HCBF Holding Company, Inc. - FORM 8-K/A - EX-99.2 - EXHIBIT 99.2

Attached files

file	filename
EX-99.3 - EXHIBIT 99.3 - HCBF Holding Company, Inc.	v475602_ex99-3.htm
8-K/A - FORM 8-K/A - HCBF Holding Company, Inc.	v475602_8ka.htm

Exhibit 99.2

JEFFERSON BANKSHARES, INC. AND SUBSIDIARY

Consolidated Balance Sheets

($ in thousands except per share data)

	June 30,			December 31,
	2017			2016
	(Unaudited)
Assets

Cash and due from banks	$	18,014			24,114
Federal funds sold and other overnight investments		42			14

Total cash and cash equivalents		18,056			24,128

Certificates of deposit		2,739			2,739
Securities available for sale		45,529			49,144
Federal Home Loan Bank		2,052			489
Loans, net of allowance for loan losses of $2,265 and $2,122		241,192			212,306
Accrued interest receivable		665			643
Premises and equipment, net		4,422			4,535
Deferred taxes		738			975
Other assets		1,149			1,144

Total assets	$	316,542			296,103

Liabilities and Stockholders’ Equity

Liabilities:
Noninterest-bearing		81,880			80,206
Savings, NOW and money-market deposits		129,414			146,663
Time deposits		26,544			29,497
Customer repurchase agreements		6,015			5,032

Total deposits		243,853			261,398

Federal Home Loan Bank advances		42,000			6,000
Other Borrowings		3,030			3,030
Accrued expenses and other liabilities		1,479			1,104

Total liabilities		290,362			271,532

Commitments and contingencies

Stockholders’ equity:
Common stock, $0.01 par value; 9,000,000 shares authorized, and 2,698,102 issued and outstanding as of June 30, 2017 and December 31, 2016, respectively		27			27
Additional paid-in capital		27,277			27,232
Accumulated deficit		(367	)		(1,537	)
Accumulated other comprehensive loss		(757	)		(1,151	)

Total stockholders’ equity		26,180			24,571

Total liabilities and stockholders’ equity	$	316,542			296,103

JEFFERSON BANKSHARES, INC. AND SUBSIDIARY

Consolidated Statements of Earnings

($ in thousands except per share data)

	Three months ended June 30,					Six months ended June 30,
	2017			2016		2017			2016
	(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)
Interest income:
Loans	$	2,680			2,228		5,166			4,325
Securities		204			203		403			407
Federal funds and other		22			17		52			50

Total interest income		2,906			2,448		5,621			4,782

Interest expense:
Deposits		143			148		294			305
Borrowings		101			46		150			87

Total interest expense		244			194		444			392

Net interest income		2,662			2,254		5,177			4,390

Provision for loan losses		143			-		143			50

Net interest income after provision for loan losses		2,519			2,254		5,034			4,340

Noninterest income
Service charges and other fees		231			197		448			372

Noninterest expenses:
Salaries and employee benefits		1,076			956		2,179			1,932
Occupancy and equipment		282			270		563			548
FDIC insurance		36			31		82			62
Professional fees		(115	)		47		(73	)		101
Advertising and marketing		19			36		49			73
Data processing		228			200		455			384
Other general and administrative		132			192		328			368

Total noninterest expenses		1,658			1,732		3,583			3,468

Earnings before income taxes		1,092			719		1,899			1,244

Income taxes		421			267		729			460

Net earnings		671			452		1,170			784

Less: preferred stock dividends		-					-			(3	)

Net earnings applicable to common shareholders	$	671			452		1,170			781

Basic earnings per share	$	0.25			0.17		0.43			0.29

Diluted earnings per share	$	0.24			0.16		0.42			0.28

JEFFERSON BANKSHARES, INC. AND SUBSIDIARY

Consolidated Statements of Comprehensive Income

(In thousands)

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)

Net earnings	$	671			452			1,170			784

Other comprehensive income:
Change in unrealized loss on securities-
Unrealized gain arising during the period		291			606			631			1,463

Deferred income taxes on above change		(109	)		(227	)		(237	)		(549	)

Total other comprehensive income		182			379			394			914

Comprehensive income	$	853			831			1,564			1,698

JEFFERSON BANKSHARES, INC. AND SUBSIDIARY

Consolidated Statements of Stockholders’ Equity

Years Ended December 31, 2015 and Six Months Ended June 30, 2016

(Six Months Ended June 30, 2016 Unaudited)

