Attached files
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8-K/A - FORM 8K AMENDMENT NO 2 - Sunshine Bancorp, Inc. | d37305d8ka.htm |
EX-99.2 - AUDITED FINANCIAL STATEMENTS - Sunshine Bancorp, Inc. | d37305dex992.htm |
EX-99.4 - UNAUDITED PRO FORMA FINANCIAL INFORMATION - Sunshine Bancorp, Inc. | d37305dex994.htm |
Exhibit 99.3
COMMUNITY SOUTHERN HOLDINGS, INC.
CONDENSED BALANCE SHEETS
($ In thousands, except for per share amounts)
ASSETS | At March 31, |
At December 31, |
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(Unaudited) | ||||||||
Cash and due from banks |
$ | 5,042 | $ | 3,177 | ||||
Interest earning deposits with banks |
236 | 11,047 | ||||||
Federal funds sold |
9,980 | 480 | ||||||
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Cash and cash equivalents |
15,258 | 14,704 | ||||||
Securities available-for-sale |
54,498 | 53,370 | ||||||
Loans, net of allowance for loan losses of $1,793 and $1,729 |
168,434 | 163,374 | ||||||
Premises and equipment, net |
6,009 | 6,046 | ||||||
Foreclosed real estate |
50 | 120 | ||||||
Prepaid and other assets |
6,515 | 8,069 | ||||||
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Total assets |
$ | 250,764 | $ | 245,683 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY |
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LIABILITIES |
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Deposits |
188,209 | 185,174 | ||||||
Federal Home Loan Bank Advances |
32,131 | 26,330 | ||||||
Accrued interest payable and other liabilities |
1,184 | 5,628 | ||||||
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Total liabilities |
221,524 | 217,132 | ||||||
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STOCKHOLDERS EQUITY |
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Preferred stock, Class A, $1.00 par value, $1,000 liquidation value, 5,700 shares issued and outstanding |
5,700 | 5,700 | ||||||
Common stock, $5 par value; 5,000,000 shares authorized, 2,533,318 and 2,520,478 shares issued and outstanding at March 31, 2015 and December 31, 2014 |
12,845 | 12,603 | ||||||
Additional paid-in capital |
10,106 | 9,948 | ||||||
Retained Earnings |
828 | 569 | ||||||
Accumulated other comprehensive (loss) |
(239 | ) | (269 | ) | ||||
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Total stockholders equity |
29,240 | 28,551 | ||||||
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Total liabilities and stockholders equity |
$ | 250,764 | $ | 245,683 | ||||
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COMMUNITY SOUTHERN HOLDINGS, INC.
CONDENSED STATEMENTS OF INCOME (Unaudited)
($ In thousands)
Three Months Ended March 31, | ||||||||
2015 | 2014 | |||||||
INTEREST INCOME |
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Loans |
$ | 1,950 | $ | 1,782 | ||||
Securities |
265 | 314 | ||||||
Federal funds sold and other |
5 | 14 | ||||||
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Total interest income |
2,220 | 2,110 | ||||||
Interest expense on deposits and borrowings |
412 | 422 | ||||||
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Net interest income |
1,808 | 1,688 | ||||||
Provision for loan losses |
61 | 47 | ||||||
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Net interest income after provision for loan losses |
1,747 | 1,641 | ||||||
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NONINTEREST INCOME |
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Service charges and other |
28 | 26 | ||||||
Other income |
144 | 99 | ||||||
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Total noninterest income |
172 | 125 | ||||||
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NONINTEREST EXPENSES |
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Salaries and employee benefits |
915 | 929 | ||||||
Occupancy |
170 | 179 | ||||||
Other |
452 | 449 | ||||||
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Total noninterest expenses |
1,537 | 1,557 | ||||||
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Net income before taxes |
382 | 209 | ||||||
Income taxes |
92 | 19 | ||||||
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Net Income |
$ | 290 | $ | 190 | ||||
Preferred stock dividend requirements |
(14 | ) | (14 | ) | ||||
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Net income available to common stockholders |
$ | 276 | $ | 176 | ||||
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2
COMMUNITY SOUTHERN HOLDINGS, INC.
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited)
($ In thousands)
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
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Net income |
$ | 276 | $ | 176 | ||||
Adjustments to reconcile net income to net cash provided by operating activities |
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Provision for loan losses |
61 | 47 | ||||||
Depreciation and amortization |
164 | 78 | ||||||
Stock-based compensation |
7 | 7 | ||||||
Changes in assets and liabilities |
(2,851 | ) | 1,530 | |||||
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Net cash provided by operating activities |
$ | (2,343 | ) | 1,838 | ||||
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CASH FLOWS FROM INVESTING ACTIVITIES |
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Maturities, payment and calls of securities |
$ | 96 | $ | 8,000 | ||||
Purchases of securities, net |
(1,388 | ) | (1,552 | ) | ||||
Change in Loans, Net |
(5,098 | ) | (4,590 | ) | ||||
Purchases of premises and equipment, net |
(25 | ) | (23 | ) | ||||
Proceeds from sale of other real estate owned |
70 | 0 | ||||||
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Net cash provided by investing activities |
$ | (6,345 | ) | $ | 1,835 | |||
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Net increase in deposits |
3,035 | 4,818 | ||||||
Net change in other borrowings |
5,801 | 439 | ||||||
Preferred Stock dividend paid |
(14 | ) | (14 | ) | ||||
Proceeds from the issuance of common stock |
420 | 0 | ||||||
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Net cash used in financing activities |
$ | 9,242 | $ | 5,243 | ||||
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INCREASE IN CASH AND CASH EQUIVALENTS |
554 | 8,916 | ||||||
CASH AND CASH EQUIVALENTS, beginning of period |
14,704 | 17,320 | ||||||
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CASH AND CASH EQUIVALENTS, end of period |
$ | 15,258 | $ | 26,236 | ||||
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