2016 Q4 Form 10-K Financial Statement

#000119312517083390 Filed on March 15, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4 2014
Revenue $31.38M
YoY Change -2.29%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.190M
YoY Change 4.39%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $3.018M
YoY Change -26.03%
% of Operating Profit
Other Income/Expense, Net $2.360M
YoY Change -23.41%
Pretax Income $2.000M $3.200M $9.278M
YoY Change -37.5% 51.66% 4.01%
Income Tax $320.0K $870.0K $1.828M
% Of Pretax Income 16.0% 27.19% 19.7%
Net Earnings $1.680M $2.330M $7.450M
YoY Change -27.9% 40.36% 4.19%
Net Earnings / Revenue 23.74%
Basic Earnings Per Share $1.53
Diluted Earnings Per Share $344.3K $477.5K $1.53
COMMON SHARES
Basic Shares Outstanding 4.875M shares 4.873M shares 4.870M shares
Diluted Shares Outstanding 4.871M shares

Balance Sheet

Concept 2016 Q4 2015 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $21.69M $14.95M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $18.66M $18.66M $19.20M
YoY Change 0.04% -3.04% 3.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.60M $9.200M $10.10M
YoY Change 15.22% -43.26%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.025B $973.5M $921.1M
YoY Change 5.31% 5.69% 5.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $150.3M $104.3M $114.4M
YoY Change 44.1% -8.83% 4.09%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $200.0K $200.0K $200.0K
YoY Change 0.0% 0.0% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.500M $9.200M $8.500M
YoY Change 3.26% 8.24% -1.16%
Total Long-Term Liabilities $9.500M $9.200M $8.500M
YoY Change 3.26% 8.24% -1.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $200.0K $200.0K $200.0K
Total Long-Term Liabilities $9.500M $9.200M $8.500M
Total Liabilities $940.2M $887.1M $839.2M
YoY Change 5.98% 5.7% 4.02%
SHAREHOLDERS EQUITY
Retained Earnings $91.00M $88.95M
YoY Change 2.31% 3.55%
Common Stock $4.779M $4.592M
YoY Change 4.06% -5.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $85.06M $86.43M $81.90M
YoY Change
Total Liabilities & Shareholders Equity $1.025B $973.5M $921.1M
YoY Change 5.31% 5.69% 5.5%

Cashflow Statement

Concept 2016 Q4 2015 Q4 2014
OPERATING ACTIVITIES
Net Income $1.680M $2.330M $7.450M
YoY Change -27.9% 40.36% 4.19%
Depreciation, Depletion And Amortization $1.190M
YoY Change 4.39%
Cash From Operating Activities -$8.080M $3.890M $9.690M
YoY Change -307.71% 59.43% -13.57%
INVESTING ACTIVITIES
Capital Expenditures -$650.0K -$190.0K $1.807M
YoY Change 242.11% 171.43% 433.78%
Acquisitions
YoY Change
Other Investing Activities -$3.060M -$18.56M -$29.65M
YoY Change -83.51% -32.19% 14.26%
Cash From Investing Activities -$3.710M -$18.74M -$31.45M
YoY Change -80.2% -31.68% 19.65%
FINANCING ACTIVITIES
Cash Dividend Paid $4.341M
YoY Change 1.3%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.75M 9.460M 28.13M
YoY Change 13.64% -66.56% 194.47%
NET CHANGE
Cash From Operating Activities -8.080M 3.890M 9.690M
Cash From Investing Activities -3.710M -18.74M -31.45M
Cash From Financing Activities 10.75M 9.460M 28.13M
Net Change In Cash -1.040M -5.390M 6.370M
YoY Change -80.71% -263.33% -215.38%
FREE CASH FLOW
Cash From Operating Activities -$8.080M $3.890M $9.690M
Capital Expenditures -$650.0K -$190.0K $1.807M
Free Cash Flow -$7.430M $4.080M $7.883M
YoY Change -282.11% 62.55% -27.5%

