Farmers and Merchants Bancshares, Inc.
|
|
- Millicent Moore
- 8 years ago
- Views:
Transcription
1 Farmers and Merchants Bancshares, Inc Annual Report
2 Contents 3-5 Message from the President 6 Report of the Audit Committee 7 Financials 8 Organizational Chart 9 Contact Information
3 President s Message It was another good year for Farmers and Merchants Bancshares, Inc. (Company) as we continue to show financial performance improvement over the past few years. I am happy to report that your Company earned $752,604 on a consolidated basis for 2013, a 17% increase over The 2013 earnings for Farmers & Merchants Bank & Trust (Bank) of $975,507 was an 18% increase in net income over Earnings per share for the Company were $2.85 per share which is a 17% increase over last year at $2.44 per share. Book value per share was $43.93 at year-end 2013 for the Company. We continue to make great strides in improving credit quality at the Bank. Classified loans decreased $4,568,919 during the year ending at $7,856,013. This is a 36% decrease. Non-accrual loans were reduced by $396,081 and stood at $2,397,380 at year-end, a 14% decrease. Net loan charge offs were $571,398 during 2013 which is down from the previous year charge off totals of $1,255,092. OREO (Other Real Estate Owned) saw an increase year over year and ended at $1,649,592. Bank Management is diligently working on the disposal of this real estate and hope to have some gains for the coming year. Past due loan balances at year-end were $3,224,033 a decrease of $2,408,293 or 43% year over year. The total loan portfolio balances at year-end were $118,278,011, an increase of $1,957,716 or 2% year over year. The Bank was afforded some unique opportunities this past year and was able to take advantage and realize some gains from the sale of securities which enhanced our income for the year. Gain on the sale of investment securities for 2013 was $166,251 as compared to $55,895 the previous year, an improvement of 197% year over year. The investment security portfolio balances decreased $13,751,283 or 23% to $46,361,713 from $60,112,996. The Bank was able to reinvest some of these funds at an increased yield which will result in increased interest income. The Bank used $4,000,000 of these funds to pay down the Federal Home Loan Bank by $2,000,000 and to pay a dividend in the amount of $2,000,000 to the Company to pay off our debt which has saved the Company over $120,000 in interest expense annually. The payoff of this note has paved the way for the Company to pay the deferred interest on the Trust Preferred obligation and for future dividends to stockholders. At year-end 2013, the Bank s Tier 1 Leverage Ratio was 8.42% with Total Risk-Based Capital Ratio at 14.35%, which are both in excess of regulatory requirements. With this message, I would like to share some additional highlights of 2013: It was another good year for Integrated Financial Resources (IFR), our Four Points Financial and Trust Services, as we closed 2013 achieving records in many important measurement categories: o Assets under Management - $172.8 million o Number of accounts 1,427 o Number of relationships 972 o Gross income - $1,060,385 (4.82% over budget) Over the last few years, IFR has gone from a service center at the Bank to a profit center of the Bank. With an aging Baby Boomer population and our integrated model we feel we are ideally situated to take 3
4 advantage of future opportunities as they present themselves and look forward to achieving greater levels of income each and every year going forward. Farmers & Merchants Bank & Trust donated $63,971 to various community organizations in 2013 and our employees donated an additional $11,488 through a payroll deduction program. Beyond the financial contributions, F&M employees gave over 7000 hours of volunteer work in our community during Some of the volunteerism included cooking meals for families with loved ones in Great River Hospice, serving on Boards of non-profit organizations and mentoring elementary students in the local school systems which are just a few examples of their commitment to our communities. Brandon Kipp was recongized for his outstanding efforts in the community by receiving the Burlington/West Burlington Area Chamber of Commerce Young Professional of the year award. The F&M Community Foundation complements these community efforts by raising more than $16,000 and collecting school supplies that benefit Burlington, West Burlington and Mediapolis teachers and their students. The Creepy Crawl 5K Fun Run/Walk is the main fund-raiser for the F&M Community Foundation was the fourth year for the race. Corporate partners such as Staples and Iowa Illinois Office Supplies also contributed to the success of the Foundation with supplies and monetary gifts. The F&M Navigators had a successful The mission of the Navigators is to build and solidify long-lasting relationships with F&M clients by offering distinctive travel, entertainment and educational opportunities. This past year Navigator clients have had the opportunity to attend the IFR and Four Points Financial seminars hosted by the Bank. In addition, last August the Bank hosted an annual trip to the St. Louis Cardinals versus Chicago Cubs baseball game with over 40 clients attending. And in December, several Navigators attended our Bel Canto Chorale concert that has been held in the F&M Main Bank Lobby for over 40 years during the holiday season. We saw growth this year of almost 3% in the number of commercial checking accounts we serve. We saw a 56% growth in the number of Businesses Debit cards our clients are using, which takes a traditional expense item, processing checks, and turns it into a revenue producing item. Our financial literacy