As Reported Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in units)	2017 Y S-1 12/31/2017 USD	2018 Y 10-K 12/31/2018 USD	2019 Y 10-Q 12/31/2019 USD	2020 Q2 YTD 10-Q 6/30/2020 USD
Document Name As Of Date Currency Code	2017 Y S-1 12/31/2017 USD	2018 Y 10-K 12/31/2018 USD	2019 Y 10-Q 12/31/2019 USD	2020 Q2 YTD 10-Q 6/30/2020 USD
Assets
Cash and due from banks	9,883,088	10,112,422	9,088,398	30,817,153
Interest-bearing demand deposits	6,286,666	4,858,748	31,508,479	79,789,311
Cash and cash equivalents	16,169,754	14,971,170	40,596,877	110,606,464
Interest-bearing time deposits	200,000	NA	NA	NA
Investment securities - available for sale	118,356,869	122,482,487	201,783,851	221,204,068
Investment securities - held to maturity	24,892,334	21,079,974	15,917,394	13,319,819
Loans and leases, net of allowance for losses	557,929,014	654,755,066	687,258,190	752,922,965
Premises and equipment, net	13,592,274	14,025,476	14,087,169	14,439,763
Federal Home Loan Bank stock	6,716,700	6,560,600	7,600,400	9,079,700
Interest receivable	2,268,090	2,686,010	3,052,380	4,721,040
Mortgage-servicing rights	1,042,386	1,227,356	1,033,217	1,405,128
Cash surrender value of life insurance	3,597,276	3,718,219	3,839,911	3,899,832
Other assets	8,856,180	8,112,005	10,872,682	8,613,962
Total assets	753,620,877	849,618,363	986,042,071	1,140,212,741
Liabilities
Non-interest bearing deposits	58,922,097	58,044,369	60,297,443	89,921,951
Interest bearing deposits	501,472,847	562,592,451	556,921,370	649,209,179
Total deposits	560,394,944	620,636,820	617,218,813	739,131,130
Federal Home Loan Bank advances	104,000,000	136,100,000	154,000,000	180,000,000
Advances by borrowers for taxes and insurance	501,438	543,527	545,498	498,170
Interest payable	237,693	550,749	296,774	348,300
Multi-employer pension plan liability	NA	0	17,454,709	17,454,709
Other liabilities	6,688,979	5,934,235	8,738,831	6,644,530
Total liabilities	671,823,054	763,765,331	798,254,625	944,076,839
Commitments and Contingent Liabilities	NA	0	0	0
Stockholders' Equity
Preferred stock	1	NA	NA	NA
Common stock	1	1	135,266	135,266
Additional paid-in capital	12,757,998	12,750,999	132,601,876	132,563,670
Retained earnings	71,765,677	77,480,318	70,111,434	74,446,405
Unearned employee stock ownership plan (ESOP)	NA	0	(14,400,386)	(14,032,728)
Accumulated other comprehensive income (loss)	(2,725,854)	(4,378,286)	(660,744)	3,023,289
Total stockholders' equity	81,797,823	85,853,032	187,787,446	196,135,902
Total liabilities and stockholders' equity	753,620,877	849,618,363	986,042,071	1,140,212,741

