2017 Q3 Form 10-Q Financial Statement

#000093905717000478 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $7.752M $7.153M
YoY Change 8.37% 3.55%
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 $569.8K $510.6K
YoY Change 11.59% 27.31%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $1.097M $805.0K
YoY Change 36.27% -19.58%
% of Operating Profit
Other Income/Expense, Net $1.268M $1.065M
YoY Change 19.08% 3.5%
Pretax Income $2.348M $2.435M
YoY Change -3.57% 3.79%
Income Tax $445.0K $655.0K
% Of Pretax Income 18.95% 26.9%
Net Earnings $1.903M $1.780M
YoY Change 6.91% 2.01%
Net Earnings / Revenue 24.55% 24.88%
Basic Earnings Per Share $0.65 $0.57
Diluted Earnings Per Share $0.61 $0.54
COMMON SHARES
Basic Shares Outstanding 2.945M shares 2.944M shares
Diluted Shares Outstanding 3.252M shares 3.249M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $15.16M $11.35M
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 $22.87M $20.66M
YoY Change 10.66% 5.7%
Goodwill $1.200M $1.200M
YoY Change 0.0% 0.0%
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 $861.1M $823.9M
YoY Change 4.52% 2.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $12.40M $12.60M
YoY Change -1.59% 63.64%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.40M $12.60M
YoY Change -1.59% 63.64%
LONG-TERM LIABILITIES
Long-Term Debt $20.90M $11.20M
YoY Change 86.61% 0.0%
Other Long-Term Liabilities $6.700M $5.700M
YoY Change 17.54% 5.56%
Total Long-Term Liabilities $27.60M $16.90M
YoY Change 63.31% 1.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.40M $12.60M
Total Long-Term Liabilities $27.60M $16.90M
Total Liabilities $783.2M $726.5M
YoY Change 7.82% 2.26%
SHAREHOLDERS EQUITY
Retained Earnings $66.43M $61.03M
YoY Change 8.86% 8.97%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.331M $4.331M
YoY Change 0.0% 0.0%
Treasury Stock Shares 200.9K shares 200.9K shares
Shareholders Equity $77.91M $97.47M
YoY Change
Total Liabilities & Shareholders Equity $861.1M $823.9M
YoY Change 4.52% 2.88%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $1.903M $1.780M
YoY Change 6.91% 2.01%
Depreciation, Depletion And Amortization $569.8K $510.6K
YoY Change 11.59% 27.31%
Cash From Operating Activities $6.380M $1.100M
YoY Change 480.0% -72.29%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K -$810.0K
YoY Change -83.95% -13.83%
Acquisitions
YoY Change
Other Investing Activities -$3.460M -$10.28M
YoY Change -66.34% -767.53%
Cash From Investing Activities -$3.590M -$11.09M
YoY Change -67.63% -1979.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.380M 12.45M
YoY Change -88.92% -318.42%
NET CHANGE
Cash From Operating Activities 6.380M 1.100M
Cash From Investing Activities -3.590M -11.09M
Cash From Financing Activities 1.380M 12.45M
Net Change In Cash 4.170M 2.460M
YoY Change 69.51% -315.79%
FREE CASH FLOW
Cash From Operating Activities $6.380M $1.100M
Capital Expenditures -$130.0K -$810.0K
Free Cash Flow $6.510M $1.910M
YoY Change 240.84% -61.1%

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0.09
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.27
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17101045 USD
CY2017Q3 us-gaap Bank Owned Life Insurance
BankOwnedLifeInsurance
18665893 USD
CY2016Q3 us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
132000 USD
us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
396000 USD
CY2017Q3 us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
788133 USD
us-gaap Bank Owned Life Insurance Income
BankOwnedLifeInsuranceIncome
1028133 USD
CY2016Q4 us-gaap Capital
Capital
79383109 USD
CY2017Q3 us-gaap Capital
Capital
84289000 USD
CY2016Q4 us-gaap Capital Required For Capital Adequacy
CapitalRequiredForCapitalAdequacy
35618320 USD
CY2017Q3 us-gaap Capital Required For Capital Adequacy
CapitalRequiredForCapitalAdequacy
40302960 USD
CY2016Q4 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
CapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.080
CY2017Q3 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
CapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.080
CY2016Q4 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.1782970112
CY2017Q3 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.167
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8381951 USD
CY2016Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11352028 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9374549 USD
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15158779 USD
CY2016Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9375000 USD
CY2017Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
15159000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
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2970077 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5784230 USD
CY2016Q4 us-gaap Certificates Of Deposit At Carrying Value
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2445005 USD
CY2017Q3 us-gaap Certificates Of Deposit At Carrying Value
CertificatesOfDepositAtCarryingValue
1350005 USD
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68787109 USD
CY2017Q3 us-gaap Common Equity Tier One Capital
CommonEquityTierOneCapital
72970000 USD
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0.1544980224
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0.145
CY2016Q4 us-gaap Common Equity Tier One Capital Required For Capital Adequacy
CommonEquityTierOneCapitalRequiredForCapitalAdequacy
20035305 USD
CY2017Q3 us-gaap Common Equity Tier One Capital Required For Capital Adequacy
CommonEquityTierOneCapitalRequiredForCapitalAdequacy
22670415 USD
CY2016Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.08
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.24
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0.01
CY2017Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Common Stock Shares Authorized
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5000000 shares
CY2017Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
5000000 shares
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CommonStockSharesIssued
3146407 shares
CY2017Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3146407 shares
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CommonStockSharesOutstanding
2945474 shares
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CommonStockSharesOutstanding
2945474 shares
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31464 USD
CY2017Q3 us-gaap Common Stock Value Outstanding
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31464 USD
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259808 USD
us-gaap Depreciation
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1541460 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1053224 USD
