$SLBK
Skyline Bankshares Inc

2016 Q4 Form 10-Q Financial Statement

#000119312516767821 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $5.742M $3.202M
YoY Change 79.33%
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 $360.0K $360.0K $450.0K
YoY Change 140.0% -20.0% 0.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $559.0K $551.0K
YoY Change 1.45%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $560.0K $1.510M $592.0K
YoY Change -429.41% 155.07% 18.4%
Income Tax $160.0K $464.0K $176.0K
% Of Pretax Income 28.57% 30.73% 29.73%
Net Earnings $400.0K $1.046M $416.0K
YoY Change -260.0% 151.44% 15.56%
Net Earnings / Revenue 18.22% 12.99%
Basic Earnings Per Share $0.21 $0.24
Diluted Earnings Per Share $79.68K $209.2K $83.67K
COMMON SHARES
Basic Shares Outstanding 5.021M shares 5.021M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $35.91M $24.82M $16.49M
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 $17.97M $17.97M $11.90M
YoY Change 52.86% 51.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.900M $4.600M
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $558.9M $570.6M $332.3M
YoY Change 68.45% 71.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $200.0K $300.0K
YoY Change -50.0% -33.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.00M $20.00M
YoY Change -50.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $100.0K $200.0K $300.0K
YoY Change -50.0% -33.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.900M $1.900M $900.0K
YoY Change 254.55% 111.11%
Total Long-Term Liabilities $3.900M $1.900M $900.0K
YoY Change 254.55% 111.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.0K $200.0K $300.0K
Total Long-Term Liabilities $3.900M $1.900M $900.0K
Total Liabilities $503.4M $514.3M $301.0M
YoY Change 67.18% 70.85%
SHAREHOLDERS EQUITY
Retained Earnings $30.65M $30.26M
YoY Change 6.77%
Common Stock $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.47M $56.37M $31.35M
YoY Change
Total Liabilities & Shareholders Equity $558.9M $559.1M $332.3M
YoY Change 68.45% 68.24%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $400.0K $1.046M $416.0K
YoY Change -260.0% 151.44% 15.56%
Depreciation, Depletion And Amortization $360.0K $360.0K $450.0K
YoY Change 140.0% -20.0% 0.0%
Cash From Operating Activities $920.0K $1.550M $1.960M
YoY Change 2966.67% -20.92% -8.41%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K -$460.0K -$300.0K
YoY Change -700.0% 53.33% -11.76%
Acquisitions
YoY Change
Other Investing Activities -$7.830M $40.95M $2.760M
YoY Change -8.53% 1383.7% -252.49%
Cash From Investing Activities -$7.950M $40.49M $2.460M
YoY Change -6.8% 1545.93% -214.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.120M -11.11M -2.500M
YoY Change -1700.0% 344.4% 147.52%
NET CHANGE
Cash From Operating Activities 920.0K 1.550M 1.960M
Cash From Investing Activities -7.950M 40.49M 2.460M
Cash From Financing Activities -1.120M -11.11M -2.500M
Net Change In Cash -8.150M 30.93M 1.920M
YoY Change -3.32% 1510.94% -290.1%
FREE CASH FLOW
Cash From Operating Activities $920.0K $1.550M $1.960M
Capital Expenditures -$120.0K -$460.0K -$300.0K
Free Cash Flow $1.040M $2.010M $2.260M
YoY Change 10300.0% -11.06% -8.87%