Document Name As Of Date Currency Code (in units)	2017 Y S-1 12/31/2017 USD	2018 Y 10-K 12/31/2018 USD	2019 Y 10-K 12/31/2019 USD	2020 Q2 YTD 10-Q 6/30/2020 USD
Document Name As Of Date Currency Code	2017 Y S-1 3/11/2019 USD	2018 Y 10-K 12/31/2019 USD	2019 Y 10-K 12/31/2019 USD	2020 Q2 YTD 10-Q 6/30/2020 USD
Interest Income
Loans and leases	25,523,463	31,559,268	36,559,926	18,372,062
Investment securities	3,444,124	3,507,674	3,847,101	2,441,420
Other	136,852	132,308	1,150,873	136,477
Total interest income	29,104,439	35,199,250	41,557,900	20,949,959
Interest Expense
Deposits	3,796,077	5,648,261	8,018,394	3,529,008
Borrowings	1,453,922	2,104,058	3,138,084	1,509,645
Total interest expense	5,249,999	7,752,319	11,156,478	5,038,653
Net Interest Income	23,854,440	27,446,931	30,401,422	15,911,306
Provision for losses on loans and leases	1,370,000	1,680,000	2,600,000	1,530,000
Net Interest Income After Provision for Losses on Loans and Leases	22,484,440	25,766,931	27,801,422	14,381,306
Non-Interest Income
Service charges on deposit accounts	1,110,983	1,115,308	1,078,285	360,269
Card fee income	643,919	698,435	748,510	381,355
Loan and lease servicing fees	208,165	335,412	144,238	235,538
Net gains on securities	96,048	14,857	97,580	79,013
Net gains on loan and lease sales	794,171	458,618	646,754	1,258,876
Other loan fees	1,046,348	561,974	545,378	327,576
Other income	615,417	1,109,456	599,089	393,078
Total non-interest income	4,515,051	4,294,060	3,859,834	3,035,705
Non-Interest Expenses
Salaries and employee benefits	12,799,272	12,077,842	14,550,526	6,633,996
Multi-employer pension plan expense	NA	1,724,457	20,492,021	NA
Net occupancy expenses	1,041,380	1,113,005	1,167,754	574,990
Equipment expenses	836,467	986,141	1,000,534	536,703
Data processing fees	1,445,402	1,478,463	1,745,853	948,874
Deposit insurance expense	320,500	600,000	270,983	116,000
Printing and office supplies	137,901	144,702	149,779	58,640
Legal and professional fees	564,570	874,689	1,007,590	568,181
Advertising expense	527,745	543,845	823,516	189,813
Bank service charges	101,968	106,855	135,650	65,820
Donation to establish First Bank Richmond, Inc. Charitable Foundation	NA	0	6,250,000	NA
Loan tax and insurance expense	208,079	512,406	238,858	NA
Real estate owned expense	107,316	NA	NA	3,166
Loss on sale of real estate owned	482,388	NA	NA	0
Other expenses	2,738,972	2,942,397	3,205,091	1,475,131
Total non- interest expenses	21,311,960	23,104,802	51,038,155	11,171,314
Income Before Income Tax Expense (Benefit)	5,687,531	6,956,189	(19,376,899)	6,245,697
Provision (benefit) for income taxes	2,972,190	1,278,238	(5,292,413)	1,287,374
Net Income	2,715,341	5,677,951	(14,084,486)	4,958,323
Earnings Per Share
Basic	NA	0	(1.27)	0.40
Diluted	NA	0	(1.27)	0.40
Consolidated Statements of Comprehensive Income
Net Income	2,715,341	5,677,951	(14,084,486)	4,958,323
Other Comprehensive Income
Unrealized gain on available-for-sale securities, net of tax expense	1,035,279	(1,104,768)	3,789,813	3,743,020
Less - reclassification adjustment for realized gains included in net income, net of tax expense	58,003	10,974	72,271	58,987
Total	977,276	(1,115,742)	3,717,542	3,684,033
Comprehensive Income	3,692,617	4,562,209	(10,366,944)	8,642,356

