Financial Highlights

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

CASH FLOWS FROM OPERATING ACTIVITIES

Net income 6,553 6,754 3,185 13,782 9,994

Adjustments to reconcile net income to net cash (used) provided by operating activities

Provision for loan losses 890 1,516 1,367 (156) 136
Depreciation and amortization of premises and equipment 1,043 1,090 1,144 1,738 2,147
Amortization and accretion of investment securities 971 741 556 560 543
Amortization of deferred loan fees and costs (346) (485) (602) (744) (590)
Amortization of core deposit intangible 544 431 409 1,016 632
Stock-based compensation 39 71 115 178 178
Accretion on acquired loans (1,363) (1,146) (1,061) (3,051) (679)
Amortization of acquisition premium on time deposits (829) (662) (292) (178) (7)
Net accretion of acquisition discount on borrowings (376) (256) (89) (12) 0
Deferred income taxes 970 151 2,325 1,061 NA
Increase in cash surrender value of bank-owned life insurance (626) (591) (575) (686) (504)
Proceeds from loans held for sale NA 0 0 22,726 25,388
Originations of loans held for sale 0 0 (98) (22,711) (25,917)
Gain on sales of loans held for sale NA 0 0 (497) NA
Fees on the sale of mortgages NA NA NA NA (605)
Net loss on sale and write-downs of foreclosed real estate 139 158 442 71 12
Loss on sale of premises and equipment 279 20 (5) 62 8
Loss on assets held for sale NA 0 0 178 NA
Net write-down on assets held for sale NA NA NA NA 8
Gain on sale of securities (332) (22) (1) 0 (48)
Change in assets and liabilities
Net change in accrued interest receivable 94 (418) (432) 108 (13)
Net change in other assets (313) 1,328 526 2,578 (1,656)
Net change in accrued expenses and other liabilities (454) (199) (356) (11,210) (408)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES 6,883 8,481 6,558 4,813 8,619

CASH FLOWS FROM INVESTING ACTIVITIES

Redemption (purchase) of FHLB stock (588) (139) 1,265 (793) 238
Redemption of non-marketable securities 191 2 73 257 43
Purchase of investment securities available for sale (9,339) (2,016) (1,523) 0 (37,948)
Maturities of investment securities available for sale 12,430 10,693 4,255 1,400 2,883
Proceeds from the sale of securities 8,086 624 21,972 0 1,125
Cash received from branch acquisitions 21,229 0 28,513 0 24,093
Mortgage-backed securities pay-downs 9,210 8,223 6,015 9,685 9,367
Net change in loans outstanding (56,073) (59,711) (108,814) (247) (28,837)
Proceeds from sale of foreclosed real estate 635 2,062 1,442 717 103
Proceeds from sale of premises and equipment 1,159 6 9 104 NA
Proceeds from sale of assets held for sale 0 812 0 0 660
Purchases of premises and equipment (3,900) (781) (931) (1,556) (1,167)
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES (16,960) (40,225) (47,724) 9,567 (29,440)

CASH FLOWS FROM FINANCING ACTIVITIES

Net change in deposits 1,904 29,162 89,356 (14,439) (17,786)
Proceeds from short-term debt 48,111 27,000 0 0 NA
Repayments on short-term debt (38,972) (19,327) (26,722) (21,267) (7,000)
Repayments of long-term debt (6,711) (5,664) (14,653) 0 NA
Preferred stock dividends paid (77) (4) 0 0 NA
Redemption of preferred stock 0 (7,645) 0 0 NA
Proceeds from long-term debt 10,000 0 0 38,000 0
Repayment in lease liability NA NA NA NA (565)
Proceeds from issuance of common stock NA 0 0 63,250 0
Direct expenses related to capital transactions NA 0 0 (3,444) 0
Repurchase of common stock NA NA NA NA (8,931)
Proceeds from stock option exercises 821 527 166 187 114
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES 15,076 24,049 48,147 62,287 (34,168)
NET CHANGE IN CASH AND CASH EQUIVALENTS 4,999 (7,695) 6,981 76,667 (54,989)
CASH AND CASH EQUIVALENTS, BEGINNING 58,410 63,409 55,714 62,695 139,362
CASH AND CASH EQUIVALENTS, ENDING 63,409 55,714 62,695 139,362 84,373

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for

Interest 3,586 3,744 4,900 9,210 8,679
Income Taxes 2,983 2,591 3,471 2,277 2,496

Non-cash transactions

Unrealized (losses) gains on investment securities available for sale, net of tax (319) (132) (41) 457 1,120
Transfers from loans to foreclosed real estate 590 1,418 2,543 618 469
Transfer from premises and equipment to assets held for sale 846 781 0 0 NA

Acquisition

Assets acquired (excluding goodwill) 9,975 0 279,142 0 NA
Liabilities assumed 31,204 0 256,422 0 NA
Purchase price 21,277 0 40,693 0 NA
Goodwill recorded 0 0 17,973 0 NA
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.