Facts In Submission

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us-gaap Earnings Per Share Basic
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us-gaap Depreciation
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us-gaap Federal Deposit Insurance Corporation Premium Expense
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us-gaap Taxes Excluding Income And Excise Taxes
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126000
us-gaap Allowance For Loan And Lease Losses Write Offs
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us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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681000
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8215000
otc Past Due Period Beyond Which Loan Is Considered Default
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P30D
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otc Business Acquisitions Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
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5021376 shares
otc Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.39
otc Financing Receivable Pre Modification Subsequent Default Recorded Investment
FinancingReceivablePreModificationSubsequentDefaultRecordedInvestment
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otc Financing Receivable Post Modification Subsequent Default Recorded Investment
FinancingReceivablePostModificationSubsequentDefaultRecordedInvestment
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otc Occupancy And Equipment Expense
OccupancyAndEquipmentExpense
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us-gaap Common Stock Dividends Per Share Cash Paid
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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001657642
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-11-02
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Reclassifications</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain reclassifications have been made to the prior year&#x2019;s financial statements to place them on a comparable basis with the current year. Net income and stockholders&#x2019; equity previously reported were not affected by these reclassifications.</p> </div>
dei Trading Symbol
TradingSymbol
OTC
dei Amendment Flag
AmendmentFlag
false
us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Risks and Uncertainties</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> In the normal course of its business, the Bank encounters two significant types of risks: economic and regulatory. There are three main components of economic risk: interest rate risk, credit risk and market risk. The Bank is subject to interest rate risk to the degree that its interest-bearing liabilities mature or reprice at different speeds, or on different basis, than its interest-earning assets. Credit risk is the risk of default on the Bank&#x2019;s loan portfolio that results from borrowers&#x2019; inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of collateral underlying loans receivable and the valuation of real estate held by the Bank.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Bank is subject to the regulations of various governmental agencies. These regulations can and do change significantly from period to period. The Bank also undergoes periodic examinations by the regulatory agencies, which may subject it to further changes with respect to asset valuations, amounts of required loss allowances and operating restrictions from the regulators&#x2019; judgments based on information available to them at the time of their examination.</p> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3695571 shares
us-gaap Business Acquisition Date Of Acquisition Agreement1
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2015-11-06
us-gaap Common Stock Dividends Per Share Declared
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0.13
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.55
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Financing Receivable Modifications Number Of Contracts2
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5 Loan
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with generally accepted accounting principles 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.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Material 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 allowances for loan and foreclosed real estate losses, management obtains independent appraisals for significant properties.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Substantially all of the Bank&#x2019;s loan portfolio consists of loans in its market area. Accordingly, the ultimate collectability of a substantial portion of the Bank&#x2019;s loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. The regional economy is diverse, but influenced by the manufacturing and retirement segments and to an extent by the tourism and agricultural segments.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> While management uses available information to recognize loan and foreclosed real estate losses, future additions to the allowances may be necessary based on changes in local economic conditions. In addition, regulatory agencies, as a part of their routine examination process, periodically review the Bank&#x2019;s allowances for loan and foreclosed real estate losses. Such agencies may require the Bank to recognize additions to the allowances based on their judgments about information available to them at the time of their examinations. Because of these factors, it is reasonably possible that the allowances for loan and foreclosed real estate losses may change materially in the near term.</p> </div>
dei Entity Registrant Name
EntityRegistrantName
Parkway Acquisition Corp.
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PaymentsToAcquirePropertyPlantAndEquipment
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364000
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208000
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379000
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DeferredIncomeTaxExpenseBenefit
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us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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369000
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5000
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
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us-gaap Noninterest Expense
NoninterestExpense
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us-gaap Defined Benefit Plan Expected Return On Plan Assets
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us-gaap Noninterest Income
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us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
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565000
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us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
160000
us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
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us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
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us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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447000
us-gaap Other Noninterest Expense
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us-gaap Cash Acquired From Acquisition
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Defined Benefit Plan Service Cost
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us-gaap Provision For Loan And Lease Losses
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otc Business Acquisitions Pro Forma Weighted Average Number Of Shares Outstanding Basic And Diluted
BusinessAcquisitionsProFormaWeightedAverageNumberOfSharesOutstandingBasicAndDiluted
5021376 shares
otc Business Acquisition Pro Forma Earnings Per Share Basic And Diluted
BusinessAcquisitionProFormaEarningsPerShareBasicAndDiluted
0.45
otc Past Due Period Beyond Which Loan Is Considered Default
PastDuePeriodBeyondWhichLoanIsConsideredDefault
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4500000
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95000
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CY2015Q3 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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14000
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OccupancyAndEquipmentExpense
278000

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