AB&T Financial CORP

CIK:0001435161|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Interest income:
Loans, including fees	$ 1,848,490	$ 1,806,883
Invstment securities, taxable	175,020	84,865
FHLB, interest and dividends	3,387	2,480
Federal funds sold	4,108	6,452
Time deposits with other banks	5,694	3,098
Total interest income	2,036,699	1,903,778
Interest expense:
Time deposits of one hundred thousand dollars and over	147,995	115,581
Other deposits	276,669	305,471
Other interest expense	83,786	61,960
Total interest expense	508,450	483,012
Net interest income	1,528,249	1,420,766
Provision (recovery) for loan losses	184,998	(877,138)
Net interest income after provision for loan losses	1,343,251	2,297,904
Other operating income:
Service charges on deposit accounts	120,483	81,595
Gain on sale of loans	9,870	0
Gain on sale of investment securities	38,841	0
Other services charges, commissions and fees	92,375	14,796
Total noninterest income	261,569	96,391
Other operating expenses:
Salaries and employee benefits	697,614	661,664
Occupancy expense	45,783	52,983
Furniture and equipment expense	54,724	13,452
HELOC Pool purchase discount	0	1,002,136
Other real estate expenses	79,967	166,293
Losses on sale and writedown of other real estate	31,309	0
Deposit insurance premium	105,000	108,780
Other operating expenses	383,436	361,461
Total noninterest expense	1,397,833	2,366,769
Income before income taxes	206,987	27,526
Income tax expense (benefit)	0	10,844
Net income	206,987	16,682
Accretion of preferred stock to redemption value	6,078	6,078
Preferred stock dividends (accrued)	$ 43,750	$ 43,750
Net income (loss) available to common shareholders	$ 157,159	$ (33,146)
Loss per common share
Basic (loss) income per common share	$ 0.06	$ (0.01)
Diluted (loss) income per common share	$ 0.06	$ (0.01)

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net income (loss)	$ 206,987	$ 16,682
Adjustments to reconcile net loss to net cash provided by operating activities:
Provision (recovery) for loan losses	184,998	(877,138)
Loss (gain) on sale of other real estate	31,309	(3,158)
Gain on sale of investment securities	(38,841)	0
Gain on sale of loans	(9,870)	0
Depreciation and amortization expense	46,372	44,175
Discount accretion and premium amortization	104,953	57,048
(Increase) decrease in interest receivable	57,341	(133,656)
Increase in interest payable	5,120	8,921
Increase (Decrease) in other assets	(33,786)	64,665
Decrease in other liabilities	(82,337)	(167,668)
Discount on purchased loans	0	1,002,136
Stock based compensation expense	28,383	46,104
Net cash provided by operating activities	500,629	58,111
Cash flows from investing activities:
Purchase of securities available for sale	(4,990,085)	(1,107,865)
Calls and maturites of securities available for sale	1,111,103	751,880
Net decrease (increase) in loans receivable	3,822,245	(29,132,425)
Proceeds from sale of loans	465,550	4,058,458
Proceeds from sale of available for sale securities	4,176,265	514,943
Purchases of time deposits in other banks	(2,275)	(2,683)
Purchases of equity securities	(51,100)	0
Proceeds from sale of other real estate	294,145	725,353
Capitalized other real estate expenses	(14,970)	(375,823)
Purchases of premises, furniture, and equipment	(9,176)	(9,114)
Net cash used in investing activities	4,801,702	(24,577,276)
Cash flows from financing activities:
Net (decrease) increase in demand deposits, interest- bearing transaction accounts and savings accounts	(2,464,592)	11,496,348
Net increase (decrease) in certificates of deposit and other time deposits	(2,794,981)	25,863,822
Increase (decrease) in Federal Home Loan Bank advances	0	(5,640,597)
Dividends paid	0	(43,750)
Net cash (used) provided by financing activities	(5,259,573)	31,675,823
Net increase (decrease) in cash and cash equivalents	42,758	7,161,036
Cash and cash equivalents, beginning of period	10,834,564	8,075,241
Cash and cash equivalents, end of period	10,877,322	15,236,277
Supplemental disclosure of cash flow information:
Transfer of loans to real estate acquired in settlement of loans	129,192	0
Interest paid	503,330	474,091
Taxes paid	$ 0	$ 0

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Assets
Cash and due from banks	$ 9,738,824	$ 4,890,563
Federal funds sold	1,138,498	5,944,001
Total cash and cash equivalents	10,877,322	10,834,564
Time deposits with other banks	3,302,847	3,300,572
Investments:
Securities available for sale	36,219,909	36,583,896
Nonmarketable equity securities	1,238,280	1,187,180
Total investments	37,458,189	37,771,076
Loans receivable	158,513,230	163,039,560
Less allowance for loan losses	(3,338,430)	(3,272,645)
Loans, net	155,174,800	159,766,915
Premises, furniture and equipment, net	3,704,563	3,741,759
Accrued interest receivable	629,048	686,389
Other real estate owned	5,423,750	5,605,042
Other assets	2,457,607	2,423,592
Total assets	219,028,126	224,129,909
Liabilities
Noninterest-bearing transaction accounts	12,420,281	11,015,012
Interest-bearing transaction accounts	8,080,127	8,612,889
Savings and money market	69,257,159	72,594,258
Time deposits $100,000 and over	33,250,410	22,735,464
Other time deposits	58,183,382	71,493,309
Total deposits	181,191,359	186,450,932
Federal funds purchased and securities sold under agreements to repurchase	0	0
Advances from the Federal Home Loan Bank	19,000,000	19,000,000
Accrued interest payable	82,700	77,580
Other liabilities	201,680	284,017
Total liabilities	200,475,739	205,812,529
Shareholders' equity
Preferred stock, no par value, 1,000,000 shares authorized, issued and outstanding – 3,500 at March 31, 2012 and at December 31, 2011	3,440,610	3,434,532
Common stock, $1.00 par value; 11,000,000 shares authorized, 2,678,205 issued at March 31, 2012 and December 31, 2011	2,678,205	2,678,205
Treasury stock, at cost (10,000 shares at March 31, 2012 and December 31, 2011)	(55,600)	(55,600)
Warrants	136,850	136,850
Capital surplus	21,940,640	21,912,257
Retained deficit	(9,619,304)	(9,820,211)
Accumulated other comprehensive income	30,986	31,347
Total shareholders' equity	18,552,387	18,317,380
Total liabilities and shareholders' equity	$ 219,028,126	$ 224,129,909