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1765876 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
7569169 USD
CY2016Q4 us-gaap Convertible Debt Fair Value Disclosures
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5155000 USD
CY2017Q3 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
6064000 USD
CY2016Q4 us-gaap Deposits
Deposits
654103278 USD
CY2017Q3 us-gaap Deposits
Deposits
701613360 USD
CY2016Q3 us-gaap Depreciation
Depreciation
510645 USD
us-gaap Depreciation
Depreciation
1486060 USD
CY2017Q3 us-gaap Depreciation
Depreciation
569839 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1101900 USD
CY2016Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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75442 USD
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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226325 USD
CY2017Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
75266 USD
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
226149 USD
us-gaap Dividends Common Stock Cash
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706914 USD
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
795277 USD
CY2016Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
110000 USD
us-gaap Dividends Preferred Stock
DividendsPreferredStock
330000 USD
CY2017Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
0 USD
us-gaap Dividends Preferred Stock
DividendsPreferredStock
0 USD
us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
330000 USD
us-gaap Early Repayment Of Senior Debt
EarlyRepaymentOfSeniorDebt
0 USD
us-gaap Early Repayment Of Senior Debt
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20000 USD
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0.57
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.61
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.70
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EarningsPerShareDiluted
0.54
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.53
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EarningsPerShareDiluted
0.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.61
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25358 USD
CY2017Q3 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Liability
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104400000 USD
CY2016Q4 us-gaap Fair Value Liabilities Measured On Recurring Basis Obligations
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9338000 USD
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FairValueLiabilitiesMeasuredOnRecurringBasisObligations
12356000 USD
CY2016Q4 us-gaap Fair Value Liabilities Measured On Recurring Basis Subordinated Debt Obligations
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6084000 USD
CY2017Q3 us-gaap Fair Value Liabilities Measured On Recurring Basis Subordinated Debt Obligations
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5155000 USD
CY2016Q3 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
62163 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
322653 USD
CY2017Q3 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
64518 USD
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
168707 USD
CY2016Q3 us-gaap Federal Home Loan Bank Advances General Debt Obligations Disclosures Repayment And Penalties
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresRepaymentAndPenalties
260594 USD
us-gaap Federal Home Loan Bank Advances General Debt Obligations Disclosures Repayment And Penalties
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresRepaymentAndPenalties
789306 USD
CY2017Q3 us-gaap Federal Home Loan Bank Advances General Debt Obligations Disclosures Repayment And Penalties
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresRepaymentAndPenalties
0 USD
us-gaap Federal Home Loan Bank Advances General Debt Obligations Disclosures Repayment And Penalties
FederalHomeLoanBankAdvancesGeneralDebtObligationsDisclosuresRepaymentAndPenalties
0 USD
CY2016Q4 us-gaap Federal Home Loan Bank Borrowings Fair Value Disclosure
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48153000 USD
CY2017Q3 us-gaap Federal Home Loan Bank Borrowings Fair Value Disclosure
FederalHomeLoanBankBorrowingsFairValueDisclosure
40775000 USD
us-gaap Fees And Commissions Depositor Accounts
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776469 USD
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197000 USD
us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
521000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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1900 USD
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256918 USD
CY2016Q4 us-gaap Federal Home Loan Bank Stock
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2776500 USD
CY2017Q3 us-gaap Federal Home Loan Bank Stock
FederalHomeLoanBankStock
2473700 USD
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FeesAndCommissionsDepositorAccounts
266960 USD
us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
772341 USD
CY2017Q3 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
274717 USD
CY2017Q3 us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
186000 USD
us-gaap Fees And Commissions Fiduciary And Trust Activities
FeesAndCommissionsFiduciaryAndTrustActivities
554000 USD
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247331 USD
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
742583 USD
CY2017Q3 us-gaap Fees And Commissions Other
FeesAndCommissionsOther
282686 USD
us-gaap Fees And Commissions Other
FeesAndCommissionsOther
838302 USD
CY2016Q4 us-gaap Financing Receivable Allowance For Credit Losses
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8356231 USD
CY2017Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
8169188 USD
CY2016Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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8341942 USD
CY2017Q3 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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8169188 USD
CY2016Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
14289 USD
CY2017Q3 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
0 USD
CY2016Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
359198240 USD
CY2017Q3 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
377759093 USD
CY2016Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
8328034 USD
CY2017Q3 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
9890138 USD
CY2016Q4 us-gaap Financing Receivable Recorded Investment Current
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358030840 USD
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FinancingReceivableRecordedInvestmentCurrent
376767900 USD
