1,544
|
-
|
18,985
|
1,959,768
|
1,978,753
|
-
|
|||||||||||||||||||||
Total
|
$
|
3,189,976
|
$
|
785,162
|
$
|
2,224,082
|
$
|
6,199,220
|
$
|
221,927,831
|
$
|
228,127,051
|
$
|
684,422
|
3. | Loans and Allowance for Loan Losses (continued) |
September 30, 2013
|
Unpaid
principal
balance
|
Recorded
investment
with no
allowance
|
Recorded
investment
with an
allowance
|
Related
Allowance
|
Average
Recorded
Investment
|
Interest Income
Recognized
During
Impairment
|
||||||||||||||||||
Real estate mortgages
|
|
|
|
|
|
|
||||||||||||||||||
Construction, land development, and land
|
$
|
320,415
|
$
|
320,415
|
$
|
-
|
$
|
-
|
$
|
323,915
|
$
|
-
|
||||||||||||
Residential 1-4 family, 1st liens
|
4,197,125
|
3,957,054
|
-
|
-
|
4,119,466
|
107,861
|
||||||||||||||||||
Residential 1-4 family, subordinate liens
|
114,955
|
114,955
|
-
|
-
|
116,203
|
6,407
|
||||||||||||||||||
Commercial properties
|
6,902,953
|
5,502,321
|
-
|
-
|
5,645,016
|
237,758
|
||||||||||||||||||
Total
|
$
|
11,535,448
|
$
|
9,894,745
|
$
|
-
|
$
|
-
|
$
|
10,204,600
|
$
|
352,026
|
||||||||||||
|
||||||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||
Real estate mortgages
|
||||||||||||||||||||||||
Construction, land development, and land
|
$
|
878,029
|
$
|
878,029
|
$
|
-
|
$
|
-
|
$
|
921,869
|
$
|
-
|
||||||||||||
Residential 1-4 family, 1st liens
|
4,158,599
|
3,998,598
|
-
|
-
|
4,082,975
|
182,756
|
||||||||||||||||||
Residential 1-4 family, subordinate liens
|
117,451
|
117,450
|
-
|
-
|
118,983
|
6,055
|
||||||||||||||||||
Commercial properties
|
7,417,477
|
6,307,478
|
-
|
-
|
6,468,862
|
348,590
|
||||||||||||||||||
Total
|
$
|
12,571,556
|
$
|
11,301,555
|
$
|
-
|
$
|
-
|
$
|
11,592,689
|
$
|
537,401
|
||||||||||||
|
||||||||||||||||||||||||
September 30, 2012
|
||||||||||||||||||||||||
Real estate mortgages
|
||||||||||||||||||||||||
Construction, land development, and land
|
$
|
900,199
|
$
|
900,199
|
$
|
-
|
$
|
-
|
$
|
932,954
|
$
|
-
|
||||||||||||
Residential 1-4 family, 1st liens
|
4,037,240
|
3,887,240
|
-
|
-
|
3,964,100
|
134,800
|
||||||||||||||||||
Residential 1-4 family, subordinate liens
|
118,257
|
118,257
|
-
|
-
|
119,386
|
4,539
|
||||||||||||||||||
Commercial properties
|
8,692,067
|
7,291,435
|
-
|
-
|
7,223,711
|
263,914
|
||||||||||||||||||
Total
|
$
|
13,747,763
|
$
|
12,197,131
|
$
|
-
|
$
|
-
|
$
|
12,240,151
|
$
|
403,253
|
3. | Loans and Allowance for Loan Losses (continued) |
3.
