Attached files
| file | filename |
|---|---|
| EX-99.4 - EX-99.4 - Community First Bancshares, Inc. | d589903dex994.htm |
| EX-99.2 - EX-99.2 - Community First Bancshares, Inc. | d589903dex992.htm |
| 8-K/A - 8-K/A - Community First Bancshares, Inc. | d589903d8ka.htm |
Exhibit 99.3
ABB FINANCIAL GROUP, INC.
AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2019 AND DECEMBER 31, 2018
(Unaudited)
| 2019 | 2018 | |||||||
| Assets | ||||||||
| Cash and due from banks |
$ | 5,497,740 | $ | 4,440,684 | ||||
| Interest-bearing deposits in banks |
18,078,028 | 3,413,154 | ||||||
| Federal funds sold |
17,058,000 | 9,187,000 | ||||||
| Securities available for sale |
17,325,246 | 17,393,729 | ||||||
| Restricted equity securities, at cost |
1,892,300 | 2,080,600 | ||||||
| Loans, net of unearned income |
257,199,684 | 239,058,580 | ||||||
| Less allowance for loan losses |
2,819,741 | 2,849,182 | ||||||
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| Loans, net |
254,379,943 | 236,209,398 | ||||||
| Premises and equipment, net |
1,033,612 | 830,733 | ||||||
| Cash surrender value of life insurance |
7,400,603 | 7,250,234 | ||||||
| Foreclosed assets |
1,406,600 | 1,626,500 | ||||||
| Deferred tax assets, net |
3,097,725 | 3,282,664 | ||||||
| Other assets |
1,966,752 | 1,084,348 | ||||||
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| Total assets |
$ | 329,136,549 | $ | 286,799,044 | ||||
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| Liabilities and Stockholders’ Equity | ||||||||
| Liabilities: |
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| Deposits: |
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| Noninterest-bearing |
$ | 76,612,701 | $ | 67,777,110 | ||||
| Interest-bearing |
174,762,972 | 141,758,238 | ||||||
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| Total deposits |
251,375,673 | 209,535,348 | ||||||
| Securities sold under repurchase agreements |
9,062,487 | 6,013,744 | ||||||
| Other borrowings |
33,000,000 | 38,000,000 | ||||||
| Subordinated debentures |
1,657,000 | 1,657,000 | ||||||
| Other liabilities |
2,363,524 | 1,878,052 | ||||||
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| Total liabilities |
297,458,684 | 257,084,144 | ||||||
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| Commitments and contingencies |
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| Stockholders’ equity: |
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| Series A Preferred stock, no par value; 7,500 shares authorized, 5,891 issued and outstanding |
5,891,000 | 5,891,000 | ||||||
| Common stock, no par value; 30,000,000 shares authorized, 5,024,374 issued |
33,974,579 | 33,974,579 | ||||||
| Accumulated deficit |
(8,313,325 | ) | (9,812,761 | ) | ||||
| Accumulated other comprehensive income (loss) |
175,605 | (287,924 | ) | |||||
| Less cost of treasury stock (3,571 shares) |
(49,994 | ) | (49,994 | ) | ||||
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| Total stockholders’ equity |
31,677,865 | 29,714,900 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 329,136,549 | $ | 286,799,044 | ||||
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1
ABB FINANCIAL GROUP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(Unaudited)
| 2019 | 2018 | |||||||
| Interest income: |
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| Loans, including fees |
$ | 9,154,488 | $ | 7,757,605 | ||||
| Taxable securities |
521,736 | 379,676 | ||||||
| Federal funds sold |
308,334 | 235,069 | ||||||
| Interest-bearing deposits in banks |
213,285 | 117,923 | ||||||
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| Total interest income |
10,197,843 | 8,490,273 | ||||||
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| Interest expense: |
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| Deposits |
2,222,710 | 1,235,762 | ||||||
| Securities sold under repurchase agreements, other borrowings, and subordinated debentures |
737,898 | 580,945 | ||||||
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| Total interest expense |
2,960,608 | 1,816,707 | ||||||
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| Net interest income |
7,237,235 | 6,673,566 | ||||||
| Provision for loan losses |
82,500 | — | ||||||
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| Net interest income after provision for loan losses |
7,154,735 | 6,673,566 | ||||||
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| Other income: |
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| Service charges on deposit accounts |
53,214 | 52,438 | ||||||
| Gain on sale of securities available for sale |
— | 378,750 | ||||||
| Other operating income |
314,174 | 249,798 | ||||||
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| Total other income |
367,388 | 680,986 | ||||||
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| Other expenses: |
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| Salaries and employee benefits |
2,944,185 | 2,876,742 | ||||||
| Occupancy and equipment expenses |
578,144 | 543,994 | ||||||
| Foreclosed assets, net |
148,616 | 131,373 | ||||||
| Other operating expenses |