CY2016Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
5514967 USD
CY2017Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
7520336 USD
CY2016Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
9495434 USD
CY2017Q3 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
10881331 USD
us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
657473 USD
CY2017Q3 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
373636 USD
us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
894053 USD
us-gaap Gain Loss On Sales Of Mortgage Backed Securities Mbs
GainLossOnSalesOfMortgageBackedSecuritiesMBS
55958 USD
us-gaap Gain Loss On Sales Of Mortgage Backed Securities Mbs
GainLossOnSalesOfMortgageBackedSecuritiesMBS
250149 USD
CY2016Q3 us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
360425 USD
us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
772143 USD
CY2017Q3 us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
79363 USD
us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
707902 USD
us-gaap Gains Losses On Sales Of Other Real Estate
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841728 USD
us-gaap Gains Losses On Sales Of Other Real Estate
GainsLossesOnSalesOfOtherRealEstate
321687 USD
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5694317 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16923384 USD
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6569137 USD
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
14884 USD
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-17509 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
18264778 USD
CY2016Q4 us-gaap Goodwill
Goodwill
1199754 USD
CY2017Q3 us-gaap Goodwill
Goodwill
1199754 USD
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HeldToMaturitySecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment
25337966 USD
CY2017Q3 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionFairValue
4311274 USD
CY2017Q3 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
2887132 USD
CY2017Q3 us-gaap Held To Maturity Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
HeldToMaturitySecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
1424142 USD
CY2016Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
25371052 USD
CY2017Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
25568343 USD
CY2016Q4 us-gaap Held To Maturity Securities Pledged As Collateral
HeldToMaturitySecuritiesPledgedAsCollateral
23200000 USD
CY2017Q3 us-gaap Held To Maturity Securities Pledged As Collateral
HeldToMaturitySecuritiesPledgedAsCollateral
23400000 USD
us-gaap Heldtomaturity Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Loss
HeldtomaturitySecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLoss
17603 USD
us-gaap Heldtomaturity Securities Continuous Unrealized Loss Position Aggregate Loss
HeldtomaturitySecuritiesContinuousUnrealizedLossPositionAggregateLoss
20454 USD
us-gaap Heldtomaturity Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Loss
HeldtomaturitySecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLoss
2851 USD
CY2016Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
10628796 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
13370695 USD
CY2017Q3 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
10330441 USD
us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
10896410 USD
CY2016Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
96686 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
232303 USD
CY2017Q3 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
46522 USD
us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
184923 USD
CY2016Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
8328034 USD
CY2017Q3 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
9890138 USD
CY2016Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
11063835 USD
CY2017Q3 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
12709548 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
2434581 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
6868498 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
2348035 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
6522557 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
654850 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1805750 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
445133 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1513090 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
572242 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1162000 USD
us-gaap Increase Decrease In Accrued Investment Income Receivable
IncreaseDecreaseInAccruedInvestmentIncomeReceivable
-90706 USD
us-gaap Increase Decrease In Accrued Investment Income Receivable
IncreaseDecreaseInAccruedInvestmentIncomeReceivable
308595 USD
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
379234 USD
us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
408911 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
-1798293 USD
us-gaap Increase Decrease In Customer Deposits
IncreaseDecreaseInCustomerDeposits
47510082 USD
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-38341 USD
us-gaap Increase Decrease In Interest And Dividends Receivable
IncreaseDecreaseInInterestAndDividendsReceivable
-102016 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-2244880 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-594400 USD
CY2016Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0.03 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0.07 shares
CY2017Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0.03 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
0.08 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0.00 shares
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0.01 shares
CY2017Q3 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0.00 shares
us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0.00 shares
CY2016Q3 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
149529 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
441519 USD
CY2017Q3 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
172074 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
451311 USD
CY2016Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
7152818 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
21310992 USD
CY2017Q3 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
7751821 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
22166792 USD
CY2016Q3 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
4912317 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
14378826 USD
CY2017Q3 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
5146669 USD
us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
14849109 USD
CY2016Q3 us-gaap Interest Expense
