As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in units) 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 5,818,000 7,474,000 8,189,000 13,992,000

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

Provision for loan losses 1,100,000 800,000 600,000 1,000,000
Change in deferred loan origination costs/fees, net (350,000) (491,000) (754,000) (1,581,000)
Stock-based compensation expense 70,000 116,000 152,000 199,000
Depreciation and amortization 1,151,000 1,076,000 1,026,000 1,042,000
Amortization of investment security premiums 506,000 650,000 615,000 691,000
Loss on sale of investments (21,000) 32,000 158,000 8,000
Gain on equity securities with no readily determinable fair value NA 0 0 (209,000)
Gain on sale of loans held for sale (1,942,000) (1,770,000) (2,039,000) (1,903,000)
Loans originated for sale (26,699,000) (30,368,000) (31,348,000) (38,914,000)
Proceeds from loan sales 29,430,000 30,727,000 36,583,000 41,748,000
Provision from change in OREO valuation 79,000 37,000 124,000 155,000
Net gain on sale of OREO (198,000) (60,000) (130,000) (47,000)
Net gain on sale of other vehicles owned (78,000) (36,000) (10,000) (24,000)
Earnings on bank owned life insurance policies (342,000) (341,000) (338,000) (328,000)
Provision (benefit) for deferred income taxes (539,000) (660,000) 503,000 360,000
(Increase) decrease in accrued interest receivable and other assets (1,298,000) 975,000 (513,000) (1,397,000)
Increase (decrease) in accrued interest payable and other liabilities 540,000 738,000 (1,340,000) 847,000
Net cash provided by operating activities 7,227,000 8,899,000 11,478,000 15,639,000

Cash flows from investing activities

Proceeds from matured and called available- for-sale investment securities 3,499,000 4,000,000 0 0
Proceeds from sale of available-for-sale securities 12,260,000 14,589,000 9,594,000 4,157,000
Purchases of available-for-sale investment securities (34,609,000) (39,643,000) (58,341,000) (56,607,000)
Proceeds from principal repayments from available-for-sale government-guaranteed mortgage-backed securities 12,015,000 13,905,000 12,702,000 15,324,000
Net increase in loans (32,777,000) (60,619,000) (30,962,000) (82,412,000)
Proceeds from bank owned life insurance NA 0 0 338,000
Proceeds from sale of vehicles 445,000 331,000 313,000 473,000
Proceeds from sale of other real estate 2,281,000 2,245,000 689,000 723,000
Proceeds from sale of premises and equipment 1,032,000 42,000 0 0
Purchases of premises and equipment (2,645,000) (600,000) (531,000) (3,866,000)
Net cash used in investing activities (38,499,000) (65,750,000) (66,536,000) (121,870,000)

Cash flows from financing activities

Net increase in demand, interest-bearing and savings deposits 63,464,000 57,738,000 83,866,000 52,982,000
Net increase (decrease) in time deposits (4,079,000) (2,661,000) (3,562,000) 10,926,000
Net increase (decrease) in securities sold under agreements to repurchase (1,955,000) (124,000) 3,157,000 2,984,000
Redemption of subordinated debenture (7,500,000) NA NA NA
Cash dividends paid on common stock 0 (489,000) (1,398,000) (1,842,000)
Increase in note payable 4,000,000 NA NA NA
Principal payment on note payable (125,000) (2,500,000) (2,375,000) 0
Repurchase of common stock warrant 0 (862,000) 0 0
Proceeds from exercise of stock options 88,000 200,000 261,000 330,000
Net cash provided by financing activities 53,893,000 51,302,000 79,949,000 65,380,000
(Decrease) increase in cash and cash equivalents 22,621,000 (5,549,000) 24,891,000 (40,851,000)
Cash and cash equivalents at beginning of year 45,574,000 68,195,000 62,646,000 87,537,000
Cash and cash equivalents at end of year 68,195,000 62,646,000 87,537,000 46,686,000

Supplemental disclosure of cash flow information

Cash paid during the year for

Interest expense 1,172,000 1,022,000 1,012,000 1,212,000
Income taxes 4,405,000 5,206,000 7,175,000 4,506,000

Non-cash investing activities

Real estate acquired through foreclosure 328,000 1,201,000 1,293,000 656,000
Vehicles acquired through repossession 382,000 277,000 325,000 466,000
Loans provided for sales of real estate owned 593,000 2,073,000 480,000 0

Non-Cash Financing Activities

Common stock retired in connection with the exercise of stock options 0 0 10,000 29,000
Common stock issued in connection with the cashless exercise of stock warrant 0 0 787,000 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.