|
Loans and Allowance for Loan Losses (continued)
|
|
At the time of restructuring
|
Within 12 months of restructuring
|
||||||||||||||||||||||
|
Number of
contracts
|
Balance prior to
restructuring
|
Balance after
restructuring
|
Number of
defaults
|
Defaults on
restructures
|
Losses recognized
upon default
|
||||||||||||||||||
September 30, 2013
|
|
|
|
|
|
|
||||||||||||||||||
Real Estate
|
|
|
|
|
|
|
||||||||||||||||||
Residential 1-4 family, 1st liens
|
3
|
$
|
1,504,381
|
$
|
1,287,000
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
Commercial properties
|
1
|
528,233
|
485,000
|
-
|
-
|
-
|
||||||||||||||||||
Total
|
4
|
$
|
2,032,614
|
$
|
1,772,000
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
|
||||||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||
Residential 1-4 family, 1st liens
|
3
|
$
|
957,304
|
$
|
940,603
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
Commercial properties
|
3
|
1,254,402
|
1,254,402
|
1
|
604,997
|
206,707
|
||||||||||||||||||
Total
|
6
|
$
|
2,211,706
|
$
|
2,195,005
|
1
|
$
|
604,997
|
$
|
206,707
|
||||||||||||||
|
||||||||||||||||||||||||
September 30, 2012
|
||||||||||||||||||||||||
Real Estate
|
||||||||||||||||||||||||
Residential 1-4 family, 1st liens
|
3
|
$
|
957,304
|
$
|
940,603
|
-
|
$
|
-
|
$
|
-
|
||||||||||||||
Commercial properties
|
2
|
994,997
|
994,997
|
1
|
604,997
|
206,707
|
||||||||||||||||||
Total
|
5
|
$
|
1,952,301
|
$
|
1,935,600
|
1
|
$
|
604,997
|
$
|
206,707
|
|
Total
|
Paying as agreed
under modified terms
|
Past due 30 days or
more or non-accruing
|
|||||||||||||||||||||
|
Number of
contracts
|
Current
Balance
|
Number of
contracts
|
Current
Balance
|
Number of
contracts
|
Current
Balance
|
||||||||||||||||||
Real Estate
|
|
|
|
|
|
|
||||||||||||||||||
Construction, land development, and land
|
1
|
$
|
320,415
|
-
|
$
|
-
|
1
|
$
|
320,415
|
|||||||||||||||
Residential 1 to 4 family
|
12
|
3,419,499
|
11
|
3,188,972
|
1
|
230,527
|
||||||||||||||||||
Commercial properties
|
7
|
4,817,899
|
3
|
2,519,308
|
4
|
2,298,591
|
||||||||||||||||||
Total
|
20
|
$
|
8,557,813
|
14
|
$
|
5,708,280
|
6
|
$
|
2,849,533
|
4.
|
Loan commitments
|
|
September 30, 2013
|
December 31, 2012
|
||||||
Loan commitments and lines of credit
|
|
|
||||||
Construction and land development
|
$
|
2,261,603
|
$
|
5,486,662
|
||||
Other
|
23,190,716
|
22,177,291
|
||||||
Total loan commitments and lines of credit
|
$
|
25,452,319
|
$
|
27,663,953
|
||||
|
||||||||
Standby letters of credit
|
$
|
1,260,670
|
$
|
1,506,289
|
5. | Assets Measured at Fair Value |
|
Total Fair Value
|
Level 1 Inputs
|
Level 2 Inputs
|
|||||||||
September 30, 2013
|
|
|
|
|||||||||
Securities available for sale:
|
|
|
|
|||||||||
U.S. Treasury
|
$
|
43,893,060
|
$
|
43,893,060
|
$
|
-
|
||||||
State and municipal
|
378,138
|
-
|
378,138
|
|||||||||
Equity
|
1,750,055
|
405,152
|
1,344,903
|
|||||||||
Total assets measured on a recurring basis
|
$
|
46,021,253
|
$
|
44,298,212
|
$
|
1,723,041
|
||||||
|
||||||||||||
December 31, 2012
|
||||||||||||
Securities available for sale:
|
||||||||||||
U.S. Treasury
|
$
|
72,173,340
|
$
|
72,173,340
|
$
|
-
|
||||||
State and municipal
|
403,437
|
-
|
403,437
|
|||||||||
Equity
|
1,706,150
|
401,632
|
1,304,518
|
|||||||||
Total assets measured on a recurring basis
|
$
|
74,282,927
|
$
|
72,574,972
|
$
|
1,707,955
|
5.
