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As Of Filer Filing For·On·As Docs:Size Issuer Agent 11/22/10 Manasota Group, Inc. 10-Q 9/30/10 5:358K Vintage/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 184K 2: EX-31.1 Certification per Sarbanes-Oxley Act (Section 302) HTML 15K 3: EX-31.2 Certification per Sarbanes-Oxley Act (Section 302) HTML 15K 4: EX-32.1 Certification per Sarbanes-Oxley Act (Section 906) HTML 8K 5: EX-32.2 Certification per Sarbanes-Oxley Act (Section 906) HTML 8K
Unassociated Document |
Florida
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65-0840545
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(State
or Other Jurisdiction of
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(IRS
Employer
|
Incorporation
or Organization)
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Identification
No.)
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Large
Accelerated Filer ¨
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Accelerated
Filer ¨
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Non-Accelerated
Filer ¨
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Smaller
reporting company ¨
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Part
I. Financial Information
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|
Item
1. Financial Statements (unaudited)
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3
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3
|
|
Consolidated
Statements of Income for the Nine Months Ended
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4
|
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Consolidated
Statements of Cash Flows for the Nine Months Ended
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5
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Consolidated
Statements of Changes in Shareholders' Equity for the Nine
|
|
Months
Ended September 30, 2010 and 2009
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6
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Notes
to Consolidated Financial Statements
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7
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Item
2. Management's Discussion and Analysis of Financial Conditions and
Results of Operations
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8
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Item
3.Quantitative and Qualitative DisclosuresAbout Market
Risk
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9
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Item
4T. Controls and Procedures
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9
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Part
II. Other Information
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Item
1. Legal Proceedings
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10
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Item
1A. Risk Factors
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10
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Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
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10
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Item
3. Defaults Upon Senior Securities
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10
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Item
4. Submission of Matters to a Vote of Security Holders
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10
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Item
5. Other Information
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10
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Item
6. Exhibits
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10
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(Unaudited)
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||||||||
ASSETS
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||||||||
Cash
and cash equivalents
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||||||||
Cash
and due from banks
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$ | 193 | $ | 9,719,,612 | ||||
Federal
funds sold
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— | — | ||||||
Total
cash and cash equivalents
|
193 | 9,719,612 | ||||||
Securities:
|
||||||||
Held
to maturity, at amortized cost
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— | 11,462,744 | ||||||
Available-for-sale
at fair value
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— | 13,080,811 | ||||||
Loans
held for sale
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— | 1,262,199 | ||||||
Loans
receivable, net
|
— | 151,127,759 | ||||||
Property
and equipment, net
|
1,272,588 | 3,698,502 | ||||||
Other
real estate owned
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— | 2,579,138 | ||||||
Other
assets
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— | 6,568,241 | ||||||
$ | 1,272,781 | $ | 199,499,006 | |||||
Liabilities
|
||||||||
Deposits
|
||||||||
Noninterest-bearing
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$ | — | $ | 9,686,614 | ||||
Interest-bearing
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— | 164,889,658 | ||||||
Total
deposits
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— | $ | 174,576,272 | |||||