Facts In Submission

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11137000
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CY2016Q4 cizn Federal Home Loan Bank Advances Fair Value
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22105761
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19817660
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115000
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CY2014 us-gaap Interest Income Securities Taxable
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CY2014 us-gaap Interest Income Securities Tax Exempt
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3022992
CY2014 us-gaap Increase Decrease In Federal Funds Purchased
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27500000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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9277850
CY2014 us-gaap Held To Maturity Securities Transferred Security Unrealized Gain Loss
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CY2014 us-gaap Fees And Commissions Depositor Accounts
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3932691
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206258
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191716
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307920
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CY2014 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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3154469
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18004518
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115000
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485251
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1263386
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1754909
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CY2014 us-gaap Allowance For Loan And Lease Losses Write Offs
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2732330
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CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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28129011
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2129193
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104384
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9118
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13150636
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CY2014 us-gaap Proceeds From Sale Of Federal Reserve Stock
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CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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6365535
CY2014 us-gaap Communication
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408646
CY2014 us-gaap Current State And Local Tax Expense Benefit
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120377
CY2014 us-gaap Depreciation Nonproduction
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1190393
CY2014 us-gaap Increase Decrease In Deposits
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14542
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CY2014 us-gaap Proceeds From Sale Of Foreclosed Assets
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1749721
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12944631
CY2014 us-gaap Proceeds From Life Insurance Policies
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CY2014 us-gaap Provision For Loan And Lease Losses
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CY2014 cizn Interest Income Forgone On Loans
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CY2014 cizn Gain Loss On Bank Owned Life Insurance Death Benefits
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623774
CY2014 cizn Other Comprehensive Income Loss Amortization Of Net Unrealized Gain Loss On Transfers To Held To Maturity From Available For Sale Securities Before Tax
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1545103
CY2014 cizn Travel And Convention Expense
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184723
CY2014 cizn Transfers From Available For Sale To Held To Maturity
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CY2014 cizn Legal And Audit Fees
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416339
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CY2014 cizn Other Comprehensive Income Loss Unrealized Gain Loss On Transfers To Held To Maturity From Available For Sale Securities Tax
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-5787593
CY2014 cizn Loan Collection Expense
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621227
CY2014 cizn Card And Processing Expense
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330612
CY2014 cizn Federal Deposit Insurance Special Deposit Insurance Assessment
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771097
CY2014 cizn Increase Decrease In Federal Home Loan Bank Stock Dividends
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-8400
CY2014 cizn Write Downs And Net Gain Loss On Sales Of Real Estate Owned
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824059
CY2014 cizn Write Downs Of Other Real Estate Owned To Fair Value
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CY2014 cizn Real Estate Acquisitions Through Foreclosures Covered
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2874173
CY2014 cizn Interest Expense Time Deposits250000 Or More
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250000
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10402017
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CY2015 us-gaap Allowance For Loan And Lease Loss Recovery Of Bad Debts
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196595
CY2015 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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1.56
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455668
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58124
CY2015 us-gaap Income Tax Reconciliation Tax Exempt Income
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17503
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17503
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CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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6528
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2159407
CY2015 us-gaap Net Income Loss
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7588901
CY2015 us-gaap Interest Paid
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3087601
CY2015 us-gaap Interest And Fee Income Loans And Leases
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20040315
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786043
CY2015 us-gaap Increase Decrease In Other Operating Capital Net
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-188128
CY2015 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
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118168
CY2015 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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75182
CY2015 us-gaap Comprehensive Income Net Of Tax
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9353202
CY2015 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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117300
CY2015 us-gaap Payments To Acquire Available For Sale Securities
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135229379
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27887880
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27331193
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30964759
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27000
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8026808
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2802915
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10067935
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3866537
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142422
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1001
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><u>Estimates</u></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px" align="justify"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px" align="justify"> <font style="FONT-FAMILY: Times New Roman" size="2">Estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowance for loan losses and valuation of foreclosed real estate, management obtains independent appraisals for significant properties.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px" align="justify"> <font style="FONT-FAMILY: Times New Roman" size="2">While management uses available information to recognize losses on loans and to value foreclosed real estate, future additions to the allowance or adjustments to the valuation may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as an integral part of their examination process, periodically review the Company&#x2019;s allowance for loan losses and valuations of foreclosed real estate. Such agencies may require the Company to recognize additions to the allowance or to make adjustments to the valuation based on their judgments about information available to them at the time of their examination. Due to these factors, it is reasonably possible that the allowance for loan losses and valuation of foreclosed real estate may change materially in the near term.</font></p> </div>
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