|
Fair Value Measurements (continued)
|
|
Total Fair Value
|
Level 3 Inputs
|
||||||
September 30, 2013
|
|
|
||||||
Impaired loans recorded at fair value of collateral
|
|
|
||||||
Residential 1 to 4 family
|
$
|
2,237,445
|
$
|
2,237,445
|
||||
Commercial mortgages
|
1,036,255
|
1,036,255
|
||||||
Total impaired loans recorded at fair value of collateral
|
3,273,700
|
3,273,700
|
||||||
|
||||||||
Other real estate owned recorded at fair value of collateral
|
||||||||
Residential 1 to 4 family
|
540,500
|
540,500
|
||||||
Construction, land development, and land
|
574,300
|
574,300
|
||||||
Total other real estate owned recorded at fair value of collateral
|
1,114,800
|
1,114,800 | ||||||
|
||||||||
Total assets measured on a non-recurring basis
|
$
|
4,388,500
|
$
|
4,388,500 | ||||
|
||||||||
December 31, 2012
|
||||||||
Impaired loans recorded at fair value of collateral
|
||||||||
Residential 1 to 4 family
|
$
|
785,464
|
$
|
785,464
|
||||
Commercial mortgages
|
1,278,605
|
1,278,605
|
||||||
Total impaired loans recorded at fair value of collateral
|
2,064,069
|
2,064,069
|
||||||
|
||||||||
Other real estate owned recorded at fair value of collateral
|
||||||||
Residential 1 to 4 family
|
866,600
|
866,600
|
||||||
Construction, land development, and land
|
574,300
|
574,300
|
||||||
Total other real estate owned recorded at fair value of collateral
|
1,440,900
|
1,440,900
|
||||||
|
||||||||
Total assets measured on a non-recurring basis
|
$
|
3,504,969
|
$
|
3,504,969
|
5.
|
Fair Value Measurements (continued)
|
September 30, 2013
|
December 31, 2012
|
|||||||||||||||
|
Carrying
amount
|
Fair
value
|
Carrying
amount
|
Fair
value
|
||||||||||||
Financial assets
|
|
|
|
|
||||||||||||
Level 1 inputs
|
|
|
|
|
||||||||||||
Investment securities
|
117,619,557
|
117,723,780
|
133,554,304
|
133,681,592
|
||||||||||||
Level 2 inputs
|
||||||||||||||||
Interest-bearing deposits
|
16,452,674
|
16,469,060
|
13,587,889
|
13,603,933
|
||||||||||||
Investment securities
|
12,007,430
|
12,019,988
|
6,520,905
|
6,532,610
|
||||||||||||
Loans, net
|
219,615,679
|
219,559,565
|
225,282,489
|
225,273,328
|
||||||||||||
Level 3 inputs
|
||||||||||||||||
Loans, net
|
3,273,700
|
3,273,700
|
2,064,069
|
2,064,069
|
||||||||||||
Financial liabilities
|
||||||||||||||||
Level 2 inputs
|
||||||||||||||||
Interest-bearing deposits
|
265,370,818
|
265,414,148
|
263,857,994
|
263,972,110
|
6. | New accounting standards |
Average Balances, Interest, and Yields
|
||||||||||||||||||||||||
|
For the quarter ended
|
For the quarter ended
|
||||||||||||||||||||||
|
September 30, 2013
|
September 30, 2012
|
||||||||||||||||||||||
|
Average
|
|
|
Average
|
|
|
||||||||||||||||||
|
balance
|
Interest
|
Yield
|
balance
|
Interest
|
Yield
|
||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
||||||||||||||||||
Interest-bearing deposits
|
$
|
44,711,289
|
$
|
30,577
|
0.27
|
%
|
$
|
20,163,429
|
$
|
14,797
|
0.29
|
%
|
||||||||||||
Federal funds sold
|
34,081,182
|
9,271
|
0.11
|
%
|
42,680,109
|
12,417
|
0.12
|
%
|
||||||||||||||||
Investment securities
|
127,235,174
|
183,412
|
0.57
|
%
|
127,704,546
|
198,865
|
0.62
|
%
|
||||||||||||||||
Loans, net of allowance
|
228,954,124
|
3,498,704
|
6.06
|
%
|
228,189,808
|
3,591,419
|
6.26
|
%
|
||||||||||||||||
Total interest-earning assets
|
434,981,769
|
3,721,964
|
3.39
|
%
|
418,737,892
|
3,817,498
|
3.63
|
%
|
||||||||||||||||
Noninterest-bearing cash
|
13,540,570
|
16,806,486
|
||||||||||||||||||||||
Other assets
|
16,453,268
|
17,713,171
|
||||||||||||||||||||||
Total assets
|
$
|
464,975,607
|
$
|
453,257,549
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-bearing deposits
|
||||||||||||||||||||||||
NOW
|
$
|
67,625,389
|
23,044
|
0.14
|
%
|
$
|
63,037,262
|
27,881
|
0.18
|
%
|
||||||||||||||
Money market
|
56,473,529
|
14,195
|
0.10
|
%
|
56,720,023
|
