$SLBK
Skyline Bankshares Inc

2018 Q3 Form 10-Q Financial Statement

#000119312518248310 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $7.493M $5.618M $5.521M
YoY Change 34.24% 1.76% 75.21%
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 $540.0K $370.0K $390.0K
YoY Change 31.71% -5.13% 160.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $564.0K $404.0K $367.0K
YoY Change 52.02% 10.08% 7.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.135M $1.243M $1.150M
YoY Change 27.31% 8.09% 40.59%
Income Tax $420.0K $244.0K $347.0K
% Of Pretax Income 19.67% 19.63% 30.17%
Net Earnings $1.715M $999.0K $803.0K
YoY Change 48.23% 24.41% 48.7%
Net Earnings / Revenue 22.89% 17.78% 14.54%
Basic Earnings Per Share $0.28 $0.20 $0.16
Diluted Earnings Per Share $277.0K $199.2K $159.4K
COMMON SHARES
Basic Shares Outstanding 6.213M shares 5.021M shares 5.021M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $37.24M $14.76M $25.44M
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 $20.75M $17.86M $18.01M
YoY Change 17.14% -0.83%
Goodwill $3.764M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.600M $2.500M $5.000M
YoY Change -43.48% -50.0%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $679.7M $544.3M $554.0M
YoY Change 24.38% -1.76% 5539979900.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $0.00 $0.00
YoY Change 100.0%
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 $200.0K $8.900M
YoY Change 100.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.700M $2.300M $2.000M
YoY Change 17.39% 15.0%
Total Long-Term Liabilities $2.700M $2.300M $2.000M
YoY Change 17.39% 15.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $200.0K $8.900M
Total Long-Term Liabilities $2.700M $2.300M $2.000M
Total Liabilities $605.2M $486.2M $496.9M
YoY Change 23.85% -2.14%
SHAREHOLDERS EQUITY
Retained Earnings $35.13M $34.04M $31.74M
YoY Change 8.12% 7.25%
Common Stock $0.00 $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.44M $58.02M $57.13M
YoY Change
Total Liabilities & Shareholders Equity $679.7M $544.3M $554.0M
YoY Change 24.38% -1.76% 5539979900.0%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $1.715M $999.0K $803.0K
YoY Change 48.23% 24.41% 48.7%
Depreciation, Depletion And Amortization $540.0K $370.0K $390.0K
YoY Change 31.71% -5.13% 160.0%
Cash From Operating Activities $1.920M $180.0K $250.0K
YoY Change -343.04% -28.0% -69.88%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$620.0K -$160.0K
YoY Change 4400.0% 287.5% 433.33%
Acquisitions
YoY Change
Other Investing Activities $36.94M -$4.670M -$6.730M
YoY Change 661.65% -30.61% -2203.13%
Cash From Investing Activities $35.14M -$5.290M -$6.890M
YoY Change 630.56% -23.22% -2396.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.58M 230.0K -5.310M
YoY Change 61.46% -104.33% 55.26%
NET CHANGE
Cash From Operating Activities 1.920M 180.0K 250.0K
Cash From Investing Activities 35.14M -5.290M -6.890M
Cash From Financing Activities -14.58M 230.0K -5.310M
Net Change In Cash 22.48M -4.880M -11.95M
YoY Change -548.7% -59.16% 421.83%
FREE CASH FLOW
Cash From Operating Activities $1.920M $180.0K $250.0K
Capital Expenditures -$1.800M -$620.0K -$160.0K
Free Cash Flow $3.720M $800.0K $410.0K
YoY Change -596.0% 95.12% -52.33%

Facts In Submission

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dei Document Fiscal Period Focus
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dei Document Fiscal Year Focus
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dei Document Type
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10-Q
dei Entity Central Index Key
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0001657642
dei Entity Incorporation Date Of Incorporation
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2015-11-02
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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>
dei Trading Symbol
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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: 6px"> &#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>
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Parkway Acquisition Corp.
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