| Restatement Of 2010 Financial Statements |
3. RESTATEMENT OF 2010 FINANCIAL STATEMENTS
The Company concluded on May 10, 2011 to restate the Company's audited consolidated financial statements as of December 31, 2010 (the "Restatement') to correct errors in previously reported amounts. The Restatement related to valuation assessments of impaired loans resulting from updated appraisals obtained on several impaired commercial real estate loans. These updated appraisals were not made available to management in a timely manner to allow for the timely evaluation of property value deteriorations identified from the updated appraisals. Accordingly, the December 31, 2010 consolidated financial statements were restated to account for these reassessments. The effect of this change in the consolidated financial statements was as follows:
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As Reported |
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Adjustment |
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As Restated |
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Consolidated Balance Sheet |
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Loans, net |
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$ |
395,950,879 |
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$ |
(8,472,915 |
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$ |
387,477,964 |
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Other assets |
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9,616,401 |
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3,219,708 |
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12,836,109 |
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Total assets |
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626,992,506 |
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(5,253,207 |
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621,739,299 |
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Retained earnings |
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$ |
89,660,883 |
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$ |
(5,253,207 |
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$ |
84,407,676 |
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Total shareholders' equity |
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79,775,646 |
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(5,253,207 |
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74,522,439 |
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Total liabilities and shareholders' equity |
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626,992,506 |
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(5,253,207 |
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621,739,299 |
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Consolidated Statement of Income |
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Provision for loan losses |
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$ |
10,657,640 |
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$ |
8,472,915 |
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$ |
19,130,555 |
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Net interest income after provision for loan losses |
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24,097,453 |
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(8,472,915 |
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15,624,538 |
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Income (loss) before income taxes |
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2,141,087 |
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(8,472,915 |
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(6,331,828 |
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Provision for (benefit from) income taxes |
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193,955 |
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(3,219,708 |
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(3,025,753 |
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Net income (loss) |
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1,947,132 |
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(5,253,207 |
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(3,306,075 |
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Net income (loss) attributable to USBI |
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2,072,426 |
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(5,253,207 |
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(3,180,781 |
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Basic and diluted net income (loss) attributable to USBI per Share |
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$ |
0.34 |
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$ |
(0.87 |
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$ |
(0.53 |
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Consolidated Statement of Comprehensive Income |
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Net income (loss) attributable to USBI |
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$ |
2,072,426 |
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$ |
(5,253,207 |
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$ |
(3,180,781 |
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Total comprehensive income (loss) |
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1,043,321 |
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(5,253,207 |
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(4,209,886 |
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Consolidated Statement of Cash Flows |
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Net income (loss) |
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$ |
1,947,132 |
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$ |
(5,253,207 |
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$ |
(3,306,075 |
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Provision for loan losses |
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10,657,640 |
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8,472,915 |
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19,130,555 |
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Deferred income tax (benefit) expense |
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(1,956,899 |
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(3,219,708 |
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(5,176,607 |
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Net cash (used in) provided by operating activities |
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16,421,909 |
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— |
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16,421,909 |
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