$SLBK
Skyline Bankshares Inc

2018 Q2 Form 10-Q Financial Statement

#000119312518163879 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $5.618M $5.448M $5.458M
YoY Change 1.76% -0.18% 70.51%
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 $370.0K $300.0K $318.0K
YoY Change -5.13% -5.66% 112.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $404.0K $361.0K $370.0K
YoY Change 10.08% -2.43% -13.15%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $1.243M $1.295M $961.0K
YoY Change 8.09% 34.76% 35.73%
Income Tax $244.0K $281.0K $280.0K
% Of Pretax Income 19.63% 21.7% 29.14%
Net Earnings $999.0K $1.014M $681.0K
YoY Change 24.41% 48.9% 56.91%
Net Earnings / Revenue 17.78% 18.61% 12.48%
Basic Earnings Per Share $0.20 $0.20 $0.14
Diluted Earnings Per Share $199.2K $201.2K $135.5K
COMMON SHARES
Basic Shares Outstanding 5.021M shares 5.021M shares 5.021M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $14.76M $19.65M $37.38M
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 $17.86M $17.55M $18.17M
YoY Change -0.83% -3.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.500M $2.700M $5.400M
YoY Change -50.0% -50.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $544.3M $543.5M $558.5M
YoY Change -1.76% -2.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $100.0K $100.0K
YoY Change 0.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $8.900M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.900M $100.0K $100.0K
YoY Change 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.300M $2.500M $2.000M
YoY Change 15.0% 25.0%
Total Long-Term Liabilities $2.300M $2.500M $2.000M
YoY Change 15.0% 25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.900M $100.0K $100.0K
Total Long-Term Liabilities $2.300M $2.500M $2.000M
Total Liabilities $486.2M $486.3M $502.4M
YoY Change -2.14% -3.2%
SHAREHOLDERS EQUITY
Retained Earnings $34.04M $33.04M $30.93M
YoY Change 7.25% 6.8%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $58.02M $57.22M $56.09M
YoY Change
Total Liabilities & Shareholders Equity $544.3M $543.5M $558.5M
YoY Change -1.76% -2.67%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $999.0K $1.014M $681.0K
YoY Change 24.41% 48.9% 56.91%
Depreciation, Depletion And Amortization $370.0K $300.0K $318.0K
YoY Change -5.13% -5.66% 112.0%
Cash From Operating Activities $180.0K $2.368M -$560.0K
YoY Change -28.0% -522.86% -300.0%
INVESTING ACTIVITIES
Capital Expenditures -$620.0K $202.0K $518.0K
YoY Change 287.5% -61.0% 709.38%
Acquisitions
YoY Change
Other Investing Activities -$4.670M -$170.0K $2.010M
YoY Change -30.61% -108.46% -89.7%
Cash From Investing Activities -$5.290M -$367.0K $1.490M
YoY Change -23.22% -124.63% -92.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 230.0K -5.226M 540.0K
YoY Change -104.33% -1067.78% -104.37%
NET CHANGE
Cash From Operating Activities 180.0K 2.368M -560.0K
Cash From Investing Activities -5.290M -367.0K 1.490M
Cash From Financing Activities 230.0K -5.226M 540.0K
Net Change In Cash -4.880M -3.225M 1.470M
YoY Change -59.16% -319.39% -80.03%
FREE CASH FLOW
Cash From Operating Activities $180.0K $2.368M -$560.0K
Capital Expenditures -$620.0K $202.0K $518.0K
Free Cash Flow $800.0K $2.166M -$1.078M
YoY Change 95.12% -300.93% -599.07%

