Financial Highlights

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

CASH FLOWS FROM OPERATING ACTIVITIES

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

Adjustments to reconcile net income to net cash provided by operating activities

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

CASH FLOWS FROM INVESTING ACTIVITIES

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

CASH FLOWS FROM FINANCING ACTIVITIES

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

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the period for

Interest paid 3,586 3,744 4,900 9,210
Income taxes paid 2,983 2,591 3,471 2,277

Non-cash transactions

Change in fair value of investment securities available for sale, net of tax (319) (132) (41) 457
Transfer from loans to foreclosed real estate 590 1,418 2,543 618
Transfer from premises and equipment to assets held for sale 846 781 0 0

Acquisition

Assets acquired (excluding goodwill) 9,975 0 279,142 0
Liabilities assumed 31,204 0 256,422 0
Purchase price 21,277 0 40,693 0
Goodwill recorded 0 0 17,973 0
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.