programs, F&M Kids Bank and F&M Teen Bank, continue to grow and prosper. The F&M Kids Banks are located in all 8 elementary schools in Burlington and West Burlington. This program gives elementary aged students the opportunity to learn the basics of banking by becoming a client, working as a bookkeeper, teller or serving on the school bank s board of directors. During the 2013 school year, Notre Dame Elementary School celebrated their 15th birthday as part of our program. The F&M Teen Bank, follows our students in to middle school. The F&M Teen Bank is in every middle school in Burlington and will be opening its doors in West Burlington at the beginning of the school year. The Teen Bank program is similar to the Kids Bank program, but the added element of the Teen Bank allows students to utilize electronic banking. Financial literacy classes are also taught to the 7th and 8th grade students covering topics such as Financial Planning, Investments, Identity Theft/Online security, and Simple Interest. F&M Teen Bank also facilitated an after school program at Aldo Leopold and Edward Stone. On the technology side, we upgraded all of our computers to be able to deal with Microsoft s decision to end support for Windows XP. In order to ensure the protection of our data, we were forced to upgrade our computers, which we did by purchasing new computers with a new operating system and new hardware. With the introduction of our new Virtual Branch by Amy Walsh, we implemented online account opening. We have seen good results, with both checking and savings accounts opened, by existing clients, as well as those with no prior relationship. We also crossed the 1,000 user threshold for mobile banking clients at 14 months, which was a success. Our third party provider (Fiserv) told us it would take two to three years to reach this level, and that 1,000 users for a bank our size would signal a successful implementation. 4
5 Meeting the growing needs of our clients for almost 100 years has been the objective of F&M s strategy. To address the client needs, the Bank s strategy and brand has evolved from offering your normal banking products such as checking and loan accounts to offering investment services and financial planning along with our trust services. The Bank will continue to look for ways to enhance income for the shareholder and will be launching a new compliance service to smaller community banks to assist them with all the regulatory changes our industry is facing. Our performance in 2013, shows our strength and commitment to this community as well as the talent and dedication of our entire F&M Team. And at this time I would like to thank them all for their hard work and commitment to the Bank and community in which we live and serve. I would also like to thank you, our shareholder, for your continued support and wish you and your families a prosperous I would be remiss if I did not mention that John W. McCulley, our Board of Director going on 49 years, passed away on November 10, John will be remembered for his strong commitment to this Company and Bank, the community and his family. As a friend and mentor to all of us, his presence on our Board was a definite asset. His dedication, leadership and kind caring manner will be greatly missed. I look forward to seeing you at our annual meeting in May. 5
6 Audit Committee Report REPORT OF THE AUDIT COMMITTEE The Audit Committee assists the Board in its oversight of the integrity of the financial statements of the Company, the qualifications, independence and performance of the Company s independent registered public accounting firm, the performance of the Company s internal audit function and compliance by the Company with legal and regulatory requirements. As permitted by law, the Audit committee has not, nor has the Board, chosen to designate any one of the committee members as an Audit committee Financial Expert as defined by the Rules of the Securities and Exchange Commission. The Board has determined such designation is not necessary. The Board believes the committee members possess the financial literacy and business experience to qualify them to serve on the Audit Committee. During the year, the Committee met five (5) times. The Committee has received from the independent registered public accounting firm, Roth & Co., a written statement describing all relationships between Roth & Co. and the Company that might bear on the Roth & Co. s independence consistent with Independence Standards Board Standard No. 1, Independence Discussions with Audit Committees, ; it has discussed with Roth & Co. any relationships that may impact their objectivity and independence, and satisfied itself as to Roth & Co. s independence. The Committee discussed with management, the internal auditors and Roth & Co. the quality and adequacy of the Company s internal controls and the internal audit functions. The Committee also reviewed with both management and the independent registered public accounting firm their audit plans, audit scope, and identification of audit risks. The Committee discussed and reviewed with Roth & Co. all communications required by generally accepted accounting standards and, with and without management present, discussed and reviewed the results of Roth & Co. s examination of the financial statements. The Committee also discussed the results of the internal audit examinations. The Committee reviewed and discussed the audited financial statements of the Company for the fiscal year ended December 31, 2013, with management and Roth & Co. Management has the responsibility for the preparation of the Company s financial statements and the independent registered public accounting firm has the responsibility for the examination of those statements. Based on the above review and discussions with management and the independent registered public accounting firm, the Committee recommended to the Board of Directors that the Company s audited financial statements be included in its Annual Report for the last fiscal year. The Committee also recommended the reappointment of the independent registered public accounting firm. Submitted by the Fiscal 2013 Audit Committee of the Company s Board of Directors: Mark R. Hagerla, Chair Brian K. Readinger William J. Kuepper 6
