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 Q2 YTD 6/30/2018 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 Q2 YTD 6/30/2018 USD

Cash flows from operating activities

Net income 2,442 2,433 4,945 8,905 4,148

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

Provision for loan losses 900 500 1,557 900 1,200
Loss on sale of other real estate owned 9 NA NA NA NA
Write down of other real estate owned 1,138 3,069 355 3,000 0
Depreciation and amortization 2,382 3,080 3,518 4,618 2,822
Deferred income taxes (142) (84) (380) (5,056) NA
Stock based compensation 420 600 759 1,842 1,052
Loss (gain) on sale of investment securities (458) (108) (656) 146 1
Impairment charges on investment securities 7 3 7 0 NA
Amortization of premiums on investment securities 540 840 1,980 2,469 1,497
Accretion of discounts on retained SBA loans (899) (1,005) (1,364) (1,088) (678)
Fair value adjustments on SBA servicing assets 655 14 1,075 1,187 833
Proceeds from sales of SBA loans originated for sale 51,388 32,922 58,107 42,269 24,283
SBA loans originated for sale (43,416) (31,760) (53,627) (37,062) (23,331)
Gains on sales of SBA loans originated for sale (4,717) (3,139) (4,981) (3,378) (1,838)
Proceeds from sales of mortgage loans originated for sale 0 0 163,414 311,187 156,560
Mortgage loans originated for sale 0 0 (161,717) (321,222) (145,366)
Fair value adjustment for mortgage loans originated for sale NA 0 (483) (846) 41
Gains on mortgage loans originated for sale 0 0 (3,712) (8,128) (4,058)
Amortization of intangible assets 0 0 43 61 0
Amortization of debt issuance costs 24 24 24 29 3
Increase in accrued interest receivable and other assets (1,796) (2,966) (2,729) (2,330) (807)
Net (increase) decrease in accrued interest payable and other liabilities 325 213 (846) 1,513 (616)
Net cash provided by operating activities 8,802 4,636 5,289 (984) 15,746

Cash flows from investing activities

Purchase of investment securities available for sale (78,825) (146,668) (207,482) (165,065) (79,595)
Purchase of investment securities held to maturity 0 (121,402) (294,187) (89,350) (61,083)
Proceeds from the sale of securities available for sale 5,700 11,707 78,585 31,197 5,713
Proceeds from the maturity or call of securities available for sale 25,822 31,159 36,982 48,547 26,378
Proceeds from the maturity or call of securities held to maturity 2,308 16,689 33,160 37,315 28,030
Purchase of restricted stock 413 (1,902) 1,693 (552) (6,461)
Net increase in loans (104,357) (106,616) (89,428) (197,965) (156,855)
Net proceeds from sale of other real estate owned 197 792 1,400 499 407
Net cash paid in acquisition 0 0 (5,913) 0 NA
Premises and equipment expenditures (14,664) (14,214) (14,291) (22,525) (7,944)
Net cash used in investing activities (163,406) (330,455) (459,481) (357,899) (251,410)

Cash flows from financing activities

Net proceeds from stock offering 44,853 0 99,175 0 NA
Net proceeds from exercise of stock options 1 64 726 646 561
Net increase in demand, money market and savings deposits 206,163 184,859 384,786 380,052 63,787
Net increase (decrease) in time deposits (3,467) (7,791) 43,586 5,573 7,059
Increase in short-term borrowings 0 47,000 (66,666) 0 161,669
Net cash provided by financing activities 247,550 224,132 461,607 386,271 233,076
Net (decrease) increase in cash and cash equivalents 92,946 (101,687) 7,415 27,388 (2,588)
Cash and cash equivalents, beginning of year 35,880 128,826 27,139 34,554 61,942
Cash and cash equivalents, end of period 128,826 27,139 34,554 61,942 59,354

Supplemental disclosures

Interest paid 4,616 5,401 6,664 8,935 6,330
Income taxes paid 70 0 190 75 0
Non-cash transfers from loans to other real estate owned 1,000 11,459 616 291 0
Transfer of available-for-sale-securities to held-to-maturity securities 70,118 NA NA NA NA
Conversion of subordinated debt to common stock NA 0 0 229 10,094
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