Financial Highlights

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

CASH FLOWS FROM OPERATING ACTIVITIES

Net income 2,357 6,553 6,754 3,185 9,328

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

Provision for loan losses (194) 890 1,516 1,367 239
Depreciation and amortization of premises and equipment 736 1,043 1,090 1,144 1,305
Amortization and accretion of investment securities 954 971 741 556 455
Amortization of deferred loan fees and costs (306) (346) (485) (602) (543)
Amortization of core deposit intangible 347 544 431 409 784
Stock-based compensation 91 39 71 115 133
Accretion on acquired loans (732) (1,363) (1,146) (1,061) (2,647)
Amortization of acquisition premium on time deposits (460) (829) (662) (292) (171)
Net accretion of acquisition discount on borrowings (188) (376) (256) (89) (11)
Deferred income taxes 130 970 151 2,325 NA
Increase in cash surrender value of bank-owned life insurance (269) (626) (591) (575) (513)
Proceeds from loans held for sale NA NA NA NA 18,317
Originations of loans held for sale NA 0 0 (98) (19,223)
Gain on the sale of securities 46 (332) (22) (1) NA
Fees on the sale of mortgages NA NA NA NA (293)
Net loss on sale and write-downs of foreclosed real estate 251 139 158 442 100
Loss (gain) on sale of premises and equipment (6) 279 20 (5) 179
Net write-down on assets held for sale NA NA NA NA 178
Change in assets and liabilities
Net change in accrued interest receivable (34) 94 (418) (432) (26)
Net change in other assets 538 (313) 1,328 526 2,330
Net change in accrued expenses and other liabilities 138 (454) (199) (356) (10,409)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES 3,399 6,883 8,481 6,558 (488)

CASH FLOWS FROM INVESTING ACTIVITIES

(Purchase) redemption of FHLB stock 336 (588) (139) 1,265 (964)
Redemption of non-marketable securities 159 191 2 73 219
Purchase of Bank owned life insurance (10,000) NA NA NA NA
Purchase of investment securities available for sale (10,396) (9,339) (2,016) (1,523) 0
Maturities of investment securities available for sale 8,924 12,430 10,693 4,255 1,400
Mortgage-backed securities pay-downs 11,003 9,210 8,223 6,015 8,626
Proceeds from sale of investment securities available for sale 504 8,086 624 21,972 NA
Net change in loans outstanding 11,877 (56,073) (59,711) (108,814) (7,493)
Cash received from acquisition 15,406 21,229 0 28,513 NA
Proceeds from sale of foreclosed real estate 1,440 635 2,062 1,442 657
Proceeds from sale of premises and equipment 18 1,159 6 9 NA
Proceeds from sale of assets held for sale NA 0 (781) 0 NA
Purchases of premises and equipment (735) (3,900) 812 (931) (1,200)
NET CASH (USED) PROVIDED BY INVESTING ACTIVITIES 28,536 (16,960) (40,225) (47,724) 1,245

CASH FLOWS FROM FINANCING ACTIVITIES

Net change in deposits (51,303) 1,904 29,162 89,356 (20,712)
Proceeds from short-term debt 6,717 48,111 27,000 0 NA
Repayments on short-term debt 0 (38,972) (19,327) (26,722) (17,266)
Proceeds from long-term debt 0 10,000 0 0 38,000
Repayments on long-term debt (1,988) (6,711) (5,664) (14,653) 0
Preferred stock dividends paid (38) (77) (4) 0 NA
Redemption of preferred stock 0 0 (7,645) 0 NA
Proceeds from issuance of common stock NA NA NA NA 63,250
Direct expenses related to capital transactions NA NA NA NA (3,444)
Proceeds from stock option exercises 218 821 527 166 113
NET CASH PROVIDED BY FINANCING ACTIVITIES (46,394) 15,076 24,049 48,147 59,941
NET CHANGE IN CASH AND CASH EQUIVALENTS (14,459) 4,999 (7,695) 6,981 60,698
CASH AND CASH EQUIVALENTS, BEGINNING 72,869 58,410 63,409 55,714 62,695
CASH AND CASH EQUIVALENTS, ENDING 58,410 63,409 55,714 62,695 123,393

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for

Interest 4,468 3,586 3,744 4,900 6,654
Income Taxes 213 2,983 2,591 3,471 1,529

Non-cash transactions

Unrealized (losses) gains on investment securities available for sale, net of tax 917 (319) (132) (41) (790)
Transfers from loans to foreclosed real estate 1,197 590 1,418 2,543 519
Transfer from premises and equipment to assets held for sale 0 846 781 0 NA

Acquisition

Assets acquired (excluding goodwill) 277,083 9,975 0 278,772 NA
Liabilities assumed 245,878 31,204 0 256,052 NA
Other equity interests acquired 36,517 NA NA NA NA
Purchase price 38,136 21,277 0 40,693 NA
Goodwill recorded 6,931 0 0 17,973 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.