7 Balance Sheets Assets Cash Investments Net Loans All Other Assets TOTAL ASSETS Financials (in thousands) 12/31/2013 4,763 46, ,922 16,275 $183,322 12/31/2012 5,996 60, ,403 15,644 $195,156 Liabilities Total Deposits All Other Liabilities TOTAL LIABILITIES Capital Total Capital Accounts TOTAL LIABILITIES AND CAPITAL Income Statements Total Interest Income Total Interest Expense Net Interest Income Net Total Non-Interest Expense Income Tax Provision NET INCOME Other Comprehensive Income (Loss) Net of income taxes, net unrealized gains on investment securities available for Sale Net change in deferred costs of defined benefit plan Total Other Comprehensive Income (Loss) COMPREHENSIVE INCOME 159,869 11,463 $171,332 11,990 $183,322 6,695 (1,003) 5,692 (4,546) (393) $753 (839) 380 (459) $ ,667 20,792 $183,459 11,697 $195,156 7,473 (1,345) 6,128 (5,146) (337) $ (210) 98 $743 These summary financial statements are derived from the Company s audited consolidated financial statements, which are prepared in accordance with auditing standards generally accepted in the United States of America. Roth & Company, P.C. is the Company s independent auditor. The Company s audited consolidated financial statements are available upon written request to Farmers and Merchants Bancshares, Inc., P.O. Box 928, Burlington, Iowa
8 Organizational Chart Farmers and Merchants Bancshares, Inc. Established in 1993, is a Holding Company consisting of 198 shareholders representing 264,291 shares owning 100% of Farmers & Merchants Bank & Trust, Burlington, Iowa. Farmers & Merchants Bank & Trust Established in 1916, is a financial institution whose primary market area is Des Moines and Louisa Counties, Iowa Farmers and Merchants Building Corporation Burlington, Iowa Owned 100% by Farmers & Merchants Bank & Trust, Burlington, Iowa. The building corporation s primary purpose is to manage the real estate assets held and leased by Farmers & Merchants Bank & Trust, Burlington, Iowa Compliance Safeguard, LLC Burlington, Iowa Established in Owned 100% by Farmers & Merchants Bank & Trust. The company s primary purpose is to provide compliance consulting services to other financial institutions. 8
9 Farmers and Merchants Bancshares, Inc. 221 Jefferson Street P.O. Box 928 Burlington, Iowa BANK or BANK
How To Make Money From A Bank Loan
NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME
More informationPRESS RELEASE VALLEY COMMERCE BANCORP REPORTS RECORD EARNINGS FOR 2015
PRESS RELEASE Contact: Roy Estridge, EVP/COO/CFO Valley Commerce Bancorp (559) 622-9000 VALLEY COMMERCE BANCORP REPORTS RECORD EARNINGS FOR 2015 VISALIA, California, January 15, 2016 Valley Commerce Bancorp,
More informationOctober 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com
October 21, 2015 MEDIA & INVESTOR CONTACT Heather Worley, 214.932.6646 heather.worley@texascapitalbank.com TEXAS CAPITAL BANCSHARES, INC. ANNOUNCES OPERATING RESULTS FOR Q3 2015 DALLAS - October 21, 2015
More informationVIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
FOR IMMEDIATE RELEASE VIRGINIA NATIONAL BANKSHARES CORPORATION ANNOUNCES THIRD QUARTER FINANCIAL RESULTS Charlottesville, VA November 4, 2015 Virginia National Bankshares Corporation (OTCQX: VABK) (the
More informationTwo River Bancorp Reports Record Earnings for 2013
Two River Bancorp Reports Record Earnings for 2013 Net income to common shareholders increases 12.2% over 2012 Net interest margin remains strong at 3.84% for the year Core checking deposits increase $36.2
More informationCOMMERCE BANCSHARES, INC. ANNOUNCES FOURTH QUARTER EARNINGS PER COMMON SHARE OF $.63
Exhibit 99.1 1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000 CBSH FOR IMMEDIATE RELEASE: Wednesday, January 20, 2016 COMMERCE BANCSHARES, INC. ANNOUNCES FOURTH QUARTER EARNINGS
More informationMay 7, 2014. Dear Shareholder,
May 7, 2014 Dear Shareholder, CIB Marine Bancshares, Inc. (OTCQB: CIBH) is pleased to report its financial results for the quarter ended March 31, 2014. The consolidated company, CIB Marine, reported earnings
More informationCOMMUNITY BANK OF BERGEN COUNTY, NJ REPORTS FIRST QUARTER 2016 NET INCOME OF $0.23 PER SHARE
COMMUNITY BANK OF BERGEN COUNTY, NJ REPORTS FIRST QUARTER 2016 NET INCOME OF $0.23 PER SHARE MAYWOOD, N.J., April 21, 2016 Community Bank of Bergen County, NJ (OTCPink: CMTB) reported net income for the
More informationUnderstanding Bank Ratios
The Directors Education Series Understanding Bank Ratios Bankers Insight Group, LLC JEFFERY W. JOHNSON What Banking Factors Should be Measured? Asset Quality Capital Adequacy Earnings Liquidity 1 Asset
More informationPRESS RELEASE Contact: Richard P. Smith For Immediate Release President & CEO (530) 898-0300 TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS
PRESS RELEASE Contact: Richard P. Smith For Immediate Release President & CEO (530) 898-0300 TRICO BANCSHARES ANNOUNCES QUARTERLY RESULTS CHICO, Calif. (April 28, 2016) TriCo Bancshares (NASDAQ: TCBK)
More informationQNB CORP. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS
PO Box 9005 Quakertown PA 18951-9005 215.538.5600 1.800.491.9070 www.qnbbank.com FOR IMMEDIATE RELEASE QNB CORP. REPORTS SECOND QUARTER AND FIRST HALF EARNINGS QUAKERTOWN, PA (July 28, 2015) QNB Corp.