InterestExpense
804602 USD
us-gaap Interest Expense
InterestExpense
2591865 USD
CY2017Q3 us-gaap Interest Expense
InterestExpense
1096782 USD
us-gaap Interest Expense
InterestExpense
3071877 USD
CY2016Q3 us-gaap Interest Expense Domestic Deposit Liabilities Certificates Of Deposit
InterestExpenseDomesticDepositLiabilitiesCertificatesOfDeposit
407283 USD
us-gaap Interest Expense Domestic Deposit Liabilities Certificates Of Deposit
InterestExpenseDomesticDepositLiabilitiesCertificatesOfDeposit
1239282 USD
CY2017Q3 us-gaap Interest Expense Domestic Deposit Liabilities Certificates Of Deposit
InterestExpenseDomesticDepositLiabilitiesCertificatesOfDeposit
503505 USD
us-gaap Interest Expense Domestic Deposit Liabilities Certificates Of Deposit
InterestExpenseDomesticDepositLiabilitiesCertificatesOfDeposit
1401910 USD
CY2016Q3 us-gaap Interest Expense Domestic Deposit Liabilities Savings
InterestExpenseDomesticDepositLiabilitiesSavings
8984 USD
us-gaap Interest Expense Domestic Deposit Liabilities Savings
InterestExpenseDomesticDepositLiabilitiesSavings
25468 USD
CY2017Q3 us-gaap Interest Expense Domestic Deposit Liabilities Savings
InterestExpenseDomesticDepositLiabilitiesSavings
10726 USD
us-gaap Interest Expense Domestic Deposit Liabilities Savings
InterestExpenseDomesticDepositLiabilitiesSavings
30000 USD
CY2016Q3 us-gaap Interest Expense Junior Subordinated Debentures
InterestExpenseJuniorSubordinatedDebentures
31445 USD
us-gaap Interest Expense Junior Subordinated Debentures
InterestExpenseJuniorSubordinatedDebentures
91002 USD
CY2017Q3 us-gaap Interest Expense Junior Subordinated Debentures
InterestExpenseJuniorSubordinatedDebentures
38975 USD
us-gaap Interest Expense Junior Subordinated Debentures
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CY2016Q3 us-gaap Interest Expense Money Market Deposits
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102321 USD
us-gaap Interest Expense Money Market Deposits
InterestExpenseMoneyMarketDeposits
309757 USD
CY2017Q3 us-gaap Interest Expense Money Market Deposits
InterestExpenseMoneyMarketDeposits
151874 USD
us-gaap Interest Expense Money Market Deposits
InterestExpenseMoneyMarketDeposits
426080 USD
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105762 USD
us-gaap Interest Expense Other
InterestExpenseOther
328613 USD
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132889 USD
us-gaap Interest Expense Other Short Term Borrowings
InterestExpenseOtherShortTermBorrowings
561316 USD
CY2017Q3 us-gaap Interest Expense Other Short Term Borrowings
InterestExpenseOtherShortTermBorrowings
164544 USD
us-gaap Interest Expense Other Short Term Borrowings
InterestExpenseOtherShortTermBorrowings
409655 USD
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121680 USD
us-gaap Interest Expense Subordinated Notes And Debentures
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365040 USD
us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
364756 USD
CY2017Q3 us-gaap Interest Expense Subordinated Notes And Debentures
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121396 USD
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us-gaap Interest Income Expense Net
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5155000 USD
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0 USD
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396000 USD
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CY2017Q3 us-gaap Loans And Leases Receivable Net Reported Amount
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1902902 USD
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
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3044091 USD
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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OtherRevenueExpenseFromRealEstateOperations
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OtherRevenueExpenseFromRealEstateOperations
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CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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0 USD
us-gaap Payments To Acquire Held To Maturity Securities
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3997750 USD
us-gaap Payments To Acquire Life Insurance Policies
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2000000 USD
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us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Available For Sale
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us-gaap Payments To Acquire Mortgage Backed Securities Mbs Categorized As Held To Maturity
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0 USD
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1599727 USD
us-gaap Payments To Acquire Property Plant And Equipment
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2769640 USD
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PreferredStockSharesAuthorized
200000 shares
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0 USD
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23942058 USD
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28487010 USD
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1000000 USD
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17854087 USD
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18410863 USD
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27825020 USD
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3159524 USD
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1558891 USD
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0 USD
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23896772 USD
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33301781 USD
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3082591 USD
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19003897 USD
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0 USD
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ProceedsFromSaleOfPropertyPlantAndEquipment
1900 USD
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22865424 USD
CY2016Q3 us-gaap Provision For Doubtful Accounts
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0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
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100000 USD
us-gaap Provision For Doubtful Accounts
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100000 USD
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0 USD
us-gaap Provision For Loan And Lease Losses
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0 USD
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100000 USD
us-gaap Provision For Loan And Lease Losses
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100000 USD
