2022 Q1 Form 10-Q Financial Statement

#000100581722000010 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $59.18M $59.75M
YoY Change -0.97% -5.45%
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 $2.868M $2.900M $2.800M
YoY Change 2.43% 0.0% -6.67%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $2.562M $4.717M
YoY Change -45.69% -53.89%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $30.28M $24.90M $32.34M
YoY Change -6.37% -17.5% 226.82%
Income Tax $6.976M $5.400M $6.680M
% Of Pretax Income 23.04% 21.69% 20.66%
Net Earnings $23.27M $19.47M $25.63M
YoY Change -9.18% -18.81% 222.38%
Net Earnings / Revenue 39.33% 42.89%
Basic Earnings Per Share $1.61 $1.73
Diluted Earnings Per Share $1.60 $1.340M $1.72
COMMON SHARES
Basic Shares Outstanding 14.40M shares 14.66M shares 14.68M shares
Diluted Shares Outstanding 14.48M shares 14.76M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $175.1M $63.11M $518.4M
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 $83.50M $85.42M $87.52M
YoY Change -4.59% -3.71% -6.5%
Goodwill $92.45M $92.45M $92.45M
YoY Change 0.0% 0.0% 0.0%
Intangibles $3.382M $3.643M $4.601M
YoY Change -26.49% -25.73% -21.31%
Long-Term Investments $1.600M
YoY Change 6.67%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $7.891B $7.820B $8.095B
YoY Change -2.52% 2.6% 20.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $57.12M $66.80M $47.50M
YoY Change 20.24% 1.52% -31.16%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.12M $66.80M $47.50M
YoY Change 20.24% 1.52% 33.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $13.30M
YoY Change -100.0% -100.0% -22.22%
Other Long-Term Liabilities $99.77M $108.8M $113.1M
YoY Change -11.79% -11.33% 58.18%
Total Long-Term Liabilities $99.77M $108.8M $126.4M
YoY Change -21.07% -19.94% 42.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.12M $66.80M $47.50M
Total Long-Term Liabilities $99.77M $108.8M $126.4M
Total Liabilities $7.234B $7.091B $7.385B
YoY Change -2.06% 2.7% 21.86%
SHAREHOLDERS EQUITY
Retained Earnings $490.2M $475.3M $436.0M
YoY Change 12.43% 13.59% 17.09%
Common Stock $307.3M $314.0M $334.7M
YoY Change -8.19% -6.4% -0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.642M $5.791M $5.288M
YoY Change 6.69% 4.64% 4.18%
Treasury Stock Shares 120.3K shares 124.7K shares 118.5K shares
Shareholders Equity $656.0M $727.5M $708.5M
YoY Change
Total Liabilities & Shareholders Equity $7.891B $7.820B $8.095B
YoY Change -2.52% 2.6% 20.05%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $23.27M $19.47M $25.63M
YoY Change -9.18% -18.81% 222.38%
Depreciation, Depletion And Amortization $2.868M $2.900M $2.800M
YoY Change 2.43% 0.0% -6.67%
Cash From Operating Activities $23.92M $29.80M $30.26M
YoY Change -20.95% -25.69% 25.32%
INVESTING ACTIVITIES
Capital Expenditures $27.00K -$1.400M $811.0K
YoY Change -96.67% -17.65% -10.78%
Acquisitions
YoY Change
Other Investing Activities $0.00 $5.500M -$124.0K
YoY Change -100.0% -96.83% 21.57%
Cash From Investing Activities -$47.89M $4.100M -$381.2M
YoY Change -87.44% -97.61% 891.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.37M $1.508M
YoY Change 587.67% -73.17%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $135.9M -304.2M $480.9M
YoY Change -71.73% 53.48% -5808.4%
NET CHANGE
Cash From Operating Activities $23.92M 29.80M $30.26M
Cash From Investing Activities -$47.89M 4.100M -$381.2M
Cash From Financing Activities $135.9M -304.2M $480.9M
Net Change In Cash $112.0M -270.3M $130.0M
YoY Change -13.85% -2072.99% -672.05%
FREE CASH FLOW
Cash From Operating Activities $23.92M $29.80M $30.26M
Capital Expenditures $27.00K -$1.400M $811.0K
Free Cash Flow $23.89M $31.20M $29.45M
YoY Change -18.86% -25.36% 26.73%

