Congaree Bancshares Inc

CIK:0001353523|SEC Filings

Consolidated Statements of Income (unaudited) - USD ($)	3 Months Ended
Consolidated Statements of Income (unaudited) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Interest income:
Loans, including fees	$ 1,015,723	$ 973,664
Investment securities, taxable	106,107	128,354
Federal funds sold and other	7,071	9,208
Total interest income	1,128,901	1,111,226
Interest expense:
Time deposits $100,000 and over	30,049	26,495
Other deposits	48,161	46,142
Other borrowings	7,868	15,302
Total interest expense	86,078	87,939
Net interest income	1,042,823	1,023,287
Provision for loan losses	33,000	75,000
Net interest income after provision for loan losses	1,009,823	948,287
Noninterest income:
Service charges on deposit accounts	91,750	89,927
Residential mortgage origination fees	10,115	15,008
Gain on sale of investment securities	81,049	111,077
Other	9,162	9,161
Total noninterest income	192,076	225,173
Noninterest expenses:
Salaries and employee benefits	427,569	479,005
Net occupancy	83,295	77,153
Furniture and equipment	110,978	95,071
Professional fees	345,836	66,604
Regulatory fees and FDIC assessment	34,324	33,731
Net cost of operation of other real estate owned	10,203	153,808
Other operating	184,415	167,217
Total noninterest expense	1,196,620	1,072,589
Income before income taxes	5,279	100,871
Income tax expense	(3,546)	(5,088)
Net income	1,733	95,783
Preferred dividends	35,190	35,190
Net (loss) income available to common shareholders	$ (33,457)	$ 60,593
(Loss) income per common share
Basic and diluted (loss) income per common share (in dollars per share)	$ (0.02)	$ 0.03
Weighted average common shares outstanding (in shares)	1,765,939	1,764,439

Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Cash flow from operating activities
Net income	$ 1,733	$ 95,783
Adjustments to reconcile net income to net cash (used) provided by operating activities:
Provision for loan losses	33,000	75,000	$ 220,000
Stock based compensation expense	5,153	$ 5,320
Deferred income tax benefit	3,546
Depreciation and amortization expense	47,174	$ 48,398
Discount accretion and premium amortization	34,573	31,538
Decrease (increase) in accrued interest receivable	71,853	(1,639)
Increase in accrued interest payable	1,111	122
Gain from sale of securities	(81,049)	(111,077)
(Gain)/Loss on sale of other real estate owned	$ (657)	9,911
Write downs on other real estate owned		111,000	(111,000)
(Increase) decrease in other assets	$ (497,146)	10,540
Increase in other liabilities	40,999	53,678
Net cash (used) provided by operating activities	(339,710)	328,574
Cash flows from investing activities:
Proceeds from maturities, calls, and paydowns of securities available-for-sale	316,169	316,152
Proceeds from sales of securities available-for-sale	0	5,130,038
Proceeds from sales of securities held to maturity	$ 3,485,997	0
Purchase of securities available-for-sale		$ (2,165,059)
Proceeds from sales of nonmarketable equity securities	$ 152,100
Purchase of nonmarketable equity securities		$ (100)
Net decrease (increase) in loans receivable	$ 2,442,689	(1,215,395)
Purchase of premises, furniture and equipment	(6,107)	(13,664)
Proceeds from sales of other real estate owned	107,131	8,089
Net cash provided by investing activities	6,497,979	2,060,061
Cash flows from financing activities:
(Decrease) increase in noninterest-bearing deposits	(131,280)	2,293,729
Decrease in interest-bearing deposits	(1,547,539)	(2,405,615)
Decrease in borrowings from FHLB	(2,500,000)	$ (1,000,000)
Proceeds from issuance of common stock	1,860
Dividends paid on preferred stock	(35,190)	$ (35,190)
Net cash used by financing activities	(4,212,149)	(1,147,076)
Net increase in cash and cash equivalents	1,946,120	1,241,559
Cash and cash equivalents at beginning of the period	2,993,284	3,034,889	3,034,889
Cash and cash equivalents at end of the period	4,939,404	4,276,448	$ 2,993,284
Supplemental cash flow information:
Interest paid on deposits and borrowed funds	84,967	$ 87,817
Transfer of loans to other real estate	$ 106,474
Cash paid for taxes		$ 6,253

Consolidated Balance Sheets (unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash and due from banks	$ 4,518,404	$ 2,993,284
Federal Funds Sold	421,000
Securities available-for-sale	$ 15,237,180	$ 15,268,221
Securities held-to-maturity (fair value of $3,383,121 at December 31, 2015)		3,412,281
Non-marketable equity securities	$ 348,800	500,900
Loans receivable	78,429,825	80,980,708
Less allowance for loan losses	1,111,061	1,079,782
Loans receivable, net	77,318,764	79,900,926
Premises, furniture and equipment, net	2,742,708	2,783,775
Accrued interest receivable	295,559	367,412
Other real estate owned	1,710,235	1,710,235
Deferred tax asset	1,921,076	1,985,168
Other assets	715,993	218,848
Total assets	105,229,719	109,141,050
Deposits:
Noninterest-bearing transaction accounts	16,405,185	16,536,465
Interest-bearing transaction accounts	8,798,497	9,447,087
Savings and money market	41,581,008	41,986,056
Time deposits $100,000 and over	13,627,316	14,223,750
Other time deposits	8,450,541	8,348,008
Total deposits	88,862,547	90,541,366
Federal Home Loan Bank advances	2,500,000	5,000,000
Accrued interest payable	15,384	14,273
Other liabilities	121,997	25,805
Total liabilities	91,499,928	95,581,444
Shareholders' equity:
Common stock, $.01 par value, 10,000,000 shares authorized; 1,766,439 and 1,765,939 shares issued and outstanding at March 31, 2016 and December 31, 2015	17,664	17,659
Capital surplus	17,728,067	17,721,059
Accumulated deficit	(5,673,641)	(5,640,184)
Accumulated other comprehensive income (loss)	93,701	(102,928)
Total shareholders' equity	13,729,791	13,559,606
Total liabilities and shareholders' equity	105,229,719	109,141,050
Series A Preferred Stock [Member]
Shareholders' equity:
Preferred stock	1,400,000	1,400,000
Series B Preferred Stock [Member]
Shareholders' equity:
Preferred stock	$ 164,000	$ 164,000