17,862
|
0.13
|
%
|
||||||||||||||||
Savings
|
61,326,944
|
15,471
|
0.10
|
%
|
54,843,349
|
15,746
|
0.11
|
%
|
||||||||||||||||
Other time deposits
|
76,964,360
|
55,757
|
0.29
|
%
|
87,695,148
|
126,067
|
0.57
|
%
|
||||||||||||||||
Total interest-bearing deposits
|
262,390,222
|
108,467
|
0.16
|
%
|
262,295,782
|
187,556
|
0.28
|
%
|
||||||||||||||||
Securities sold under agreements to repurchase & federal funds purchased
|
7,201,311
|
2,722
|
0.15
|
%
|
7,064,313
|
4,441
|
0.25
|
%
|
||||||||||||||||
Borrowed funds
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Total interest-bearing liabilities
|
269,591,533
|
111,189
|
0.16
|
%
|
269,360,095
|
191,997
|
0.28
|
%
|
||||||||||||||||
Noninterest-bearing deposits
|
116,728,065
|
105,789,957
|
||||||||||||||||||||||
|
386,319,598
|
111,189
|
0.11
|
%
|
375,150,052
|
191,997
|
0.20
|
%
|
||||||||||||||||
Other liabilities
|
37,882
|
174,331
|
||||||||||||||||||||||
Stockholders' equity
|
78,618,127
|
77,933,166
|
||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
464,975,607
|
$
|
453,257,549
|
||||||||||||||||||||
Net interest spread
|
3.23
|
%
|
3.35
|
%
|
||||||||||||||||||||
Net interest income
|
$
|
3,610,775
|
$
|
3,625,501
|
||||||||||||||||||||
Net margin on interest-earning assets
|
3.29
|
%
|
3.44
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Tax equivalent adjustment in:
|
||||||||||||||||||||||||
Investment income
|
$
|
16,925
|
$
|
16,027
|
||||||||||||||||||||
Loan income
|
$
|
33,059
|
$
|
41,603
|
Period
|
(a) Total
Number
|
(b) Average
Price Paid
|
(c) Total number
of Shares Purchased
|
(d) Maximum number
of Shares that may
|
||||||||||||
July
|
4,000
|
$
|
26.05
|
4,000
|
255,370
|
|||||||||||
August
|
-
|
-
|
255,370
|
|||||||||||||
September
|
-
|
-
|
255,370
|
|||||||||||||
Totals
|
4,000
|
$
|
26.05
|
4,000
|
|
2013
|
2012
|
||||||||||||||
Sales price per share
|
High
|
Low
|
High
|
Low
|
||||||||||||
First quarter
|
$
|
26.50
|
$
|
25.25
|
$
|
24.50
|
$
|
22.35
|
||||||||
Second quarter
|
$
|
32.00
|
$
|
25.55
|
$
|
24.85
|
$
|
22.52
|
||||||||
Third quarter
|
$
|
26.25
|
$
|
23.00
|
$
|
26.00
|
$
|
23.51
|
||||||||
Fourth quarter
|
$
|
26.75
|
$
|
24.85
|
31. | Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32. | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
1.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
2.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
3.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal quarter that has or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
|
4.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 8, 2013
|
|
|
|
|
By:
|
/s/ Raymond M. Thompson
|
|
|
Raymond M. Thompson
|
|
|
Chief Executive Officer
|
|
1.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
2.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
3.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
|
a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal quarter that has or is reasonably likely to materially affect the registrant’s internal control over financial reporting; and
|
4.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
November 8, 2013
|
|
|
|
|
By:
|
/s/ M. Dean Lewis
|
|
|
M. Dean Lewis
|
|
|
Treasurer (Principal Financial & Accounting Officer)
|
(1) | The referenced report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date:
|
November 8, 2013
|
|
|
|
|
By:
|
/s/ Raymond M. Thompson
|
|
|
Raymond M. Thompson
|
|
|
Chief Executive Officer
|
|
|
|
|
By:
|
/s/ M. Dean Lewis
|
|
|
M. Dean Lewis
|
|
|
Treasurer (Principal Financial & Accounting Officer)
|
Date:
|
November 8, 2013
|
|
|
|
|
By:
|
/s/ Raymond M. Thompson
|
|
|
Raymond M. Thompson
|
|
|
Chief Executive Officer
|
|
|
|
|
By:
|
/s/ M. Dean Lewis
|
|
|
M. Dean Lewis
|
|
|
Treasurer (Principal Financial & Accounting Officer)
|
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