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 5,818 7,474 8,189 13,992 7,628

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

Provision for loan losses 1,100 800 600 1,000 600
Change in deferred loan origination costs/fees, net (350) (491) (754) (1,581) (480)
Depreciation and amortization 1,151 1,076 1,026 1,042 722
Stock-based compensation expense 70 116 152 199 100
(Gain) loss on sale of investments (21) 32 158 8 (20)
Amortization of investment security premiums 506 650 615 691 371
Gain on equity securities with no readily determinable fair value NA 0 0 (209) 0
Gain on sale of OREO and other vehicles (78) (36) (10) (24) (18)
Gain on sale of loans held for sale (1,942) (1,770) (2,039) (1,903) (475)
Loans originated for sale (26,699) (30,368) (31,348) (38,914) (9,854)
Proceeds from loan sales 29,430 30,727 36,583 41,748 10,837
Provision from change in OREO valuation 79 37 124 155 0
Net gain on sale of OREO (198,000) (60,000) (130,000) (47,000) NA
Earnings on bank-owned life insurance (342) (341) (338) (328) (164)
Provision (benefit) for deferred income taxes (539,000) (660,000) 503,000 360,000 NA
Increase in accrued interest receivable and other assets (1,298) 975 (513) (1,397) (319)
(Decrease) increase in accrued interest payable and other liabilities 540 738 (1,340) 847 (778)
Net cash provided by operating activities 7,227 8,899 11,478 15,639 8,150

Cash Flows from Investing Activities

Proceeds from principal repayments from available-for-sale government-sponsored mortgage-backed securities 12,015 13,905 12,702 15,324 9,829
Purchases of available-for-sale securities (34,609) (39,643) (58,341) (56,607) (19,297)
Proceeds from matured and called available- for-sale investment securities 3,499,000 4,000,000 0 0 NA
Proceeds from sale of available-for-sale securities 12,260 14,589 9,594 4,157 11,379
Net increase in loans (32,777) (60,619) (30,962) (82,412) (27,242)
Proceeds from Bank owned life insurance NA 0 0 338 0
Proceeds from sale of OREO 2,281 2,245 689 723 85
Proceeds from sale of premises and equipment 1,032,000 42,000 0 0 NA
Proceeds from sale of other vehicles 445 331 313 473 316
Purchase of premises and equipment (2,645) (600) (531) (3,866) (608)
Net cash used in investing activities (38,499) (65,750) (66,536) (121,870) (25,538)

Cash Flows from Financing Activities

Net increase in demand, interest bearing and savings deposits 63,464 57,738 83,866 52,982 17,918
Net decrease in time deposits (4,079) (2,661) (3,562) 10,926 (7,272)
Net decrease in securities sold under agreements to repurchase (1,955) (124) 3,157 2,984 (5,114)
Redemption of subordinated debenture (7,500,000) NA NA NA NA
Cash dividends paid on common stock 0 (489) (1,398) (1,842) (1,186)
Increase in note payable 4,000,000 NA NA NA NA
Principal payment on note payable (125,000) (2,500,000) (2,375,000) 0 NA
Repurchase of common stock warrant 0 (862,000) 0 0 NA
Proceeds from exercise of stock options 88 200 261 330 103
Net cash provided by financing activities 53,893 51,302 79,949 65,380 4,449
Decrease in cash and cash equivalents 22,621 (5,549) 24,891 (40,851) (12,939)
Cash and Cash Equivalents at Beginning of Year 45,574 68,195 62,646 87,537 46,686
Cash and Cash Equivalents at End of Period 68,195 62,646 87,537 46,686 33,747

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for

Interest expense 1,172 1,022 1,012 1,212 895
Income taxes 4,405 5,206 7,175 4,506 3,376

Non-Cash Investing Activities

Real estate and vehicles acquired through foreclosure 328 1,201 1,293 656 330
Vehicles acquired through repossession 382,000 277,000 325,000 466,000 NA
Loans provided for sales of real estate owned 593,000 2,073,000 480,000 0 NA

Non-Cash Financing Activities

Common stock retired in connection with the exercise of stock options 0 0 10 29 42
Common stock issued in connection with the cashless exercise of stock warrant 0 0 787,000 0 NA
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