Federal
Home Loan Bank borrowings
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— | 18,000,000 | ||||||
Dividends
Payable
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— | — | ||||||
Note
Payable
|
969,066 | 1,065,205 | ||||||
Other
liabilities
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91,000 | 190,368 | ||||||
Total
liabilities
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1,060,066 | 193,831,845 | ||||||
Shareholders'
equity
|
||||||||
Preferred
stock, $.01 par value 1,000,000 shares authorized; none
outstanding
|
||||||||
Treasury
stock outstanding 39,733 shares at September 30, 2010
and 39,773 shares at December 31, 2009
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(479,393 | ) | (479,393 | ) | ||||
Common
stock, $.01 par value 25,000,000 shares authorized; 1,809,912 Issued and
1,770,139 outstanding at September 30, 2010 and at December 31,
2009
|
18,099 | 18,099 | ||||||
Additional
paid in capital
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10,428,214 | 10,428,214 | ||||||
Retained
earnings
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(9,754,205 | ) | (4,006,176 | ) | ||||
Accumulated
other comprehensive income (loss), net of tax
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— | (293,583 | ) | |||||
Total
shareholders' equity
|
212,715 | 5,667,161 | ||||||
$ | 1,272,781 | $ | 199,499,006 |
Nine
Months Ended September 30,
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||||||||
2009
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||||||||
Interest
income
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||||||||
Interest
and fees on loans
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$ | — | $ | 7,870,732 | ||||
Interest
on investment securities
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— | 1,191,259 | ||||||
Interest
on federal funds
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— | 3,455 | ||||||
Total
interest income
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— | 9,065,446 | ||||||
Interest
expense
|
||||||||
Interest
on deposits
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— | 3,635,155 | ||||||
Interest
on borrowings
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42,037 | 836,305 | ||||||
Total
interest expense
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42,037 | 4,471,460 | ||||||
Net
interest income
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(42,037 | ) | 4,593,986 | |||||
Provision
for loan losses
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— | 8,791,842 | ||||||
Net
interest income after provision for loan losses
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(42,037 | ) | (4,197,856 | ) | ||||
Noninterest
income
|
||||||||
Gain
on sales of loans
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— | 302,337 | ||||||
Gain
on sale of servicing
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— | 200,392 | ||||||
Gain/(loss)
on sale of repossessed assets
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— | (4,201 | ) | |||||
Loss
on closure of subsidiary
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(5,692,696 | ) | ||||||
Gain
on sale of other assets, net
|
49,400 | 7,500 | ||||||
Recognized
impairment of bank owned real estate
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— | (394,279 | ) | |||||
Recognized
loss on securities available for sale
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— | (1,524,534 | ) | |||||
Service
charges on deposit accounts
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— | 54,463 | ||||||
Miscellaneous
, other
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— | 180,409 | ||||||
Total
noninterest income
|
(5,643,296 | ) | (1,177,913 | ) | ||||
Noninterest
expense
|
||||||||
Salaries
and benefits
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— | 1,788,383 | ||||||
Building
and equipment expense
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3,408 | 704,966 | ||||||
Professional
fees
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41,265 | 229,425 | ||||||
Data
processing and software expense
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— | 294,051 | ||||||
Other
noninterest expense
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18,023 | 876,847 | ||||||
Total
noninterest expense
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62,696 | 3,893,672 | ||||||
Income/(loss)
before income taxes
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(5,748,029 | ) | (9,269,441 | ) | ||||
Income
tax expense
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— | (2,669,534 | ) | |||||
Net
Income/(loss)
|
$ | (5,748,029 | ) | $ | (6,599,907 | ) | ||
Basic
earnings/(loss) per share
|
$ | (3.25 | ) | $ | (3.73 | ) | ||
Diluted
earnings per share
|
$ | (3.25 | ) | $ | (3.71 | ) |
For the nine months
ended September 30,
|
For the nine months
ended September 30,
|
|||||||
Cash
flows from operating activities
|
||||||||
Net
cash provided by operating activities
|
$ | (7,246,766 | ) | $ | 499,639 | |||
Cash
flows from investing activities
|
||||||||
Proceeds
from sale of other assets
|
49,400 | 162,969 | ||||||
Proceeds
from sale of loan servicing
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— | 9,328,258 | ||||||