More informationFIRST QUARTER 2015 NEWSLETTER
FIRST QUARTER 2015 NEWSLETTER Roanoke City Historic Market THE POWER OF LOCAL BANKING SHAREHOLDER LETTERS OUR HEART IS HERE Dear Shareholders, We are very pleased to report another quarter of solid operating
More informationYear End 2014 - Bank S Allowance
Carolina Trust Bank News Release For Immediate Release Contact: Jerry L. Ocheltree President and CEO Carolina Trust Bank (704) 735-1104 Carolina Trust Bank Reports 2015 Profit Fueled by 19.5% Loan Growth
More informationPULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES
PULASKI FINANCIAL S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES Current Versus Prior Year Quarter Highlights Earnings growth - Diluted EPS $0.29 in 2013 versus $0.08 in 2012 - Annualized return on average
More informationBROADWAY FINANCIAL CORPORATION
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest
More informationBALANCE SHEET AND INCOME STATEMENT
BANCOLOMBIA S.A. (NYSE: CIB; BVC: BCOLOMBIA, PFBCOLOM) REPORTS CONSOLIDATED NET INCOME OF COP 1,879 BILLION FOR 2014, AN INCREASE OF 24% COMPARED TO 2013. Operating income increased 23.8% during 2014 and
More informationNews Release For Immediate Release
News Release For Immediate Release Contact: Thomas Duryea, President and CEO, Summit State Bank (707) 568-4920 Summit State Bank Reports Continued Profitability; Strong Margins and Deposit Growth SANTA
More informationNews Release For Immediate Release
News Release For Immediate Release Contact: Thomas Duryea, President and CEO, Summit State Bank (707) 568-4920 Summit State Bank Reports a 25% increase in Earnings for 2013 and Declaration of Dividend
More informationFIRST BANKS, INC. ST. LOUIS, MISSOURI NEWS RELEASE FOR IMMEDIATE RELEASE: First Banks, Inc. Announces First Quarter 2014 Results
FIRST BANKS, INC. ST. LOUIS, MISSOURI NEWS RELEASE Contacts: Terrance M. McCarthy Lisa K. Vansickle President and Executive Vice President and Chief Executive Officer Chief Financial Officer First Banks,
More informationdividends - Results From Q1, 2015
PRESS RELEASE For more information contact: Gerald Shencavitz EVP and Chief Financial Officer (207) 288-3314 FOR IMMEDIATE RELEASE Bar Harbor Bankshares Reports First Quarter Earnings BAR HARBOR, Maine
More informationWashington Federal Concludes its Fiscal Year with Record Earnings
Wednesday October 21, 2015 FOR IMMEDIATE RELEASE Washington Federal Concludes its Fiscal Year with Record Earnings SEATTLE, WASHINGTON Washington Federal, Inc. (Nasdaq: WAFD), parent company of Washington
More informationFIRSTMERIT Corporation
FIRSTMERIT Corporation First Quarter 2014 Earnings Conference Call Supplemental Information April 22, 2014 Forward-Looking Statements Disclosure This presentation may contain forward-looking statements
More informationThe Empire Life Insurance Company
The Empire Life Insurance Company Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2015 Unaudited Issue Date: August 7, 2015 DRAFT NOTICE OF NO AUDITOR REVIEW OF CONDENSED
More informationQUAINT OAK BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS
FOR RELEASE: Tuesday, July 28, 2015 at 4:30 PM (Eastern) QUAINT OAK BANCORP, INC. ANNOUNCES SECOND QUARTER EARNINGS Southampton, PA Quaint Oak Bancorp, Inc. (the Company ) (OTCQX: QNTO), the holding company
More informationThe first quarter was highlighted by:
Mercantile Bank Corporation Reports Strong First Quarter 2013 Results Diluted earnings per share increased 79 percent Continued asset quality improvement and outlook remains positive GRAND RAPIDS, Mich.,
More informationNorthwest Bancshares, Inc. Announces Quarterly Earnings and Dividend Declaration
EARNINGS RELEASE FOR IMMEDIATE RELEASE Contact: William J. Wagner, President and Chief Executive Officer (814) 726-2140 William W. Harvey, Jr., Executive Vice President and Chief Financial Officer (814)
More informationState Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results
Investor Relations Contact: Jeremy Lucas 404.239.8626 / jeremy.lucas@statebt.com Fourth Quarter 2015 Highlights State Bank Financial Corporation Reports Fourth Quarter and Full Year 2015 Financial Results
More informationContact: Charity Frantz October 13, 2015 570-724-0225 charityf@cnbankpa.com
Contact: Charity Frantz October 13, 2015 570-724-0225 charityf@cnbankpa.com C&N ANNOUNCES THIRD QUARTER 2015 UNAUDITED FINANCIAL RESULTS FOR IMMEDIATE RELEASE: Wellsboro, PA Citizens & Northern Corporation
More informationNONPROFITS ASSISTANCE FUND FINANCIAL STATEMENTS YEARS ENDED MARCH 31, 2015 AND 2014
FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 5 STATEMENTS OF CASH FLOWS
More informationFor Immediate Release
For Immediate Release BRAMPTON BRICK REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2014 (All amounts are stated in thousands of Canadian dollars, except per share amounts.) BRAMPTON,
More informationBOSTON PARTNERS IN EDUCATION, INC. Financial Statements and Independent Auditors Report August 31, 2015
Financial Statements and Independent Auditors Report Randall S. Davis & Company LLP Certified Public Accountants Creating Value From Numbers To the Board of Directors of Boston Partners in Education, Inc.