($ in thousands)

																Accumulated
																Other
	Preferred Stock										Additional					Compre-			Total
	Series A						Common Stock				Paid-In		Accumulated			hensive			Stockholders’
	Shares			Amount			Shares		Amount		Capital		Deficit			(Loss)			Equity

Balance at December 31, 2015		3,367		$	3,367			2,452,853	$	25	$	24,645	$	(767	)	$	(1,226	)		26,044

Net earnings		-			-			-		-		-		784			-			784

Change in net unrealized loss on securities available for sale, net of tax effect		-			-			-		-		-		-			914			914

Stock-based compensation								-		-		8		-			-			(3,359	)

Cash dividends paid on preferred stock		-			-			-		-		-		(3	)		-			(3	)

Redeemed preferred stock		(3,367	)		(3,367	)		-		-		-		-			-			(3,362	)

Balance at June 30, 2016		-		$	-			2,452,853	$	25	$	24,653	$	14		$	(312	)	$	24,380

JEFFERSON BANKSHARES, INC. AND SUBSIDIARY

Consolidated Statements of Stockholders’ Equity

Year Ended December 31, 2016 and Six Months Ended June 30, 2017

(Six Months Ended June 30, 2017 Unaudited)

($ in thousands)

														Accumulated
														Other
	Preferred Stock								Additional					Compre-			Total
	Series A				Common Stock				Paid-In		Accumulated			hensive			Stockholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			(Loss)			Equity

Balance at December 31, 2016		-		-		2,698,102		27		27,232		(1,537	)		(1,151	)		24,571

Net earnings		-		-		-		-		-		1,170			-			1,170

Change in net unrealized loss on securities available for sale, net of tax effect		-		-		-		-		-		-			394			394

Stock-based compensation		-		-		-		-		45		-			-			45

Balance at June 30, 2017		-	$	-		2,698,102	$	27	$	27,277	$	(367	)	$	(757	)	$	26,180

JEFFERSON BANKSHARES, INC. AND SUBSIDIARY

Consolidated Statements of Cash Flows

(In thousands)

	Six Months Ended June 30,
	2017			2016
	(Unaudited)			(Unaudited)
Cash flows from operating activities:
Net earnings	$	1,170			784
Adjustments to reconcile net earnings to net cash provided by operating activities:
Credit for loan losses		143			50
Depreciation and amortization		143			141
Accretion of loan discount		(5	)		(5	)
Amortization of deferred loan fees and costs		49			3
Net loss on FA disposal		-			(1	)
Net amortization of premiums and discounts on securities		34			53
Deferred income taxes		-			59
Amortization of core deposit intangible		26			26
Stock-based compensation		45			8
Net increase in accrued interest receivable		(22	)		(44	)
Net increase in other assets		(32	)		(429	)
Net increase in accrued expenses and other liabilities		374			178

Net cash provided by operating activities		1,925			823

Cash flows from investing activities:
Purchases of securities available for sale		-			(3,999	)
Proceeds from payments, calls and maturities of securities available for sale		4,213			4,949
(Purchase) Redemption of Federal Home Loan Bank stock		(1,563	)		98
Loan originations, net		(29,072	)		(16,405	)
Additions to premises and equipment, net		(29	)		(25	)

Net cash used in investing activities		(26,451	)		(15,382	)

Cash flows from financing activities:
Net (decrease) increase in deposits and repurchase agreements		(17,546	)		7,060
Net increase (decrease) in Federal Home Loan Bank advances		36,000			(3,000	)
Redemption of preferred stock		-			(3,367	)
Increase in other borrowings		-			3,030
Dividends paid on preferred stock		-			(11	)

Net cash provided by financing activities		18,454			3,712

Net (decrease) increase in cash		(6,072	)		(10,847	)

Cash and cash equivalents at beginning of period		24,128			21,972

Cash and cash equivalents at end of period	$	18,056			11,125

Supplementary cash flow information
Interest paid on deposits and borrowed funds	$	416	344

Income taxes paid	$	170	408

Accumulated other comprehensive income, unrealized gain on securities available for sale, net of tax	$	394	914

HCBF Holding Company, Inc. - FORM 8-K/A - EX-99.2 - EXHIBIT 99.2 - September 22, 2017

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