Parent corporation only financial statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 19. Parent corporation only financial statements

 

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Balance Sheet

(in thousands)

	December 31,		December 31,
	2016		2015
Assets
Cash and due from banks	$	1,770	$	3,494
Investment in subsidiaries		50,230		38,665
Investment in special purpose subsidiary		264		264
Prepaid expenses and other assets		2,935		45
	$	55,199	$	42,468
Liabilities and Shareholders' Equity
Liabilities
Balance due to nonbank subsidiaries	$	8,764	$	8,764
Other liabilities		2,821		3,345
Total liabilities		11,585		12,109
Shareholders' equity
Preferred stock		23		23
Common stock		5,629		5,562
Additional paid-in capital		58,643		58,497
Warrant surplus		732		732
Accumulated deficit		(21,172)		(33,948)
Stock in directors rabbi trust		(1,034)		(1,034)
Directors deferred fees obligation		1,034		1,034
Accumulated other comprehensive loss		(241)		(507)
Total stockholders' equity		43,614		30,359
	$	55,199	$	42,468

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Statements of Operations and Comprehensive Income (Loss)

Years Ended December 31, 2016, 2015 and 2014

(in thousands)

	2016		2015		2014
Interest income
Village Bank money market	$	8	$	10	$	1
Interest expense
Interest on trust preferred securities		185		213		215
Total interest expense		185		213		215
Net interest expense		(177)		(203)		(214)
Noninterest expense
Write down of assets held for sale		-		1,759		-
Supplies		48		48		54
Professional and outside services		199		412		53
Other		33		52		52
Total noninterest expense		280		2,271		159
Net loss before undistributed income (loss) of subsidiary		(457)		(2,474)		(373)
Undistributed income (loss) of subsidiary		11,087		3,120		(664)
Net income (loss) before income tax expense (benefit)		10,630		646		(1,037)
Income tax expense (benefit)		(2,883)		-		-
Net income (loss)	$	13,513	$	646	$	(1,037)
Total comprehensive income	$	13,779	$	860	$	2,080

Village Bank and Trust Financial Corp.

(Parent Corporation Only)

Condensed Statements of Cash Flows

Years Ended December 31, 2016, 2015 and 2014

(in thousands)

	2016		2015		2014
Cash Flows from Operating Activities
Net income (loss)	$	13,513	$	646	$	(1,037)
Adjustments to reconcile net income (loss) to net cash used in operating activities Writedown on assets held for sale		-		1,759		-
Undistributed (income) loss of subsidiary		(11,087)		(3,120)		664
(Increase) decrease in other assets		(2,890)		258		(239)
Increase (decrease) in other liabilities		(1,260)		(19)		247
Net cash used in operating activities		(1,724)		(476)		(365)
Cash Flows from Investing Activities
Investment in subsidiary		-		(5,000)		-
Net cash used in investing activities		-		(5,000)		-
Cash Flows from Financing Activities
Proceeds from issuance of common stock		-		(79)		(11)
Net proceeds from sale of common stock, net of expenses of $990		-		8,965		-
Net cash provided by (used in) financing activities		-		8,886		(11)
Net increase (decrease) in cash		(1,724)		3,410		(376)
Cash, beginning of year		3,494		84		460
Cash, end of year	$	1,770	$	3,494	$	84