More informationConverted Financial Statements - Formulas For the Year 2006
Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001 Date: August 2, 2001 Company Name (code number) : Mitsubishi Tokyo Financial Group, Inc. (8306) (The Mitsubishi Trust
More informationFirst Quarter Report January 31, 2015
First Quarter Report January 31, 2015 PWC CAPITAL INC. ANNOUNCES RESULTS FOR ITS FIRST QUARTER ENDED JANUARY 31, 2015 FIRST QUARTER SUMMARY (1) (compared to the same periods in the prior year unless otherwise
More informationArrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios
250 Glen Street Glens Falls, NY Contact: Timothy C. Badger Tel: (518)745-1000 Fax: (518)745-1976 TO: All Media DATE: Tuesday, April 19, 2011 Arrow Reports Solid First Quarter Operating Results and Strong
More informationTHE EMPIRE LIFE INSURANCE COMPANY
THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the nine months ended September 30, 2013 Unaudited Issue Date: November 6, 2013 These condensed interim consolidated
More informationFEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 8-K. Summit State Bank (Exact name of registrant as specified in its charter)
FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D.C. 20429 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported):
More informationPreparing Agricultural Financial Statements
Preparing Agricultural Financial Statements Thoroughly understanding your business financial performance is critical for success in today s increasingly competitive agricultural environment. Accurate records
More informationProvident Bancorp, Inc. Reports Earnings of the September 30, 2015 Quarter
Reports Earnings of the 2015 Quarter Company Release 10/21/15 Amesbury, Massachusetts (the Company ) (NasdaqCM: PVBC), the holding company for The Provident Bank (the Bank ), reported net income for the
More information2015 Fourth Quarter Earnings. January 28, 2016
2015 Fourth Quarter Earnings January 28, 2016 Safe Harbor Statement Forward-Looking Statements Information in this presentation contains forward-looking statements. Any statements about our expectations,
More informationNet Income by Quarter
Farmers Capital Bank Corporation 202 West Main Street l Post Office Box 309 Frankfort, Kentucky 40602-0309 phone: 502.227.1668 l Fax: 502.227.1692 www.farmerscapital.com NEWS RELEASE October 22, 2014 Farmers
More informationKansas City 1Life Insurance Company
Kansas City 1Life Insurance Company 2011 First Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office
More informationJanuary 25, 2016 (573) 778-1800
FOR IMMEDIATE RELEASE Contact: Matt Funke, CFO January 25, 2016 (573) 778-1800 SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY SECOND QUARTER RESULTS, DECLARES QUARTERLY DIVIDEND OF $0.09 PER COMMON SHARE,
More informationICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION
ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION OCTOBER 2006 Table of Contents 1. INTRODUCTION... 3 2. FINANCIAL RATIOS FOR COMPANIES (INDUSTRY - COMMERCE - SERVICES) 4 2.1 Profitability Ratios...4 2.2 Viability
More informationSTATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION. BALANCE SHEET As of
STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION BALANCE SHEET As of ASSETS CURRENT ASSETS Cash and Cash Equivalents Cash - Restricted Accounts Receivable - Trade Accounts Receivable
More informationApril 25, 2016 (573) 778-1800
FOR IMMEDIATE RELEASE Contact: Matt Funke, CFO April 25, 2016 (573) 778-1800 SOUTHERN MISSOURI BANCORP REPORTS PRELIMINARY THIRD QUARTER RESULTS, DECLARES QUARTERLY DIVIDEND OF $0.09 PER COMMON SHARE,
More informationBUSINESS SCHOOL. Finance & Accounting. Build your future the INTEC way
BUSINESS SCHOOL Finance & Build your future the INTEC way CONTENTS INTEC Business School INTEC Business School INTEC COURSES INTEC Introduction to Financial Certificate INTEC Financial Certificate and
More informationISK 7.200 million profit from operations of TM
Earnings announcement Reykjavík, 9. February 2006 ISK 7.200 million profit from operations of TM Tryggingamidstodin s hf. (TM) earnings after taxes in 2005 amounted to ISK 7.198 million. Earnings for the
More informationFOR IMMEDIATE RELEASE
Exhibit 99.1 FOR IMMEDIATE RELEASE FirstMerit Corporation Analysts: Thomas O Malley/Investor Relations Officer Phone: 330.384.7109 Media Contact: Robert Townsend/Media Relations Officer Phone: 330.384.7075
More informationMY OWN BOOK FUND, INC. (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS JUNE 30, 2014 AND 2013
MY OWN BOOK FUND, INC. (A NONPROFIT ORGANIZATION) FINANCIAL STATEMENTS MY OWN BOOK FUND, INC. TABLE OF CONTENTS (A NONPROFIT ORGANIZATION) PAGE INDEPENDENT AUDITOR'S REPORT 1-2 FINANCIAL STATEMENTS: STATEMENTS
More informationAcquisition of Florida Shores Bancorp
Acquisition of Florida Shores Bancorp General Information and Limitations The projected financial information contained in this presentation was not prepared to comply with guidelines of the Securities
More informationATLANTA COMMUNITY FOOD BANK, INC.