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0 USD
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100000 USD
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40000 USD
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68121 USD
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RepaymentsOfNotesPayable
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3300000 USD
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62220050 USD
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RetainedEarningsAccumulatedDeficit
66434240 USD
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0 USD
us-gaap Revenue From Grants
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265496 USD
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RevenueFromGrants
0 USD
us-gaap Revenue From Grants
RevenueFromGrants
0 USD
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6084000 USD
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6064000 USD
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50000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
50000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
17800 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
18500 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
8000 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
29500 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
25000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
21500 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
21500 shares
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19500 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18500 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.55
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.50
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.57
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.57
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.49
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.43
CY2016Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
23.03
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
23.47
CY2017Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
24.61
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
24.43
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
0 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
25358 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
5976 USD
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
25358 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
90967422 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
97473281 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
71112274 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
77911524 USD
CY2016Q4 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
73787109 USD
CY2017Q3 us-gaap Tier One Leverage Capital
TierOneLeverageCapital
77970000 USD
CY2016Q4 us-gaap Tier One Leverage Capital Required For Capital Adequacy
TierOneLeverageCapitalRequiredForCapitalAdequacy
32548120 USD
CY2017Q3 us-gaap Tier One Leverage Capital Required For Capital Adequacy
TierOneLeverageCapitalRequiredForCapitalAdequacy
34398280 USD
CY2016Q4 us-gaap Tier One Leverage Capital Required For Capital Adequacy To Average Assets
TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets
0.040
CY2017Q3 us-gaap Tier One Leverage Capital Required For Capital Adequacy To Average Assets
TierOneLeverageCapitalRequiredForCapitalAdequacyToAverageAssets
0.040
CY2016Q4 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.09068050628
CY2017Q3 us-gaap Tier One Leverage Capital To Average Assets
TierOneLeverageCapitalToAverageAssets
0.091
CY2016Q4 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
73787109 USD
CY2017Q3 us-gaap Tier One Risk Based Capital
TierOneRiskBasedCapital
77970000 USD
CY2016Q4 us-gaap Tier One Risk Based Capital Required For Capital Adequacy
TierOneRiskBasedCapitalRequiredForCapitalAdequacy
26713740 USD
CY2017Q3 us-gaap Tier One Risk Based Capital Required For Capital Adequacy
TierOneRiskBasedCapitalRequiredForCapitalAdequacy
30227220 USD
CY2016Q4 us-gaap Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets
TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.060
CY2017Q3 us-gaap Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets
TierOneRiskBasedCapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.060
CY2016Q4 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.1657281983
CY2017Q3 us-gaap Tier One Risk Based Capital To Risk Weighted Assets
TierOneRiskBasedCapitalToRiskWeightedAssets
0.155
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
323730 USD
us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
491748 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
200933 shares
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
200933 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
4330712 USD
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
4330712 USD
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3762 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3248526 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3248474 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3252436 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3251666 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2944001 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2944001 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2945474 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2945215 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
325 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
273 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
0 shares
sfdl Schedule Of Allowance For Loan Losses
ScheduleOfAllowanceForLoanLosses
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10-Q and accounting principles generally accepted in the United States of America ("U.S. GAAP"); therefore, they do not include all disclosures necessary for a complete presentation of financial condition, results of operations, and cash flows.&#160;&#160;Such statements are unaudited but, in the opinion of management, reflect all adjustments, which are of a normal recurring nature and necessary for a fair presentation of results for the selected interim periods.&#160;&#160;Users of financial information produced for interim periods are encouraged to refer to the footnotes contained in the audited consolidated financial statements appearing in Security Federal Corporation&#8217;s (the &#8220;Company&#8221;) 2016 Annual Report to Shareholders which was filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2016 (&#8220;2016 10-K&#8221;) when reviewing interim financial statements.&#160;</font></div></div>

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