As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

Cash Flows from Operating Activities

Net income 4,738 5,818 7,474 8,189 10,422

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

Provision for loan losses 1,100 1,100 800 600 800
Change in deferred loan origination costs/fees, net (752) (350) (491) (754) (1,232)
Depreciation and amortization 1,306 1,151 1,076 1,026 749
Stock-based compensation expense 81 70 116 152 148
Loss on sale of investments (128) (21) 32 158 8
Amortization of investment security premiums 487 506 650 615 518
Accretion of investment security discounts (8,000) NA NA NA NA
Gain on equity securities with no readily determinable fair value NA NA NA NA (209)
Gain on sale of OREO and other vehicles (59) (78) (36) (10) (80)
Gain on sale of loans held for sale (1,396) (1,942) (1,770) (2,039) (1,763)
Loans originated for sale (22,063) (26,699) (30,368) (31,348) (34,289)
Proceeds from loan sales 21,592 29,430 30,727 36,583 37,327
Provision from change in OREO valuation 240 79 37 124 38
Net gain on sale of OREO (101,000) (198,000) (60,000) (130,000) NA
Earnings on bank-owned life insurance (341) (342) (341) (338) (246)
Provision (benefit) for deferred income taxes 1,165,000 (539,000) (660,000) 503,000 NA
Increase in accrued interest receivable and other assets (620) (1,298) 975 (513) (74)
Increase (decrease) in accrued interest payable and other liabilities 104 540 738 (1,340) 334
Net cash provided by operating activities 5,345 7,227 8,899 11,478 12,451

Cash Flows from Investing Activities

Proceeds from principal repayments from available-for-sale government-sponsored mortgage-backed securities 9,692 12,015 13,905 12,702 11,349
Purchases of available-for-sale securities (40,511) (34,609) (39,643) (58,341) (40,286)
Proceeds from matured and called available- for-sale investment securities 16,044,000 3,499,000 4,000,000 0 NA
Proceeds from sale of available-for-sale securities 16,325 12,260 14,589 9,594 4,157
Net increase in loans (31,733) (32,777) (60,619) (30,962) (55,871)
Proceeds from Bank owned life insurance NA NA NA NA 338
Proceeds from sale of OREO 3,399 2,281 2,245 689 568
Proceeds from sale of premises and equipment 0 1,032,000 42,000 0 NA
Proceeds from sale of other vehicles 318 445 331 313 400
Purchase of premises and equipment (225) (2,645) (600) (531) (3,079)
Net cash used in investing activities (26,691) (38,499) (65,750) (66,536) (82,424)

Cash Flows from Financing Activities

Net increase in demand, interest bearing and savings deposits 24,793 63,464 57,738 83,866 26,307
Net decrease in time deposits (6,341) (4,079) (2,661) (3,562) (6,122)
Principal payment on note payable (2,000) (125) (2,500) (2,375) 0
Repurchase of common stock warrant 0 0 (862,000) 0 NA
Net (decrease) increase in securities sold under agreements to repurchase 517 (1,955) (124) 3,157 (1,864)
Redemption of subordinated debenture 0 (7,500,000) 0 0 NA
Cash dividends paid on common stock 0 0 (489) (1,398) (920)
Increase in note payable 0 4,000,000 0 0 NA
Proceeds from exercise of stock options 34 88 200 261 291
Net cash provided by financing activities 17,003 53,893 51,302 79,949 17,692
(Decrease) increase in cash and cash equivalents (4,343) 22,621 (5,549) 24,891 (52,281)
Cash and Cash Equivalents at Beginning of Year 49,917 45,574 68,195 62,646 87,537
Cash and Cash Equivalents at End of Period 45,574 68,195 62,646 87,537 35,256

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for

Interest expense 1,560 1,172 1,022 1,012 842
Income taxes 1,916 4,405 5,206 7,175 3,336

Non-Cash Investing Activities

Real estate and vehicles acquired through foreclosure 729 328 1,201 1,293 646
Vehicles acquired through repossession 211,000 382,000 277,000 325,000 NA
Loans provided for sales of real estate owned 95,000 593,000 2,073,000 480,000 NA

Non-Cash Financing Activities

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