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 Q3 YTD 9/30/2017 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 Q3 YTD 9/30/2017 USD

Cash Flows from Operating Activities

Net income 3,431 4,738 5,818 7,474 7,053

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

Provision for loan losses 1,400 1,100 1,100 800 600
Change in deferred loan origination costs/fees, net (667) (752) (350) (491) (636)
Depreciation and amortization 1,408 1,306 1,151 1,076 775
Stock-based compensation expense 38 81 70 116 122
Loss on sale of investments 0 (128) (21) 32 17
Amortization of investment security premiums 445 487 506 650 451
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) (15)
Gain on sale of loans held for sale (1,399) (1,396) (1,942) (1,770) (1,870)
Loans originated for sale (17,609) (22,063) (26,699) (30,368) (27,236)
Proceeds from loan sales 21,733 21,592 29,430 30,727 31,435
Provision from change in OREO valuation 486 240 79 37 106
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) (253)
(Benefit) provision for deferred income taxes 2,085,000 1,165,000 (539,000) (660,000) NA
(Increase) decrease in accrued interest receivable and other assets 613 (620) (1,294) 981 (1,081)
Decrease in accrued interest payable and other liabilities (724) 104 540 738 (783)
Net cash provided by operating activities 10,707 5,345 7,227 8,899 8,685

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 9,387
Proceeds from matured and called available-for-sale investment securities 14,000 16,044 3,499 4,000 0
Purchases of available-for-sale securities (34,734) (40,511) (34,609) (39,643) (27,811)
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) (21,454)
Proceeds from sale of OREO 2,404 3,399 2,281 2,245 83
Proceeds from sale of premises and equipment 0 0 1,032,000 42,000 NA
Proceeds from sale of other vehicles 148 318 445 331 171
Purchase of premises and equipment (352) (225) (2,645) (600) (226)
Net cash used in investing activities (42,022) (26,691) (38,499) (65,750) (35,629)

Cash Flows from Financing Activities

Net increase in demand, interest bearing and savings deposits 45,770 24,793 63,464 57,738 70,314
Net decrease in time deposits (7,893) (6,341) (4,079) (2,661) (2,817)
Principal payment on note payable 0 (2,000) (125) (2,500) (2,375)
Net increase in securities sold under agreements to repurchase 1,732 517 (1,955) (124) 1,172
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
Repurchase of common stock warrant (234) 0 0 (862) 0
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
Cash dividends paid on common stock NA 0 0 (489) (691)
Increase in note payable 0 0 4,000,000 0 NA
Proceeds from exercise of stock options 34 34 88 200 226
Net cash provided by financing activities 36,557 17,003 53,893 51,302 65,829
Increase in cash and cash equivalents 5,242 (4,343) 22,621 (5,549) 38,885
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 62,646 101,531

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for

Interest expense 2,438 1,560 1,172 1,022 757
Income taxes 30 1,916 4,405 5,206 5,220

Non-Cash Investing Activities

Real estate and vehicles acquired through foreclosure 3,824 729 328 1,201 475
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

Non-Cash Financing Activities

Common stock retired in connection with the exercise of stock options NA NA NA NA 10
Common stock issued in connection with the cashless exercise of stock warrant NA NA NA NA 787
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