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As Reported Financial Statements

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 2019 Q2 YTD 6/30/2019 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 2019 Q2 YTD 6/30/2019 USD

Cash flows from operating activities

Net income 9,030 12,350 13,830 17,433 10,656

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

Net accretion of premiums and discounts on investment securities 99 1,737 (31) (54) (364)
(Credit) provision for loan losses 3,230 3,914 1,341 3,440 (646)
Provision for deferred income taxes (966) (1,104) 3,908 1,284 189
Net gain on sales of available for sale securities 0 115 (165) (222) (76)
Change in fair value of marketable equity securities NA NA NA NA (59)
Depreciation and amortization 1,685 1,729 1,513 1,732 1,688
Amortization of debt issuance costs 0 51 52 52 26
Increase in cash surrender value of bank-owned life insurance (727) (693) (1,170) (1,057) (503)
Loan principal sold from loans originated for sale (6,929) (3,313) (3,485) 0 NA
Proceeds from sales of loans originated for sale 7,546 3,381 4,626 0 NA
Originations of loans held for sale 0 (254) 0 0 NA
Net gain on sales of loans (1,113) (466) (1,427) (984) (706)
Stock-based compensation 1,033 1,188 917 1,290 495
Net (accretion) amortization of purchase accounting adjustments (104) (136) (80) 239 (39)
Loss on sale of premises and equipment NA 0 0 44 2
Loss on sale and write-downs of foreclosed real estate 184 25 128 0 NA
Net change in
Deferred loan fees 668 466 (829) (745) (195)
Accrued interest receivable (748) (887) (952) (465) 210
Other assets (519) (3,006) (1,740) (1,008) (19,136)
Accrued expenses and other liabilities 779 2,275 4,136 (1,002) 7,767
Net cash (used in) provided by operating activities 13,148 17,372 20,572 19,977 (691)

Cash flows from investing activities

Proceeds from principal repayments on available for sale securities 1,877 770 5,217 9,430 4,475
Proceeds from principal repayments on held to maturity securities 220 205 212 180 113
Net proceeds from sales and calls of available for sale securities 22,030 60,696 54,705 12,377 10,955
Net proceeds from sales and calls of held to maturity securities 1,000 0 5,690 0 NA
Purchases of marketable equity securities NA 0 0 (2,003) (22)
Purchase of held to maturity securities 0 (6,835) (10,609) 0 NA
Purchase of bank-owned life insurance 0 (9,000) (5,000) 0 NA
Purchases of available for sale securities 0 (110,485) (64,700) (24,379) (12,270)
Net decrease (increase) in loans (218,772) (218,603) (177,549) (68,923) 34,779
Loan principal sold from loans not originated for sale (23,380) (4,069) (14,264) (8,980) (15,964)
Proceeds from sales of loans not originated for sale 24,462 4,467 14,805 9,964 16,670
Purchases of premises and equipment (938) (8,401) (1,874) (3,351) (395)
Reduction (purchase) of Federal Home Loan Bank stock (445) (1,389) (1,239) 1,073 635
Proceeds from sale of foreclosed real estate 400 951 144 0 NA
Net cash provided by (used in) investing activities (193,546) (291,693) (194,462) (74,612) 38,976

Cash flows from financing activities

Net change in time certificates of deposit 128,379 165,224 29,417 (16,541) 24,808
Net change in other deposits 83,257 76,930 79,967 120,380 (49,321)
Net change in FHLB advances (9,000) 40,000 39,000 (39,000) (10,000)
Proceeds from exercise of warrants 3,780 200 663 400 0
Proceeds from exercise of options 501 1,106 1,368 536 30
Issuance of subordinated debt 25,000 NA NA NA NA
Redemption of SBLF preferred stock (10,980) NA NA NA NA
Dividends paid on common stock (376) (1,661) (2,149) (3,759) (2,042)
Dividends paid on preferred stock (125) NA NA NA NA
Net tax benefit related to stock-based compensation 0 280 0 0 NA
Repurchase of common stock NA NA NA NA (988)
Net cash (used in) provided by financing activities 220,436 282,079 148,266 62,016 (37,513)
Net increase in cash and cash equivalents 40,038 7,758 (25,624) 7,381 772

Cash and cash equivalents

Beginning of year 48,559 88,597 96,355 70,731 78,112
End of period 88,597 96,355 70,731 78,112 78,884

Supplemental disclosures of cash flows information

Cash paid for

Interest 7,544 11,793 16,582 18,662 14,140
Income taxes 6,136 8,584 8,020 3,685 828

Noncash investing and financing activities

Loans transferred to other real estate owned 883 NA NA NA 1,217
Net change in unrealized gains or losses on available for sale securities (430) 6 (522) (1,854) 2,594
Net change in unrealized gains or losses on interest rate swaps NA 659 843 (1,267) (10,046)
Establishment of right-of-use asset and lease liability NA NA NA NA 10,584
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.