Document Name As Of Date Currency Code (in units)	2017 Y S-1 12/31/2017 USD	2018 Y 10-K 12/31/2018 USD	2019 Y 10-K 12/31/2019 USD	2020 Q2 YTD 10-Q 6/30/2020 USD
Document Name As Of Date Currency Code	2017 Y S-1 3/11/2019 USD	2018 Y 10-K 12/31/2019 USD	2019 Y 10-K 12/31/2019 USD	2020 Q2 YTD 10-Q 6/30/2020 USD
Operating Activities
Net income	2,715,341	5,677,951	(14,084,486)	4,958,323
Items not requiring (providing) cash
Provision for loan losses	1,370,000	1,680,000	2,600,000	1,530,000
Depreciation and amortization	876,604	895,318	898,311	484,092
Deferred income tax	2,168,789	938,000	(6,239,000)	357,938
Investment securities (accretion) amortization, net	1,247,145	987,330	1,121,613	1,133,521
Investment securities gains	(96,048)	(14,857)	(97,580)	(79,013)
Gain on sale of loans and leases held for sale	(794,171)	(458,618)	(646,754)	(1,258,876)
Loss on sale of real estate owned	482,388	7,737	0	0
Amortization of loan origination fees	(196,566)	NA	NA	NA
Amortization of core deposit intangible	137,479	NA	NA	NA
Accretion of loan origination fees	NA	(188,066)	(190,508)	(447,817)
Amortization of mortgage-servicing rights	210,312	216,882	192,966	167,578
Termination of multi-employer pension plan	NA	0	19,298,000	NA
Common stock contributed to Foundation	NA	0	5,000,000	NA
ESOP shares expense	NA	0	316,131	329,452
Increase in cash surrender value of life insurance	(120,062)	(120,943)	(121,691)	(59,921)
Loans originated for sale	(21,679,725)	(21,727,372)	(27,746,922)	(45,705,608)
Proceeds on loans sold	21,180,745	21,523,222	27,842,122	49,041,089
Net change in
Interest receivable	(120,035)	(417,920)	(366,370)	(1,668,660)
Other assets	(534,251)	(381,847)	253,190	715,669
Other liabilities	(472,588)	(469,532)	2,221,973	(2,094,301)
Interest payable	(159,936)	313,056	(253,975)	51,526
Net cash provided by operating activities	6,215,421	8,460,341	10,097,020	7,454,992
Investing Activities
Net change in interest-bearing time deposits	1,294,975	200,000	0	NA
Purchases of securities available for sale	(3,356,665)	(22,340,455)	(164,291,637)	(82,597,349)
Proceeds from maturities and paydowns of securities available for sale	12,820,971	10,056,658	22,947,574	44,676,712
Proceeds from sales of securities available for sale	17,127,454	5,871,002	65,892,348	22,177,542
Proceeds from maturities and paydowns of securities held to maturity	2,355,000	3,726,110	5,114,909	2,585,037
Net change in loans	(96,251,588)	(97,988,206)	(34,604,814)	(69,212,998)
Proceeds from sales of real estate owned	3,458,265	111,421	172,778	NA
Purchases of premises and equipment	(534,860)	(1,328,520)	(960,004)	(836,686)
Redemption (Purchase) of FHLB stock	(493,000)	156,100	(1,039,800)	(1,479,300)
Net cash used in investing activities	(63,579,448)	(101,535,890)	(106,768,646)	(84,687,042)
Financing Activities
Net change in
Demand and savings deposits	4,115,040	2,142,113	23,588,184	60,126,140
Certificates of deposit	39,978,019	58,099,763	(27,006,191)	61,786,177
Advances by borrowers for taxes and insurance	15,969	42,089	1,971	(47,328)
Redemption of preferred stock	0	(7,000)	0	NA
Proceeds from FHLB advances	169,500,000	459,800,000	85,000,000	40,000,000
Repayment of FHLB advances	(157,800,000)	(427,700,000)	(67,100,000)	(14,000,000)
Repayment of other borrowings	NA	0	(5,207,256)	NA
Proceeds from stock conversion	NA	0	113,020,625	NA
Dividends paid	0	(500,000)	0	(623,352)
Net cash provided by financing activities	55,809,028	91,876,965	122,297,333	147,241,637
Net Change in Cash and Cash Equivalents	(1,554,999)	(1,198,584)	25,625,707	70,009,587
Cash and Cash Equivalents, Beginning of Period	17,724,753	16,169,754	14,971,170	40,596,877
Cash and Cash Equivalents, End of Period	16,169,754	14,971,170	40,596,877	110,606,464
Additional Cash Flows and Supplementary Information
Interest paid	5,409,935	7,439,263	11,410,453	4,987,127
Income tax paid	137,000	NA	NA	NA
Transfers from loans to other real estate owned	230,850	260,524	43,200	31,548

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As Reported Financial Statements

As Reported Financials

Income Statement

Assets

Liabilities

Stockholders' Equity

Interest Income

Interest Expense

Non-Interest Income

Non-Interest Expenses

Earnings Per Share

Consolidated Statements of Comprehensive Income

Other Comprehensive Income

Operating Activities

Items not requiring (providing) cash

Investing Activities

Financing Activities

Net change in

Additional Cash Flows and Supplementary Information

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