FINANCIAL STATEMENTS FOR THE YEAR ENDED TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS Statements of Financial Position 3 Statement of Activities 5 Statement of Functional Expenses
More informationCredit Union Statement of Commitment to Members
Credit Union Statement of Commitment to Members As a member-owned, not-for-profit financial cooperative, Brazos Valley Schools Credit Union is committed to our members. We will uphold our fundamental responsibility
More informationControls and accounting policies
Controls and accounting policies Controls and procedures Management s responsibility for financial information contained in this Annual Report is described on page 92. In addition, the Bank s Audit and
More informationCoastal Banking Company Reports Fourth Quarter and Full Year 2011 Results
For Immediate Release For More Information: Michael G. Sanchez Andy Mus Chief Executive Officer Senior Vice President Coastal Banking Company Inc. Marsh Communications LLC 904-321-0400 770-621-2700 Coastal
More informationNews Release For Immediate Release
News Release For Immediate Release Contact: Thomas Duryea, President and CEO, Summit State Bank (707) 568-4920 Summit State Bank Reports a 10% Increase in Net Income for 2015 and Declaration of Dividend
More informationCHAIRMAN S REPORT PRESIDENT/CEO REPORT SUPERVISORY REPORT TREASURER S REPORT
2014 ANNUAL REPORT P.O. Box 4900 Orlando, FL 32802-4900 407.426.6000 or Toll-Free 888.843.8328 InsightCreditUnion.com Equal Housing Lender Federally Insured by NCUA CHAIRMAN S REPORT We have much to celebrate
More informationFinancial Statements of WORLD VISION CANADA. Year ended September 30, 2011
Financial Statements of WORLD VISION CANADA Financial Statements Independent Auditors' Report Financial Statements Statement of Financial Position... 1 Statement of Revenue and Expenditures... 2 Statement
More informationSAMPLE FINANCIAL PROCEDURES MANUAL
SAMPLE FINANCIAL PROCEDURES MANUAL Approved by (organization s) Board of Directors on (date) I. GENERAL 1. The Board of Directors formulates financial policies, delegates administration of the financial
More informationParagon Bank Reports 117% Year-Over-Year Increase in Earnings for Third Quarter of 2015
Media Contacts: Amanda Romano Kate Feldhouse MMI Public Relations Marketing & Public Relations (919) 233-6600 Specialist jake@mmipublicrelations.com 919.534.7462 http://www.mmipublicrelations.com kfeldhouse@paragonbank.com
More informationThe Depository Trust Company
The Depository Trust Company Unaudited Condensed Consolidated Financial Statements as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 THE DEPOSITORY TRUST
More informationIN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER
Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW
More informationFIRST CITIZENS COMMUNITY BANK 570-662-0422 15 S. MAIN STREET 570-662-8512 (FAX) MANSFIELD, PA 16933 CONTACT: KATHLEEN CAMPBELL, MARKETING DIRECTOR
CONTACT: KATHLEEN CAMPBELL, MARKETING DIRECTOR FIRST CITIZENS COMMUNITY BANK 570-662-0422 15 S. MAIN STREET 570-662-8512 (FAX) MANSFIELD, PA 16933 CITIZENS FINANCIAL SERVICES, INC. REPORTS FOURTH QUARTER
More informationSouthern National Bancorp of Virginia Inc. Reports Earnings of $2.5 Million for the Third Quarter and $7.0 Million for the First Nine Months of 2015
October 22, 2015 Southern National Bancorp of Virginia Inc. Reports Earnings of $2.5 Million for the Third Quarter and $7.0 Million for the First Nine Months of 2015 Board Declares a Regular Dividend of
More information12 Business Information (Green Sheet)
Give us COPIES only Clips only - NO STAPLES 12 Business Information (Green Sheet) If you are self-employed, or if you have had income for which you do not receive a W-2, please provide the following: A.
More informationFinancial Information Kit
Financial Information Kit The purpose of this kit is to provide basic information on keeping financial records to facilitate compliance by registered charities with the requirements of the Canada Revenue
More informationFederally Insured by NCUA
2014 ANNUAL REPORT Federally Insured by NCUA Table of Contents Board of Directors... 2 Minutes of the 61st Annual Meeting... 3 Chairman s Report... 4 Chief Executive Officer s Report... 5 Treasurer s Report...
