2019 Q1 Form 10-Q Financial Statement

#000144979419000011 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $10.38M $8.934M
YoY Change 16.23%
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 $204.0K $210.0K $177.0K
YoY Change 15.25% 16.67% 10.63%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.170M $1.121M
YoY Change 93.58%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $3.108M $3.100M $2.908M
YoY Change 6.88% 0.65% 9.32%
Income Tax $556.0K $590.0K $531.0K
% Of Pretax Income 17.89% 19.03% 18.26%
Net Earnings $2.552M $2.510M $2.377M
YoY Change 7.36% 132.41% 25.11%
Net Earnings / Revenue 24.58% 26.61%
Basic Earnings Per Share $0.34 $0.32
Diluted Earnings Per Share $0.34 $335.1K $0.32
COMMON SHARES
Basic Shares Outstanding 7.470M 7.478M 7.470M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $37.41M $27.58M $25.20M
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 $2.068M $2.174M $1.800M
YoY Change 14.89% 12.7% -10.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.123B $1.099B $1.021B
YoY Change 9.98% 10.27% 5.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.300M $1.700M $800.0K
YoY Change 187.5% 88.89% 14.29%
Accrued Expenses $10.70M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $11.00M $54.00M $19.40M
YoY Change -43.3% 439.95% 64.41%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.00M $1.700M $800.0K
YoY Change 1525.0% 88.89% 14.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.000M $6.100M $5.600M
YoY Change 7.14% 10.91% 14.29%
Total Long-Term Liabilities $6.000M $6.100M $5.600M
YoY Change 7.14% 10.91% 14.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.00M $1.700M $800.0K
Total Long-Term Liabilities $6.000M $6.100M $5.600M
Total Liabilities $1.031B $1.012B $939.7M
YoY Change 9.72% 10.35% 5.87%
SHAREHOLDERS EQUITY
Retained Earnings $58.96M $56.41M
YoY Change 18.5%
Common Stock $7.541M $7.530M
YoY Change 0.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.000M $1.000M
YoY Change 192.4%
Treasury Stock Shares $65.05K $65.05K
Shareholders Equity $91.60M $87.23M $81.05M
YoY Change
Total Liabilities & Shareholders Equity $1.123B $1.099B $1.021B
YoY Change 9.98% 10.27% 5.98%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $2.552M $2.510M $2.377M
YoY Change 7.36% 132.41% 25.11%
Depreciation, Depletion And Amortization $204.0K $210.0K $177.0K
YoY Change 15.25% 16.67% 10.63%
Cash From Operating Activities $3.380M $3.400M $2.972M
YoY Change 13.73% 28.3% 24.35%
INVESTING ACTIVITIES
Capital Expenditures $98.00K -$480.0K $62.00K
YoY Change 58.06% 182.35% -162.0%
Acquisitions
YoY Change
Other Investing Activities -$1.170M -$28.53M -$33.74M
YoY Change -96.53% 77.43% 57.08%
Cash From Investing Activities -$1.266M -$29.01M -$33.80M
YoY Change -96.25% 78.52% 56.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.721M 18.87M 22.49M
YoY Change -65.67% 158.14% -38.73%
NET CHANGE
Cash From Operating Activities 3.380M 3.400M 2.972M
Cash From Investing Activities -1.266M -29.01M -33.80M
Cash From Financing Activities 7.721M 18.87M 22.49M
Net Change In Cash 9.835M -6.740M -8.333M
YoY Change -218.02% 7.15% -147.54%
FREE CASH FLOW
Cash From Operating Activities $3.380M $3.400M $2.972M
Capital Expenditures $98.00K -$480.0K $62.00K
Free Cash Flow $3.282M $3.880M $2.910M
YoY Change 12.78% 37.59% 16.87%