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CY2022Q1 tmp Nature Of Operations Number Of Wholly Owned Subsidiaries Combined
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CY2022Q1 tmp Nature Of Operations Number Of Wholly Owned Subsidiaries
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CY2022Q1 us-gaap Basis Of Accounting
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Basis of Presentation<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited consolidated financial statements included in this quarterly report do not include all of the information and footnotes required by U.S. Generally Accepted Accounting Principles ("GAAP") for a full year presentation and certain disclosures have been condensed or omitted in accordance with rules and regulations of the SEC. In the application of certain accounting policies, management is required to make assumptions regarding the effect of matters that are inherently uncertain. These estimates and assumptions affect the reported amounts of certain assets, liabilities, revenues, and expenses in the unaudited consolidated financial statements. Different amounts could be reported under different conditions, or if different assumptions were used in the application of these accounting policies. The accounting policies that management considers critical in this respect are the determination of the allowance for credit losses and the review of its securities portfolio for other than temporary impairment.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In management’s opinion, the unaudited consolidated financial statements reflect all adjustments of a normal recurring nature. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year ended December 31, 2022. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash and cash equivalents in the consolidated statements of cash flow include cash and noninterest bearing balances due from banks, interest-bearing balances due from banks, and money market funds. Management regularly evaluates the credit risk associated with the counterparties to these transactions and believes that the Company is not exposed to any significant credit risk on cash and cash equivalents.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has evaluated subsequent events for potential recognition and/or disclosure, and determined that no further disclosures were required.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial information included herein combines the results of operations, the assets, liabilities, and shareholders’ equity of the Company and its subsidiaries. Amounts in the prior periods’ unaudited consolidated financial statements are reclassified when necessary to conform to the current periods’ presentation. All significant intercompany balances and transactions are eliminated in consolidation.</span></div>
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59176000 USD
CY2022Q1 us-gaap Interest Expense
InterestExpense
2562000 USD
CY2022Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
56614000 USD
CY2022Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-520000 USD
CY2022Q1 us-gaap Noninterest Income
NoninterestIncome
19985000 USD
CY2022Q1 us-gaap Noninterest Expense
NoninterestExpense
46839000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
30280000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6976000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
31000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
23273000 USD
CY2022Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
2650000 USD
CY2022Q1 us-gaap Assets
Assets
7891111000 USD
CY2022Q1 us-gaap Goodwill
Goodwill
92447000 USD
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
3382000 USD
CY2022Q1 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss
5021325000 USD
CY2022Q1 us-gaap Deposits
Deposits
7016739000 USD
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
657492000 USD
CY2021Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
59754000 USD
CY2021Q1 us-gaap Interest Expense
InterestExpense
4717000 USD
CY2021Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
55037000 USD
CY2021Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-1830000 USD
CY2021Q1 us-gaap Noninterest Income
NoninterestIncome
19983000 USD
CY2021Q1 us-gaap Noninterest Expense
NoninterestExpense
44511000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
32339000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
6680000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
25659000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
33000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
25626000 USD
CY2021Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
2506000 USD
CY2021Q1 us-gaap Assets
Assets
8095342000 USD
CY2021Q1 us-gaap Goodwill
Goodwill
92447000 USD
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
4601000 USD
CY2021Q1 us-gaap Financing Receivable Excluding Accrued Interest After Allowance For Credit Loss
FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss
5243454000 USD
CY2021Q1 us-gaap Deposits
Deposits
6946541000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
709936000 USD

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