As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q1 YTD 3/31/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q1 YTD 3/31/2017 USD

Cash Flows from Operating Activities

Net income 3,431 4,738 5,818 7,474 2,064

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

Provision for loan losses 1,400 1,100 1,100 800 200
Change in deferred loan origination costs/fees, net (667) (752) (350) (491) (134)
Depreciation and amortization 1,408 1,306 1,151 1,076 271
Stock-based compensation expense 38 81 70 116 43
Loss on sale of investments 0 (128) (21) 32 17
Amortization of investment security premiums 445 487 506 650 144
Accretion of investment security discounts (6,000) (8,000) (4,000) (6,000) NA
Gain on sale of OREO and other vehicles (12) (59) (78) (36) (5)
Gain on sale of loans held for sale (1,399) (1,396) (1,942) (1,770) (528)
Loans originated for sale (17,609) (22,063) (26,699) (30,368) (11,202)
Proceeds from loan sales 21,733 21,592 29,430 30,727 9,198
Provision from change in OREO valuation 486 240 79 37 9
Net gain on sale of OREO (171,000) (101,000) (198,000) (60,000) NA
Earnings on bank-owned life insurance (344) (341) (342) (341) (82)
(Benefit) provision for deferred income taxes 2,085,000 1,165,000 (539,000) (660,000) NA
Decrease in accrued interest receivable and other assets 613 (620) (1,294) 981 1,453
Decrease in accrued interest payable and other liabilities (724) 104 540 738 (1,473)
Net cash (used in) provided by operating activities 10,707 5,345 7,227 8,899 (25)

Cash Flows from Investing Activities

Proceeds from principal repayments from available-for-sale government-sponsored mortgage-backed securities 8,376 9,692 12,015 13,905 3,096
Purchases of available-for-sale securities (34,734) (40,511) (34,609) (39,643) (16,291)
Proceeds from matured and called available- for-sale investment securities 14,000,000 16,044,000 3,499,000 4,000,000 NA
Proceeds from sale of available-for-sale securities 0 16,325 12,260 14,589 4,221
Net increase in loans (31,864) (31,733) (32,777) (60,619) (6,405)
Proceeds from sale of OREO 2,404 3,399 2,281 2,245 75
Proceeds from sale of premises and equipment 0 0 1,032,000 42,000 NA
Proceeds from sale of other vehicles 148 318 445 331 66
Purchase of premises and equipment (352) (225) (2,645) (600) (118)
Net cash used in investing activities (42,022) (26,691) (38,499) (65,750) (15,356)

Cash Flows from Financing Activities

Net increase (decrease) in demand, interest bearing and savings deposits 45,770 24,793 63,464 57,738 8,531
Net decrease in time deposits (7,893) (6,341) (4,079) (2,661) (1,591)
Principal payment on note payable 0 (2,000) (125) (2,500) (125)
Repurchase of common stock warrant (234,000) 0 0 (862,000) NA
Redemption of preferred stock (11,384,000) NA NA NA NA
Payment of cash dividend on preferred stock (1,968,000) NA NA NA NA
Net decrease in securities sold under agreements to repurchase 1,732 517 (1,955) (124) (2,249)
Issuance of subordinated debenture, net of discount 7,182,000 NA NA NA NA
Redemption of subordinated debenture 0 0 (7,500,000) 0 NA
Issuance of common stock warrant 318,000 NA NA NA NA
Issuance of note payable 3,000,000 NA NA NA NA
Cash dividends paid on common stock NA 0 0 (489,000) NA
Increase in note payable 0 0 4,000,000 0 NA
Proceeds from exercise of stock options 34 34 88 200 123
Net cash provided by (used in) financing activities 36,557 17,003 53,893 51,302 4,689
Decrease in cash and cash equivalents 5,242 (4,343) 22,621 (5,549) (10,692)
Cash and Cash Equivalents at Beginning of Year 44,675 49,917 45,574 68,195 62,646
Cash and Cash Equivalents at End of Period 49,917 45,574 68,195 62,646 51,954

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for

Interest expense 2,438 1,560 1,172 1,022 256
Income taxes 30 1,916 4,405 5,206 0

Non-Cash Investing Activities

Real estate and vehicles acquired through foreclosure 3,824 729 328 1,201 50
Vehicles acquired through repossession 155,000 211,000 382,000 277,000 NA
Loans provided for sales of real estate owned 40,000 95,000 593,000 2,073,000 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.