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The Company was formed for purposes of acquiring Embassy Bank For The Lehigh Valley (the "Bank") in connection with the reorganization of the Bank into a bank holding company structure, which was consummated on November 11, 2008.
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 15 &#x2013; Future Accounting Standards</font><font style="display: inline;font-size:10pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report &#x201C;expected&#x201D; credit losses on financial instruments and other commitments to extend credit rather than the current &#x201C;incurred loss&#x201D; model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity&#x2019;s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. This guidance is effective for the Company in 2020. </font><font style="display: inline;font-size:10pt;">The Company has gathered information and is reviewing various methodologies. The Company will be testing the models in the second and third quarters, and therefore have not yet determined the impact it will have on financial statements and results of operations.</font> </p> <p><font size="1"> </font></p> </div> </div>
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CY2019Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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CY2018Q1 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
537000
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InformationTechnologyAndDataProcessing
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InterestBearingDepositsInBanks
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InterestBearingDepositsInBanks
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InterestExpense
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InterestExpenseDeposits
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InterestExpenseDeposits
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4000
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CY2018Q1 us-gaap Interest Income Expense After Provision For Loan Loss
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64000
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144000
CY2018Q1 us-gaap Interest Income Securities Taxable
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CY2018Q1 us-gaap Interest Income Securities Tax Exempt
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CY2018Q4 us-gaap Interest Payable Current And Noncurrent
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CY2018Q4 us-gaap Interest Receivable
InterestReceivable
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CY2019Q1 us-gaap Interest Receivable
InterestReceivable
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CY2018Q1 us-gaap Labor And Related Expense
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1367000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1380000
CY2018Q4 us-gaap Liabilities
Liabilities
1012162000
CY2019Q1 us-gaap Liabilities
Liabilities
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CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2018Q1 us-gaap Loan Processing Fee
LoanProcessingFee
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CY2019Q1 us-gaap Loan Processing Fee
LoanProcessingFee
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CY2018Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2019Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
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CY2018Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
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CY2019Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
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CY2018Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
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CY2019Q1 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
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CY2018Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
349000
CY2019Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
411000
CY2018Q4 us-gaap Mortgage Loans In Process Of Foreclosure Amount
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246000
CY2019Q1 us-gaap Mortgage Loans In Process Of Foreclosure Amount
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236000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22492000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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NetCashProvidedByUsedInInvestingActivities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3380000
CY2018Q1 us-gaap Net Change Interest And Noninterest Bearing Deposits Domestic
NetChangeInterestAndNoninterestBearingDepositsDomestic
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CY2019Q1 us-gaap Net Change Interest And Noninterest Bearing Deposits Domestic
NetChangeInterestAndNoninterestBearingDepositsDomestic
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CY2019Q1 us-gaap Net Change Interest Bearing Deposits Domestic
NetChangeInterestBearingDepositsDomestic
15600000
CY2019Q1 us-gaap Net Change Noninterest Bearing Deposits Domestic
NetChangeNoninterestBearingDepositsDomestic
11300000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
2377000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
2552000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2377000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2552000
CY2018Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
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CY2018Q4 us-gaap Noninterest Bearing Deposit Liabilities Domestic
NoninterestBearingDepositLiabilitiesDomestic
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CY2019Q1 us-gaap Noninterest Bearing Deposit Liabilities Domestic
NoninterestBearingDepositLiabilitiesDomestic
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CY2018Q1 us-gaap Noninterest Expense
NoninterestExpense
5085000
CY2019Q1 us-gaap Noninterest Expense
NoninterestExpense
5554000
CY2018Q1 us-gaap Noninterest Income
NoninterestIncome
395000
CY2019Q1 us-gaap Noninterest Income
NoninterestIncome
578000
CY2018Q1 us-gaap Occupancy Net
OccupancyNet
690000
CY2019Q1 us-gaap Occupancy Net
OccupancyNet
820000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10694000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
408000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10610000
CY2018Q4 us-gaap Other Assets
OtherAssets
4270000
CY2019Q1 us-gaap Other Assets
OtherAssets
3917000
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1289000
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1598000
CY2018Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-343000
CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
425000
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-1289000
CY2019Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
1598000
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OtherComprehensiveIncomeLossBeforeTax
-1632000
CY2019Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
2023000
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OtherComprehensiveIncomeLossNetOfTax
-1289000
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1598000
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-1632000
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
2023000
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
6080000
CY2019Q1 us-gaap Other Liabilities
OtherLiabilities
5975000
CY2018Q1 us-gaap Other Noninterest Expense
OtherNoninterestExpense
287000
CY2019Q1 us-gaap Other Noninterest Expense
OtherNoninterestExpense
420000
CY2018Q1 us-gaap Other Revenue Expense From Real Estate Operations
OtherRevenueExpenseFromRealEstateOperations
-28000
CY2019Q1 us-gaap Other Revenue Expense From Real Estate Operations
OtherRevenueExpenseFromRealEstateOperations
-12000
CY2018Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
28216000
CY2019Q1 us-gaap Payments For Proceeds From Loans And Leases
PaymentsForProceedsFromLoansAndLeases
10656000
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
9793000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
62000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
98000
CY2018Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
4485000
CY2019Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
7392000
CY2018Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
1950000
CY2019Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-53995000
CY2018Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0
CY2019Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0
CY2018Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
91000
CY2019Q1 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
180000
CY2018Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
14000
CY2019Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
14000
CY2018Q1 us-gaap Professional Fees
ProfessionalFees
195000
CY2019Q1 us-gaap Professional Fees
ProfessionalFees
195000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2174000
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2068000
CY2018Q1 us-gaap Provision For Loan And Lease Losses
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215000
CY2018Q4 us-gaap Real Estate Acquired Through Foreclosure
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135000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
56410000
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
58962000
CY2019Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
14000
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
111000
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
161000
CY2018Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
176000
CY2019Q1 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
213000
CY2018Q4 us-gaap Time Deposits Less Than100000
TimeDepositsLessThan100000
123845000
CY2018Q1 us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
100000
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
65047
CY2018Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
18883000
CY2019Q1 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
10950000
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
53995000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
79769000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
81047000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
87225000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
91602000
CY2018Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
927
CY2019Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
894
CY2018Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
6731
CY2019Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
10799
CY2018Q1 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
14000
CY2019Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
65047
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1000000
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
1000000
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
61910
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
58889
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7532090
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7528839
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7470180
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7469950

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