Parent corporation only financial statements

12 Months Ended

Dec. 31, 2013

Parent corporation only financial statements [Abstract]

Parent corporation only financial statements

Note 18. Parent corporation only financial statements

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Balance Sheet

	December 31,			December 31,
	2013			2012
Assets
Cash and due from banks	$	460,294		$	595,267
Investment in subsidiaries		27,573,876			33,162,750
Investment in special purpose subsidiary		264,000			264,000
Premises and equipment, net		-			1,774,252
Prepaid expenses and other assets		1,823,304			56,904
	$	30,121,474		$	35,853,173
Liabilities and Stockholders' Equity
Liabilities
Balance due to nonbank subsidiaries	$	8,764,000		$	8,764,000
Other liabilities		3,113,405			2,124,372
Total liabilities		11,877,405			10,888,372
Stockholders' equity
Preferred stock		58,952			58,952
Warrant surplus		732,479			732,479
Discount on preferred stock		(50,002	)		(198,993	)
		741,429			592,438
Surplus related to preferred stock (CPP)		14,679,048			14,679,048
Additional paid-in capital		23,374,764			26,026,209
		38,053,812			40,705,257
Common stock		21,353,180			17,007,180
Retained earnings (deficit)		(38,066,154	)		(33,173,525	)
Stock in directors rabbi trust		(877,644	)		-
Directors deferred fees obligation		877,644			-
Accumulated other comprehensive loss		(3,838,198	)		(166,549	)
Total stockholders' equity		18,244,069			24,964,801
	$	30,121,474		$	35,853,173

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Statements of Operations and Comprehensive Loss

Years Ended December 31, 2013, 2012 and 2011

	2013			2012			2011
Interest income
Village Bank money market	$	3,068		$	7,923		$	20,897
Interest expense
Interest on trust preferred securities		237,701			403,997			353,108
Net interest loss		(234,633	)		(396,074	)		(332,211	)
Expenses
Equipment		2,002			7,134			20,148
Supplies		56,572			49,924			16,000
Legal		7,337			-			-
Other outside services		47,158			19,965			11,316
Other		32,956			25,212			27,024
Total expenses		146,025			102,235			74,488
Net loss before undistributed
Net loss before undistributed loss of subsidiary		(380,658	)		(498,309	)		(406,699	)
Undistributed loss of subsidiary		(3,626,080	)		(8,489,198	)		(10,546,079	)
Net loss before income tax benefit		(4,006,738	)		(8,987,507	)		(10,952,778	)
Income tax benefit		-			1,411,493			867,344
	$	(4,006,738	)	$	(10,399,000	)	$	(11,820,122	)
Total comprehensive loss	$	(7,678,387	)	$	(10,558,100	)	$	(11,454,097	)

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Statements of Cash Flows

Years Ended December 31, 2013, 2012 and 2011

	2013			2012			2011
Cash Flows from Operating Activities
Net loss	$	(4,006,738	)	$	(10,399,000	)	$	(11,820,122	)
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		1,425			9,180			16,366
Undistributed earnings of subsidiary		3,626,080			8,489,198			10,546,079
(Increase) decrease in other assets		(7,873	)		5,014,522			(703,922	)
Increase (decrease) in other liabilities		252,133			(3,199,914	)		601,180
Net cash used in operations		(134,973	)		(86,014	)		(1,360,419	)
Cash Flows from Investing Activities
Payments for investments in and advances to subsidiaries		(1,684,075	)		(1,500,000	)		-
Net cash used in investing activities		(1,684,075	)		(1,500,000	)		-
Cash Flows from Financing Activities
Proceeds from issuance of common stock		1,684,075			-			-
Dividends paid on preferred stock		-			-			(184,225	)
Net cash provided by (used in) financing activities		1,684,075			-			(184,225	)
Net decrease in cash		(134,973	)		(1,586,014	)		(1,544,644	)
Cash, beginning of year		595,267			2,181,281			3,725,925
Cash, end of year	$	460,294		$	595,267		$	2,181,281