More informationContact: R. Roderick Porter, President Phone: 202-464-1130 ext. 2406 Southern National Bancorp, NASDAQ Symbol SONA Website: www.sonabank.
Contact: R. Roderick Porter, President Phone: 202-464-1130 ext. 2406 Southern National Bancorp, NASDAQ Symbol SONA Website: www.sonabank.com Southern National Bancorp of Virginia Inc. reports earnings
More informationTHE SOUTH FLORIDA CHURCH OF CHRIST, INC.
THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS TABLE OF CONTENTS PAGES Independent Auditor s Report 1 Statement of Financial
More informationA step-by-step guide to setting up a. Credit Union in your University
A step-by-step guide to setting up a Credit Union in your University Contents Introduction Section A (FAQ s) 1. Background Study 2. Identifying a Steering Committee & Training 3. Developing a Business
More informationPrinciples of Financial Accounting ACC-101-TE. TECEP Test Description
Principles of Financial Accounting ACC-101-TE TECEP Test Description This TECEP is an introduction to the field of financial accounting. It covers the accounting cycle, merchandising concerns, and financial
More informationNon-cash Donations & Sales. Accounting and IRS Reporting
Non-cash Donations & Sales Accounting and IRS Reporting Contact Information Julie L. Sokolowski, CPA Shareholder Wall, Einhorn & Chernitzer, PC CPAs & Advisors 555 East Main Street, Suite 1600 Norfolk,
More informationSAMPLE CONSTRUCTION FINANCIAL STATEMENT
SAMPLE CONSTRUCTION FINANCIAL STATEMENT Construction Contacts: Tim Klimchock, CPA, CCIFP Manager, AEC Industry Group M. Scott Hursh, CPA, CCIFP Principal, AEC Industry Group 1.800.745.8233 Web Site: www.stambaugh-ness.com
More informationLauber s Ledger. The Importance of a Chart of Accounts By Christine A. Lauber INSIDE THIS ISSUE. The Importance of a chart of accounts...
THIRD QUARTER 2013 AUGUST 2013 Lauber s Ledger INSIDE THIS ISSUE The Importance of a chart of accounts...1 5 Tips for a More Efficient Audit... 2 The Back Side of 529 Plans...2 Simple Steps which could
More informationPolicies, Procedures and Guidelines
Policies, Procedures and Guidelines Complete Policy Title: Debt Management Policy Approved by: Board of Governors Policy Number (if applicable): n/a Date of Most Recent Approval: April 16, 2015 Date of
More informationCitizens Financial Group, Inc. Reports First Quarter Net Income of $223 Million Diluted EPS of $0.41 up 8% vs. 1Q15
Reports First Quarter Net Income of $223 Million Diluted EPS of $0.41 up 8% vs. 1Q15 Positive operating leverage of 3% on a year-over-year Adjusted basis* Good traction continues on strategic growth and
More informationCONSOLIDATED FINANCIAL HIGHLIGHTS
CONSOLIDATED FINANCIAL HIGHLIGHTS Nintendo Co., Ltd. 111 Kamitoba Hokotatecho, Minamiku, Kyoto 6018501 Japan October 29, 2009 Consolidated Results for the Six Months Ended September 2008 and 2009 (1) Consolidated
More informationKIPP NEW YORK, INC. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED JUNE 30, 2015 AND 2014 TABLE OF CONTENTS YEARS ENDED JUNE 30, 2015 AND 2014 INDEPENDENT AUDITORS REPORT 1 FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF FINANCIAL
More informationPositive 4 th quarter solidifies profitable 2010 for Old National
FOR IMMEDIATE RELEASE January 31, 2011 Contacts: Media: Kathy A. Schoettlin (812) 465-7269 Executive Vice President Communications Financial Community: Lynell J. Walton (812) 464-1366 Senior Vice President
More informationPart Four: Fiscal Oversight & Fundraising
For more information on these and other nonprofit management topics, contact: Jeannette Peters Nonprofit Management Consulting, LLC jp@getfunded.org 352-371-7412 Part Four: Fiscal Oversight & Fundraising
More informationQuarterly Financial Supplement - 1Q 2016
Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated
More informationISS Governance Services Proxy Research. Company Financials Compustat Data Definitions
ISS Governance Services Proxy Research Company Financials Compustat Data Definitions June, 2008 TABLE OF CONTENTS Data Page Overview 3 Stock Snapshot 1. Closing Price 3 2. Common Shares Outstanding 3 3.