Facts In Submission

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Reclassification</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 years&#x2019; financial statements to place them on a comparable basis with the current presentation. Net income and stockholders&#x2019; equity previously reported were not affected by these reclassifications.</p> </div>
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CY2017Q1 pkkw Occupancy And Equipment Expense
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CY2018Q1 dei Document Fiscal Period Focus
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CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001657642
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2015-11-02
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CY2018Q1 dei Trading Symbol
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CY2018Q1 dei Amendment Flag
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2015-11-06
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CY2018Q1 dei Document Period End Date
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2018-03-31
CY2018Q1 dei Entity Filer Category
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Smaller Reporting Company
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<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: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> 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 to an extent by the manufacturing 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> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company seeks strategies that minimize the tax effect of implementing their business strategies. As such, judgments are made regarding the ultimate consequence of long-term tax planning strategies, including the likelihood of future recognition of deferred tax benefits. The Company&#x2019;s tax returns are subject to examination by both Federal and State authorities. Such examinations may result in the assessment of additional taxes, interest and penalties. As a result, the ultimate outcome, and the corresponding financial statement impact, can be difficult to predict with accuracy.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Accounting for pension benefits, costs and related liabilities are developed using actuarial valuations. These valuations include key assumptions determined by management, including the discount rate and expected long-term rate of return on plan assets. Material changes in pension costs may occur in the future due to changes in these assumptions.</p> </div>
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
Parkway Acquisition Corp.
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InterestAndFeeIncomeLoansAndLeases
5086000
CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-322000
CY2018Q1 us-gaap Dividend Income Operating
DividendIncomeOperating
9000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
541000
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
0
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
502000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-602000
CY2018Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
5033000
CY2018Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
5087000
CY2018Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
5448000
CY2018Q1 us-gaap Noninterest Income
NoninterestIncome
963000
CY2018Q1 us-gaap Interest Income Federal Funds Sold
InterestIncomeFederalFundsSold
31000
CY2018Q1 us-gaap Interest Income Securities Taxable
InterestIncomeSecuritiesTaxable
303000
CY2018Q1 us-gaap Interest Income Securities Tax Exempt
InterestIncomeSecuritiesTaxExempt
0
CY2018Q1 us-gaap Increase Decrease In Insurance Assets
IncreaseDecreaseInInsuranceAssets
111000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1295000
CY2018Q1 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
345000
CY2018Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
43000
CY2018Q1 us-gaap Depreciation
Depreciation
300000
CY2018Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
502000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
281000
CY2018Q1 us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
9000
CY2018Q1 us-gaap Interest Expense
InterestExpense
361000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-367000
CY2018Q1 us-gaap Noninterest Expense
NoninterestExpense
4701000
CY2018Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
0
CY2018Q1 us-gaap Advertising Expense
AdvertisingExpense
116000
CY2018Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
198000
CY2018Q1 us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
69000
CY2018Q1 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
0
CY2018Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
361000
CY2018Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
2531000
CY2018Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
105000
CY2018Q1 us-gaap Allowance For Loan And Lease Losses Write Offs
AllowanceForLoanAndLeaseLossesWriteOffs
148000
CY2018Q1 us-gaap Concentration Risk Credit Risk Financial Instrument Maximum Exposure
ConcentrationRiskCreditRiskFinancialInstrumentMaximumExposure
5000000
CY2018Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-4724000
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
-4000
CY2018Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
991000
CY2018Q1 pkkw Financing Receivable Pre Modification Subsequent Default Recorded Investment
FinancingReceivablePreModificationSubsequentDefaultRecordedInvestment
0
CY2018Q1 pkkw Accretion Amortization Of Loan Discounts And Premiums Net
AccretionAmortizationOfLoanDiscountsAndPremiumsNet
188000
CY2018Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-93000
CY2018Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
12076000
CY2018Q1 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
88000
CY2018Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
185000
CY2018Q1 us-gaap Information Technology And Data Processing
InformationTechnologyAndDataProcessing
302000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5226000
CY2018Q1 us-gaap Noninterest Expense Directors Fees
NoninterestExpenseDirectorsFees
57000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-126000
CY2018Q1 us-gaap Other Noninterest Expense
OtherNoninterestExpense
697000
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
70000
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3225000
CY2018Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0
CY2018Q1 us-gaap Impaired Financing Receivable With No Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithNoRelatedAllowanceAverageRecordedInvestment
3527000
CY2018Q1 us-gaap Impaired Financing Receivable With Related Allowance Average Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceAverageRecordedInvestment
8549000
CY2018Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
0
CY2018Q1 pkkw Past Due Period Beyond Which Loan Is Considered Default
PastDuePeriodBeyondWhichLoanIsConsideredDefault
P30D
CY2018Q1 pkkw Transfer To From Investments
TransferToFromInvestments
473000
CY2018Q1 pkkw Financing Receivable Post Modification Subsequent Default Recorded Investment
FinancingReceivablePostModificationSubsequentDefaultRecordedInvestment
0
CY2018Q1 pkkw Allowance For Provision For Reduction Of Loan And Lease Losses
AllowanceForProvisionForReductionOfLoanAndLeaseLosses
54000
CY2018Q1 pkkw Occupancy And Equipment Expense
OccupancyAndEquipmentExpense
629000
CY2018Q1 pkkw Proceeds From Calls Of Available For Sale Securities
ProceedsFromCallsOfAvailableForSaleSecurities
50000
CY2018Q1 pkkw Business Combination Fair Value Refinement Period
BusinessCombinationFairValueRefinementPeriod
P1Y
CY2018Q1 pkkw Foreclosed Real Estate Expense Net
ForeclosedRealEstateExpenseNet
-3000

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