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As Reported Financial Statements
As Reported Financials
Balance Sheet
Income Statement
Cashflow Statement
Income Statement
Balance Sheet
Income Statement
Cashflow Statement
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
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.
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