Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - ALAMOGORDO FINANCIAL CORP | v394360_8ka.htm |
| EX-99.4 - EXHIBIT 99.4 - ALAMOGORDO FINANCIAL CORP | v394360_ex99-4.htm |
Exhibit 99.3
BANK 1440
BALANCE SHEETS (Unaudited)
(In thousands)
| ASSETS | At | At | ||||||
| June 30, | December 31, | |||||||
| 2014 | 2013 | |||||||
| Cash and due from banks | $ | 1,410 | $ | 1,089 | ||||
| Federal funds sold | 0 | 695 | ||||||
| Cash and cash equivalents | 1,410 | 1,784 | ||||||
| Investments in certificates of deposit | - | 251 | ||||||
| Securities available-for-sale | 16,998 | 17,154 | ||||||
| Investment in restricted stock, at cost | 664 | 641 | ||||||
| Loans, net of allowance for loan losses of $1,670 in June 2014 and $1,692 in December 2013 | 66,681 | 61,564 | ||||||
| Premises and equipment, net | 525 | 588 | ||||||
| Accrued interest receivable | 361 | 357 | ||||||
| Foreclosed real estate | - | - | ||||||
| Prepaid and other assets | 139 | 141 | ||||||
| Total assets | $ | 86,778 | $ | 82,480 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| LIABILITIES | ||||||||
| Deposits | ||||||||
| Noninterest-bearing | $ | 5,268 | $ | 8,058 | ||||
| Interest-bearing | 70,109 | 63,465 | ||||||
| Total deposits | 75,377 | 71,523 | ||||||
| Accrued interest payable and other liabilities | 270 | 259 | ||||||
| Other borrowings | - | - | ||||||
| Total liabilities | 75,647 | 71,782 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Common stock, $1 par value; authorized 10,000,000 shares; issued and outstanding 2,045,022 at June 30, 2014 and December 31, 2013 | 2,045 | 2,045 | ||||||
| Preferred stock, $1 par value; authorized 500,000 shares; issued and outstanding 180,814 shares at June 30, 2014 and December 31, 2013 | 181 | 181 | ||||||
| Additional paid-in capital | 20,704 | 20,691 | ||||||
| Accumulated deficit | (12,488 | ) | (12,707 | ) | ||||
| Accumulated other comprehensive income | 689 | 488 | ||||||
| Total stockholders' equity | 11,131 | 10,698 | ||||||
| Total liabilities and stockholders' equity | $ | 86,778 | $ | 82,480 | ||||
BANK 1440
STATEMENTS OF INCOME (Unaudited)
(In thousands)
| Six Months Ended June 30, | ||||||||
| 2014 | 2013 | |||||||
| INTEREST INCOME | ||||||||
| Loans | $ | 1,886 | $ | 1,785 | ||||
| Securities available-for-sale | 366 | 351 | ||||||
| Federal funds sold and other | 3 | 18 | ||||||
| Total interest income | 2,255 | 2,154 | ||||||
| Interest expense on deposits and borrowings | 313 | 299 | ||||||
| Net interest income | 1,942 | 1,855 | ||||||
| Provision for loan losses | - | - | ||||||
| Net interest income after provision for loan losses | 1,942 | 1,855 | ||||||
| OTHER INCOME | ||||||||
| Service charges and other | 18 | 11 | ||||||
| Gain on sale of loan | 18 | 31 | ||||||
| Gain on sale of securities available-for-sale | - | - | ||||||
| Total other income | 36 | 42 | ||||||
| OTHER EXPENSES | ||||||||
| Salaries and employee benefits | 915 | 814 | ||||||
| Occupancy | 282 | 286 | ||||||
| Professional fees | 100 | 49 | ||||||
| Data processing | 147 | 150 | ||||||
| FDIC insurance assessments | 27 | 25 | ||||||
| Foreclosed real estate expense, net | - | - | ||||||
| General and administrative | 288 | 291 | ||||||
| Total other expenses | 1,759 | 1,615 | ||||||
| NET INCOME | $ | 219 | $ | 282 | ||||
BANK 1440
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
| Six months ended June 30, | ||||||||
| 2014 | 2013 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income | $ | 219 | $ | 282 | ||||
| Adjustments to reconcile net income to net cash | ||||||||
| provided by operating activities | ||||||||
| Gain on sale of loan | (18 | ) | (31 | ) | ||||
| Stock-based compensation expense | 13 | 17 | ||||||
| Net accretion of securities available-for-sale | (18 | ) | (29 | ) | ||||
| Depreciation and amortization | 82 | 81 | ||||||
| Changes in assets and liabilities | ||||||||
| Accrued interest receivable | (4 | ) | 2 | |||||
| Prepaid and other assets | 2 | 137 | ||||||
| Acrued interest payable and other liabilities | 11 | 143 | ||||||
| Net cash provided by operating activities | $ | 287 | $ | 602 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Proceeds from maturity of certificates of deposit | $ | 251 | $ | - | ||||
| Purchase of securities available-for-sale | (1,477 | ) | - | |||||
| Maturities and calls of securities available-for-sale | 1,853 | 1,864 | ||||||
| Sale (purchase) of restricted stock | (23 | ) | 66 | |||||
| Purchase of premises and equipment | (20 | ) | (17 | ) | ||||
| Change in Loans Net | (5,099 | ) | (5,592 | ) | ||||
| Net cash provided by investing activities | $ | (4,515 | ) | $ | (3,679 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Net increase (decrease) in deposits | 3,854 | 747 | ||||||
| Net cash used in financing activities | $ | 3,854 | $ | 747 | ||||
| (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (374 | ) | (2,330 | ) | ||||
| CASH AND CASH EQUIVALENTS, beginning of period | 1,784 | 2,768 | ||||||
| CASH AND CASH EQUIVALENTS, end of period | $ | 1,410 | $ | 438 | ||||
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||
| Cash payments for interest | $ | 309 | $ | 303 | ||||