Madison County Financial, Inc.
US ˙ OTCPK

Introduction

This page provides a comprehensive analysis of the known insider trading history of Warnemunde David D.. Insiders are officers, directors, or significant investors in a company. It is illegal for insiders to make trades in their companies based on specific, non-public information. This does not mean it is illegal for them to make any trades in their own companies. However, they must report all trades to the SEC via a Form 4. Despite these restrictions, academic research suggests that insiders - in general - tend to outperform the market in their own companies.

Average Trade Profitability

The average trade profitability is the average return of all the open market purchases made by the insider in the last three years. To calculate this, we examine every open-market, unplanned purchase made by the insider, excluding all trades that were marked as part of a 10b5-1 trading plan. We then calculate the average performance of those trades over 3, 6, and 12 months, averaging each of those durations to generate a final performance metric for each trade. Finally, we average all of the performance metrics to calculate a performance metric for the insider. This list only includes insiders that have made at least three trades in the last two years.

If this insiders trade profitability is "N/A", then the insider either has not made any open-market purchases in the last three years, or the trades they’ve made are too recent to calculate a reliable performance metric.

Update Frequency: Daily

See the list of most profitable insider traders.

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Companies with Reported Insider Positions

The SEC filings indicate Warnemunde David D. has reported holdings or trades in the following companies:

Security Title Latest Reported Holdings
US:MCBK / Madison County Financial, Inc. Director 311,950
How to Interpret the Charts

The following charts show the stock performance of securities subsequent to each open-market, non-planned trade made by Warnemunde David D.. Non-planned trade are trades that were not made as part of a 10b5-1 trading plan. The stock performance is charted as cumulative percent change in share price. For example, if an insider trade was made on January 1, 2019, the chart will show the daily percent change of the security to the present day. If the share price were to go from $10 to $15 during this time, the cumulative percent change in share price would be 50%. A change in price from $10 to $20 would be 100%, and a change in price of $10 to $5 would be -50%.

Ultimately, we are trying to determine how closely the insider’s trades correlate to excess returns (positive or negative) in the share price in order to see if the insider is timing their trades to profit from insider information. Consider the situation where an insider was doing this. In this situation, we would expect either (a) positive returns after purchases, or (b) negative returns after sales. In the case of (a), the PURCHASE chart would show a series of upwardly sloping curves, indicating positive returns after each purchase transaction. In the case of (b), the SALE chart would show a series of downward sloping curves, indicating negative returns after each sale transaction.

However, this alone is not enough to draw conclusions. If, for example, the share price of the company was in a non-cyclical climb over many years, then we would expect all the post-purchase plots to be upwardly sloping. Likewise, non-cyclical declines over many years would result in downward sloping post-trade plots. Neither of these charts would suggest insider trading activity.

The strongest indicator would be a situation where the share price was extremely cyclical, and there were both positive signals in the PURCHASE chart and negative plots on the SALE chart. This situation would be highly suggestive of an insider that was timing trades to their financial advantage.

Insider Purchases MCBK / Madison County Financial, Inc. - Short Term Profit Analysis

In this section, we analyze the profitability of every unplanned, open-market insider purchase made in MCBK / Madison County Financial, Inc.. This analysis helps to understand if the insider consistently generates abnormal returns, and is worth following. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market purchases that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Max		 Price at
Max		 Max
Profit ($)		 Max Return (%)
2015-12-01 MCBK Warnemunde David D. 1,400 21.0500 1,400 21.0500 29,470 55 21.5500 700 2.38
2015-11-30 MCBK Warnemunde David D. 100 21.0500 100 21.0500 2,105
2015-11-18 MCBK Warnemunde David D. 1,000 20.5000 1,000 20.5000 20,500
2015-11-16 MCBK Warnemunde David D. 800 20.4700 800 20.4700 16,376
2014-05-23 MCBK Warnemunde David D. 1,100 18.1000 1,100 18.1000 19,910
2014-05-22 MCBK Warnemunde David D. 400 18.1000 400 18.1000 7,240
2013-09-05 MCBK Warnemunde David D. 1,502 17.4000 1,502 17.4000 26,135
2013-09-04 MCBK Warnemunde David D. 51 17.3700 51 17.3700 886
2013-09-04 MCBK Warnemunde David D. 200 17.3737 200 17.3737 3,475
2013-09-04 MCBK Warnemunde David D. 252 17.3800 252 17.3800 4,380
2013-09-04 MCBK Warnemunde David D. 995 17.4000 995 17.4000 17,313
2013-08-19 MCBK Warnemunde David D. 665 17.2000 665 17.2000 11,438
2013-08-19 MCBK Warnemunde David D. 835 17.2999 835 17.2999 14,445
2013-05-17 MCBK Warnemunde David D. 2,500 16.7000 2,500 16.7000 41,750
2012-12-14 MCBK Warnemunde David D. 1,500 14.7900 1,500 14.7900 22,185
2012-12-14 MCBK Warnemunde David D. 1,500 14.8000 1,500 14.8000 22,200
2012-12-06 MCBK Warnemunde David D. 1,380 14.6000 1,380 14.6000 20,148
2012-12-03 MCBK Warnemunde David D. 3,620 14.5997 3,620 14.5997 52,851
2012-11-20 MCBK Warnemunde David D. 200 14.5000 200 14.5000 2,900
2012-11-19 MCBK Warnemunde David D. 200 14.5000 200 14.5000 2,900
2012-11-09 MCBK Warnemunde David D. 518 14.5000 518 14.5000 7,511
2012-11-08 MCBK Warnemunde David D. 150 14.5000 150 14.5000 2,175
2012-11-07 MCBK Warnemunde David D. 5,500 14.5000 5,500 14.5000 79,750
2012-11-02 MCBK Warnemunde David D. 2,000 14.1700 2,000 14.1700 28,340
2012-11-01 MCBK Warnemunde David D. 4,000 14.2000 4,000 14.2000 56,800