More informationKansas City 4Life Insurance Company
Kansas City 4Life Insurance Company 2009 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office
More informationROTCE 1 14% Net payout LTM 3,4 52% Overhead ratio 1 59% Common equity Tier 1 1,2 11.0% Firmwide Balance Sheet CCB
270 Park Avenue, New York, NY 10017-2070 NYSE symbol: JPM www.jpmorganchase.com News release: IMMEDIATE RELEASE JPMORGAN CHASE REPORTS SECOND-QUARTER 2015 NET INCOME OF $6.3 BILLION, OR $1.54 PER SHARE,
More informationAbout Komplett Bank ASA. Outlook. Developments to date
Interim report 4th quarter 2015 About Komplett Bank ASA Komplett Bank ASA started banking operations on 21 March 2014 when the company received its banking licence from the Norwegian authorities. Komplett
More informationSTATE OF INDIANA. November 14, 2011. Board of Directors Foster Parent Services, Inc. 3798 W. Co. Road 500 S. Vallonia, IN 47281
` STATE OF INDIANA AN EQUAL OPPORTUNITY EMPLOYER STATE BOARD OF ACCOUNTS 302 WEST WASHINGTON STREET ROOM E418 INDIANAPOLIS, INDIANA 46204-2769 Telephone: (317) 232-2513 Fax: (317) 232-4711 Web Site: www.in.gov/sboa
More informationFinancial Statements September 30, 2014 and 2013 Utah Microenterprise Loan Fund
Financial Statements Utah Microenterprise Loan Fund www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Statements of Financial Position... 2 Statements of Activities...
More informationTerritorial Bancorp Inc. Announces 2015 Results
PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Walter Ida (808) 946-1400 Territorial Bancorp Inc. Announces 2015 Results Fully diluted earnings per share for the three months ended December 31, 2015 rose
More informationSenior Executive Vice President and Chief Financial Officer 973-305-4003
News Release FOR IMMEDIATE RELEASE Contact: Alan D. Eskow Senior Executive Vice President and Chief Financial Officer 973-305-4003 VALLEY NATIONAL BANCORP REPORTS FIRST QUARTER EARNINGS, SOLID ASSET QUALITY
More informationimplementing management vision looking forward five years
Results for the interim period of the year ending March 31, The Asahi Bank, Ltd. 1. Strong earnings base : Net operating profit exceeded forecast issued at the beginning of the period Sharp focus on domestic
More informationHow To Understand The Financial Position Of Bank Of Birdin Hand
Financial Statements Period Ended December 31, 2013 The report accompanying these financial statements was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO International
More informationTax Planning and Reporting for a Small Business
Table of Contents Welcome... 3 What Do You Know? Tax Planning and Reporting for a Small Business... 4 Pre-Test... 5 Tax Obligation Management... 6 Business Taxes... 6 Federal Income Tax Forms... 7 Discussion
More information- Sub-standard loans 31,093 50,092 - Unrealized interest on sub-standard loans (10,535) (12,698) Net Sub-Standard Loans 20,558 37,394
CONSOLIDATED BALANCE SHEET ASSETS (In millions of LBP) 1. Cash, Compulsory Reserves and Central Banks 1,012,603 1,014,857 2. Banks and financial institutions 1,234,691 760,707 3. Head office, branches,
More informationNEWS RELEASE. Great American Bancorp, Inc. Announces Increased Earnings for Fiscal 2014
NEWS RELEASE FOR IMMEDIATE RELEASE January 21, 2015 Contact: Ms. Jane F. Adams Chief Financial Officer and Investor Relations (217) 356-2265 Great American Bancorp, Inc. Announces Increased Earnings for
More informationNonprofit Financial Ratios
Nonprofit Financial Ratios As the funding environment continues to remain competitive, donors and stakeholders increasingly want nonprofits to demonstrate a strong understanding of financial management.
More informationNEWS RELEASE TO BUSINESS EDITOR
NEWS RELEASE TO BUSINESS EDITOR DIMECO, INC. ANNOUNCES EARNINGS FOR YEAR AND QUARTER ENDED SEPTEMBER 30, 2015 Honesdale, PA, October 28, 2015/ Dimeco, Inc. (OTC Pink: DIMC), parent company of The Dime
More information1-3Q of FY2014 87.43 78.77 1-3Q of FY2013 74.47 51.74
January 30, 2015 Resona Holdings, Inc. Consolidated Financial Results for the Third Quarter of Fiscal Year 2014 (Nine months ended December 31, 2014/Unaudited) Code number: 8308 Stock
More informationACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL
(Name of Organization & logo) ACCOUNTING POLICIES AND PROCEDURES SAMPLE MANUAL (Date) Note: this sample manual is designed for nonprofit organizations with the following staff involved with accounting
More informationConsolidated Financial Results for Six Months Ended September 30, 2007
Consolidated Financial Results for Six Months Ended September 30, 2007 SOHGO SECURITY SERVICES CO., LTD (URL http://ir.alsok.co.jp/english) (Code No.:2331, TSE 1 st Sec.) Representative: Atsushi Murai,
More informationRiverview Bancorp Earns $1.6 Million In First Fiscal Quarter Highlighted by Continued Credit Quality Improvements
Contacts: Pat Sheaffer or Ron Wysaske, Riverview Bancorp, Inc. 360-693-6650 Riverview Bancorp Earns $1.6 Million In First Fiscal Quarter Highlighted by Continued Credit Quality Improvements Vancouver,
More informationRECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in millions of euro)
RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in millions of euro) ASSETS Loans and advances to customers 29,484.3 28,337.5 1,146.8 4.0% Loans and advances to banks 2,306.4 1,261.7 1,044.7
More information