1,717,945 | 1,481,645 | ||||||
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| Total other expenses |
5,388,890 | 5,033,754 | ||||||
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| Income before tax expense |
2,133,233 | 2,320,798 | ||||||
| Income tax expense |
633,797 | 616,733 | ||||||
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| Net income |
$ | 1,499,436 | $ | 1,704,065 | ||||
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2
ABB FINANCIAL GROUP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(Unaudited)
| 2019 | 2018 | |||||||
| Net income |
$ | 1,499,436 | $ | 1,704,065 | ||||
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| Other comprehensive income (loss): |
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| Net unrealized holding gains on securities available for sale arising during period, net of tax of $150,417 and $98,777, respectively |
463,529 | (37,100 | ) | |||||
| Reclassification adjustment for gains on sale of securities realized in net income, net of tax of $0 and $95,824, respectively |
— | (282,926 | ) | |||||
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| Other comprehensive income (loss) |
463,529 | (320,026 | ) | |||||
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| Comprehensive income |
$ | 1,962,965 | $ | 1,384,039 | ||||
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3
ABB FINANCIAL GROUP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(Unaudited)
| 2019 | 2018 | |||||||
| OPERATING ACTIVITIES |
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| Net income |
$ | 1,499,436 | $ | 1,704,065 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
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| Depreciation |
83,773 | 107,301 | ||||||
| Net premium amortization on investments |
355 | 40,688 | ||||||
| Gain on sale of securities available for sale |
— | (378,750 | ) | |||||
| Provision for loan losses |
82,500 | — | ||||||
| (Gain) loss on sale of foreclosed assets |
16,917 | (8,655 | ) | |||||
| Write-down of foreclosed assets |
125,900 | 112,600 | ||||||
| Stock based compensation expense |
— | 42,582 | ||||||
| (Increase) decrease in interest receivable |
14,795 | (78,874 | ) | |||||
| Increase in interest payable |
56,348 | 150,951 | ||||||
| Change in deferred tax assets |
184,939 | (10,927 | ) | |||||
| Prepayment gain on repayment of other borrowings |
(13,102 | ) | — | |||||
| Increase in cash surrender value of life insurance |
(150,369 | ) | (123,707 | ) | ||||
| Net other operating activities |
(625,066 | ) | 1,490,869 | |||||
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| Net cash provided by operating activities |
1,276,426 | 3,048,143 | ||||||
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| INVESTING ACTIVITIES |
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| Net (increase) decrease in interest-bearing deposits in banks |
(14,664,874 | ) | 11,534,724 | |||||
| Net increase in federal funds sold |
(7,871,000 | ) | (11,154,000 | ) | ||||
| Purchases of securities available for sale |
(1,287,500 | ) | (9,386,086 | ) | ||||
| Proceeds from sales of securities available for sale |
— | 1,128,750 | ||||||
| Proceeds from maturities of securities available for sale |
1,976,148 | 1,081,979 | ||||||
| Purchase of restricted equity securities |
— | (650,900 | ) | |||||
| Redemption of restricted equity securities |
188,300 | — | ||||||
| Proceeds from the sale of foreclosed assets |
77,083 | 95,056 | ||||||
| Net increase in loans |
(18,253,045 | ) | (25,101,121 | ) | ||||
| Purchases of bank owned life insurance |
— | — | ||||||
| Purchases of premises and equipment |
(336,996 | ) | (652,184 | ) | ||||
| Disposals of premises and equipment |
50,344 | — | ||||||
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| Net cash used in investing activities |
(40,121,540 | ) | (33,103,782 | ) | ||||
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4
ABB FINANCIAL GROUP, INC.
AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(Unaudited)
| 2019 | 2018 | |||||||
| FINANCING ACTIVITIES |
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| Net increase in deposits |
41,840,325 | 6,800,950 | ||||||
| Net increase in securities sold under repurchase agreements |
3,048,743 | 8,619,481 | ||||||
| Repayment of other borrowings |
(18,000,000 | ) | (5,000,000 | ) | ||||
| Proceeds from advances on other borrowings |
13,013,102 | 20,000,000 | ||||||
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| Net cash provided by financing activities |
39,902,170 | 30,420,431 | ||||||
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| Net increase in cash and due from banks |
1,057,056 | 364,791 | ||||||
| Cash and due from banks at beginning of year |
4,440,684 | 3,351,178 | ||||||
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| Cash and due from banks at end of year |
$ | 5,497,740 | $ | 3,715,969 | ||||
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| SUPPLEMENTAL DISCLOSURE |
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| Cash paid for: |
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| Interest |
$ | 2,904,260 | $ | 1,665,756 | ||||
5