American Patriot Financial Group, Inc.

CIK:0001290505|SEC Filings

Earnings (Loss) Per Share of Common Stock

9 Months Ended

Sep. 30, 2012

Note 3.

Earnings (Loss) Per Share of Common Stock

Basic earnings (loss) per share (EPS) of common stock is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share of common stock is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares and potential dilutive common shares outstanding during the period. Stock options are regarded as potential common shares. Potential common shares are computed using the treasury stock method. For the three and nine months ended September 30, 2012, 300 options are excluded from the effect of dilutive securities because they are anti-dilutive; 15,550 options are similarly excluded from the effect of dilutive securities for the three and nine months ended September 30, 2011.

The following is a reconciliation of the numerators and denominators used in the basic and diluted earnings (loss) per share computations for the three and nine months ended September 30, 2012 and 2011.

	Three Months Ended September 30,
	2012					2011
	Income (Loss)			Shares		Income (Loss)			Shares
	(Numerator)			(Denominator)		(Numerator)			(Denominator)

Basic EPS
Income (loss) available to Common stockholders	$	(82,522	)		2,389,391	$	(89,739	)		2,389,391

Effect of dilutive securities Stock options outstanding		-			-		-			-

Diluted EPS
Income (loss) available to Common shareholders plus Assumed conversions	$	(82,522	)		2,389,391	$	(89,739	)		2,389,391

	Nine Months Ended September 30,
	2012					2011
	Income			Shares		Income			Shares
	(Numerator)			(Denominator)		(Numerator)			(Denominator)

Basic EPS
Income (loss) available to Common stockholders	$	(300,121	)		2,389,391	$	(1,016,820	)		2,389,391

Effect of dilutive securities Stock options outstanding		-			-		-			-

Diluted EPS
Income (loss) available to Common shareholders plus Assumed conversions	$	(300,121	)		2,389,391	$	(1,016,820	)		2,389,391

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (278,743)	$ (996,612)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for loan losses	0	11,549
Write-down of foreclosed assets	251,709	294,793
Depreciation	128,648	183,766
Realized net (gains) losses on sale of loans and other assets	(134,146)	30,076
Amortization of securities	252	0
Increase in cash surrender value of bank owned life insurance	(74,986)	(21,606)
Net change in:
Accrued interest receivable	26,019	170,134
Other assets	(45,301)	(4,913)
Other liabilities	(194,151)	226,905
Accrued interest payable	34,656	(45,458)
Net cash used in operating activities	(286,043)	(151,366)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of securities available for sale	(1,996,745)	(2,496,124)
Proceeds from calls and maturities of securities available for sale	2,085,497	2,533,172
Proceeds from sales of foreclosed assets	703,829	457,565
Loan originations and principal collections, net	3,826,580	6,215,422
Proceeds from sales of premises and equipment	1,649,645	0
Additions to premises and equipment	(19,591)	(71,760)
Net cash provided by investing activities	6,249,215	6,638,275
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits	(3,481,768)	1,131,515
Net decrease in time deposits	(4,029,675)	(3,430,987)
Proceeds from issuance of preferred stock	40,000	0
Federal Home Loan Bank repayments	0	(2,624,906)
Net cash used in financing activities	(7,471,443)	(4,924,378)
Net change in cash and cash equivalents	(1,508,271)	1,562,531
Cash and cash equivalents at beginning of period	13,329,353	11,290,775
Cash and cash equivalents at end of period	11,821,082	12,853,306
SUPPLEMENTARY CASH FLOW INFORMATION:
Interest paid on deposits and borrowed funds	555,478	977,243
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:
Loans moved to foreclosed/repossessed assets	$ 2,944,844	$ 6,690,218

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and due from banks	$ 1,246,354	$ 1,502,817
Federal funds sold	2,693,366	2,051,674
Interest-bearing deposits in banks	7,881,362	9,774,862
Cash and cash equivalents	11,821,082	13,329,353
Securities available for sale	2,895,186	2,978,033
Federal Home Loan Bank stock, at cost	296,500	296,500
Loans, net of allowance for loan losses of $1,260,472 in 2012 and $1,636,074 in 2011	52,730,850	59,502,274
Premises and equipment, net	3,038,265	4,666,631
Accrued interest receivable	168,844	194,863
Foreclosed assets	12,494,222	10,500,411
Cash surrender value of bank owned life insurance	2,692,074	2,617,088
Other assets	169,681	124,380
Total Assets	86,306,704	94,209,533
LIABILITIES AND STOCKHOLDERS' EQUITY
Noninterest-bearing Demand	5,646,611	5,452,556
Interest-bearing
Money market, interest checking and savings	23,134,133	26,809,956
Time deposits	55,043,734	59,073,409
Total Deposits	83,824,478	91,335,921
Accrued interest payable	283,613	248,957
Deferred tax liabilities, net	17,919	15,295
Other liabilities	466,028	660,179
Notes payable	921,000	921,000
Total Liabilities	85,513,038	93,181,352
STOCKHOLDERS' EQUITY
Preferred stock, no par value; authorized 1,000,000 shares; issued and outstanding 247 shares at September 30, 2012 and 207 shares at December 31, 2011	239,716	188,789
Common stock, $0.333 par value; authorized 6,000,000 shares; issued and outstanding 2,389,391 shares at September 30, 2012 and December 31, 2011	796,337	796,337
Additional paid-in capital	7,167,260	7,167,260
Retained deficit	(7,438,521)	(7,148,851)
Accumulated other comprehensive income	28,874	24,646
Total Stockholders' Equity	793,666	1,028,181
Total Liabilities and Stockholders' Equity	$ 86,306,704	$ 94,209,533