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

MCBK / Madison County Financial, Inc. Insider Trades
Insider Sales MCBK / Madison County Financial, Inc. - Short Term Loss Analysis

In this section, we analyze the short-term loss avoidance of every unplanned, open-market insider sale made in MCBK / Madison County Financial, Inc.. A consistent pattern of loss avoidance may suggest that future sale transactions may predict declines in price. This analysis is for one-year following each trade, and the results are theoretical.

The following table shows the most recent open market sales that were not part of an automatic trading plan.

Trade Date Ticker Insider Reported
Shares		 Reported
Price		 Adjusted
Shares		 Adjusted
Price		 Cost Basis Days to
Min		 Price at
Min		 Max Loss
Avoided ($)		 Max Loss
Avoided (%)
There are no known unplanned open-market trades for this insider and security combination

Adjusted Price is the split-adjusted price. Adjusted Shares is the split-adjusted shares.

MCBK / Madison County Financial, Inc. Insider Trades
Insider Trading History

This table shows the complete list of insider trades made by Warnemunde David D. as disclosed to the Securities Exchange Commission (SEC).

File Date Tran Date Form Ticker Security Code 10b5-1 Shares Remaining Shares Percent
Change		 Share
Price		 Tran
Value		 Remaining
Value
2015-12-01 2015-12-01 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 1,400 311,950 0.45 21.05 29,470 6,566,548
2015-12-01 2015-11-30 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 100 310,550 0.03 21.05 2,105 6,537,078
2015-11-18 2015-11-18 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 1,000 310,450 0.32 20.50 20,500 6,364,225
2015-11-17 2015-11-16 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 800 309,450 0.26 20.47 16,376 6,334,442
2015-10-13 2015-10-12 4 MCBK Madison County Financial, Inc.
Common Stock 		A - Award 34,467 308,650 12.57
2015-10-13 2015-10-12 4 MCBK Madison County Financial, Inc.
Common Stock 		A - Award 169,315 274,183 161.46
2014-05-27 2014-05-23 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 1,100 104,868 1.06 18.10 19,910 1,898,111
2014-05-27 2014-05-22 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 400 103,768 0.39 18.10 7,240 1,878,201
2014-02-19 2014-02-14 4 MCBK Madison County Financial, Inc.
Stock Options 		A - Award 14,000 14,000
2014-02-19 2014-02-14 4 MCBK Madison County Financial, Inc.
Common Stock 		A - Award 6,100 103,368 6.27
2013-09-06 2013-09-05 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 1,502 97,268 1.57 17.40 26,135 1,692,463
2013-09-06 2013-09-04 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 995 95,766 1.05 17.40 17,313 1,666,328
2013-09-06 2013-09-04 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 252 94,771 0.27 17.38 4,380 1,647,120
2013-09-06 2013-09-04 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 200 94,519 0.21 17.37 3,475 1,642,145
2013-09-06 2013-09-04 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 51 94,319 0.05 17.37 886 1,638,321
2013-08-20 2013-08-19 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 835 94,268 0.89 17.30 14,445 1,630,827
2013-08-20 2013-08-19 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 665 93,433 0.72 17.20 11,438 1,607,048
2013-05-21 2013-05-17 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 2,500 92,768 2.77 16.70 41,750 1,549,226
2012-12-17 2012-12-14 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 1,500 90,268 1.69 14.80 22,200 1,335,966
2012-12-17 2012-12-14 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 1,500 88,768 1.72 14.79 22,185 1,312,879
2012-12-10 2012-12-06 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 1,380 87,268 1.61 14.60 20,148 1,274,113
2012-12-05 2012-12-03 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 3,620 85,888 4.40 14.60 52,851 1,253,939
2012-11-21 2012-11-20 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 200 82,268 0.24 14.50 2,900 1,192,886
2012-11-21 2012-11-19 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 200 82,068 0.24 14.50 2,900 1,189,986
2012-11-09 2012-11-09 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 518 81,868 0.64 14.50 7,511 1,187,086
2012-11-09 2012-11-08 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 150 81,350 0.18 14.50 2,175 1,179,575
2012-11-09 2012-11-07 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 5,500 81,200 7.27 14.50 79,750 1,177,400
2012-11-05 2012-11-02 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 2,000 75,700 2.71 14.17 28,340 1,072,669
2012-11-05 2012-11-01 4 MCBK Madison County Financial, Inc.
Common Stock 		P - Purchase 4,000 73,700 5.74 14.20 56,800 1,046,540
2012-10-03 3 MCBK Madison County Financial, Inc.
Common Stock 		69,700
P
Open market or private purchase of non-derivative or derivative security
S
Open market or private sale of non-derivative or derivative security
A
Grant, award, or other acquisition of securities from the company (such as an option)
C
Conversion of derivative
D
Sale or transfer of securities back to the company
F
Payment of exercise price or tax liability using portion of securities received from the company
G
Gift of securities by or to the insider
K
Equity swaps and similar hedging transactions
M
Exercise or conversion of derivative security received from the company (such as an option)
V
A transaction voluntarily reported on Form 4
J
Other (accompanied by a footnote describing the transaction)