Purchase
of securities held to maturity
|
— | (1,019,875 | ) | |||||
Purchase
of securities available for sale
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— | (500,000 | ) | |||||
Proceeds
from maturities and principal repayments of securities available for
sale
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— | 2,508,836 | ||||||
(Purchase)/Repayment
of Federal Home Loan Bank Stock
|
— | 125,750 | ||||||
Other
real estate owned
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— | (155,970 | ) | |||||
Increase
in funded loans held for sale
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— | (6,825,529 | ) | |||||
Loan
originations, net
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— | (2,392,428 | ) | |||||
Property
and equipment expenditures, net
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(2,425,914 | ) | (216,109 | ) | ||||
Net
cash provided (used) by investing activities
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(2,376,514 | ) | 1,015,902 | |||||
Cash
flows from financing activities
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||||||||
Exercise
of warrants and options
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— | 9,312 | ||||||
Increase
in deposits
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— | 7,140,343 | ||||||
Increase/(decrease)
in fed funds purchased
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— | — | ||||||
Increase/(decrease)
in borrowings, net
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— | (3,000,000 | ) | |||||
Increase/(decrease)
in Note Payable by Parent
|
(96,139 | ) | 240,868 | |||||
Net
cash provided by financing activities
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(96,139 | ) | 4,390,523 | |||||
Net
change in cash and cash equivalents
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(9,719,419 | ) | 5,906,064 | |||||
Cash
and cash equivalents at beginning of period
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9,719,612 | 2,383,783 | ||||||
Cash
and cash equivalents at end of period
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$ | 193 | $ | 8,289,847 |
Accumulated
|
||||||||||||||||||||||||||||
Common
Stock
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Treasury
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Paid
in
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Retained
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Other
|
||||||||||||||||||||||||
Shares
|
Par Value
|
Stock
|
Capital
|
Earnings
|
Income
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Total
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||||||||||||||||||||||
Balance,
December 31, 2008
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1,768,446 | $ | 18,082 | (479,393 | ) | $ | 10,358,919 | $ | 4,116,602 | $ | (1,219,680 | ) | $ | 12,794,530 | ||||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||||||
Net
income, nine-month period ended September 30, 2009
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— | — | — | (6,599,907 | ) | — | (6,599,907 | ) | ||||||||||||||||||||
Net
unrealized loss on securities, nine-month period ended September 30,
2009
|
— | — | — | 979,275 | 979,275 | |||||||||||||||||||||||
Total
comprehensive income/(loss) net of tax
|
— | — | — | — | (5,620,632 | ) | ||||||||||||||||||||||
Repurchase
of common stock
|
1,693 | 17 | - | 9,295 | 9,312 | |||||||||||||||||||||||
Stock
Based Compensation
|
45,000 | 45,000 | ||||||||||||||||||||||||||
Balance,
September 30, 2009
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1,770,139 | $ | 18,099 | $ | (479,393 | ) | $ | 10,413,214 | $ | (2,483,305 | ) | $ | (240,405 | ) | $ | 7,228,210 | ||||||||||||
Balance,
December 31, 2009
|
1,770,139 | $ | 18,099 | $ | (479,393 | ) | $ | 10,428,214 | $ | (4,006,176 | ) | $ | (293,583 | ) | $ | 5,667,161 | ||||||||||||
Comprehensive Income:
|
||||||||||||||||||||||||||||
Net
income, nine-month period ended September 30, 2010
|
— | — | — | (5,748,029 | ) | — | (5,748,029 | ) | ||||||||||||||||||||
Net
unrealized gain on securities, nine-month period ended September 30,
2010
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— | — | — | 293,583 | 293,583 | |||||||||||||||||||||||
Total
comprehensive income/(loss) net of tax
|
— | — | — | — | (5,454,446 | ) | ||||||||||||||||||||||
Stock
Based Compensation
|
— | — | ||||||||||||||||||||||||||
Balance,
September 30, 2010
|
1,770,139 | $ | 18,099 | $ | (479,393 | ) | $ | 10,428,214 | $ | (9,754,205 | ) | $ | — | $ | 212,715 |
31.1
|
Certification
of Chief Executive Officer
|
31.2
|
Certification
of Chief Financial Officer
|
32.1
|
Certification
Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
|
32.2
|
Certification
of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
Charles
S. Conoley
|
|
President
and Chief Executive Officer
|
|
(Principal
Executive Officer)
|
|
Kathleen
M. Jepson
|
|
Acting
Chief Financial Officer
|
|
(Principal
Financial and Accounting Officer)
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 11/22/10 | |||
For Period End: | 9/30/10 | NT 10-Q | ||
9/10/10 | 8-K | |||
12/31/09 | 10-K, NT 10-K | |||
10/22/09 | ||||
9/30/09 | 10-Q | |||
12/31/08 | 10-K | |||
10/25/99 | ||||
List all Filings |