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 $2,433 $4,945 $8,905 $8,627 $807

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

Provision for loan losses $500 $1,557 $900 $2,300 $300
Write down of other real estate owned $3,069 $355 $3,000 $563 $16
Depreciation and amortization $3,080 $3,518 $4,618 $5,447 $2,960
Deferred income taxes ($84) ($380) ($5,056) $1,527 NA
Stock based compensation $600 $759 $1,842 $2,116 $1,382
Net (gain) loss on sale of investment securities ($108) ($656) $146 $67 ($583)
Impairment charges on investment securities $3 $7 0 0 NA
Amortization of premiums on investment securities $840 $1,980 $2,469 $2,878 $1,277
Accretion of discounts on retained SBA loans ($1,005) ($1,364) ($1,088) ($1,332) ($703)
Fair value adjustments on SBA servicing assets $14 $1,075 $1,187 $1,458 $745
Proceeds from sales of SBA loans originated for sale $32,922 $58,107 $42,269 $42,726 $25,099
SBA loans originated for sale ($31,760) ($53,627) ($37,062) ($42,700) ($20,112)
Gains on sales of SBA loans originated for sale ($3,139) ($4,981) ($3,378) ($3,105) ($1,649)
Proceeds from sales of mortgage loans originated for sale 0 $163,414 $311,187 $322,264 $152,784
Mortgage loans originated for sale 0 ($161,717) ($321,222) ($291,870) ($149,557)
Fair value adjustment for mortgage loans originated for sale 0 ($483) ($846) $513 $49
Gains on mortgage loans originated for sale 0 ($3,712) ($8,128) ($8,378) ($3,968)
Amortization of intangible assets 0 $43 $61 0 NA
Amortization of debt issuance costs $24 $24 $29 $6 $3
Non-cash expense related to leases NA NA NA NA $637
Increase in accrued interest receivable and other assets ($2,966) ($2,729) ($2,330) ($5,047) ($2,292)
Decrease in accrued interest payable and other liabilities $213 ($846) $1,513 $1,570 ($518)
Net cash provided by operating activities $4,636 $5,289 ($984) $39,630 $6,677

Cash flows from investing activities

Purchase of investment securities available for sale ($146,668) ($207,482) ($165,065) ($149,209) ($78,751)
Purchase of investment securities held to maturity ($121,402) ($294,187) ($89,350) ($123,265) 0
Proceeds from the sale of securities available for sale $11,707 $78,585 $31,197 $6,439 $43,238
Proceeds from the maturity or call of securities available for sale $31,159 $36,982 $48,547 $48,796 $22,514
Proceeds from the maturity or call of securities held to maturity $16,689 $33,160 $37,315 $63,565 $42,898
Net redemption (purchase) of restricted stock ($1,902) $1,693 ($552) ($3,836) $624
Net increase in loans ($106,616) ($89,428) ($197,965) ($275,587) ($72,878)
Net proceeds from sale of other real estate owned $792 $1,400 $499 $495 $401
Net cash paid in acquisition 0 ($5,913) 0 0 NA
Premises and equipment expenditures ($14,214) ($14,291) ($22,525) ($18,161) ($20,610)
Net cash used in investing activities ($330,455) ($459,481) ($357,899) ($450,763) ($62,564)

Cash flows from financing activities

Net proceeds from stock offering 0 $99,175 0 0 NA
Proceeds from exercise of stock options $64 $726 $646 $670 $261
Increase in demand, money market and savings deposits $184,859 $384,786 $380,052 $292,053 $97,286
Increase in time deposits ($7,791) $43,586 $5,573 $37,519 $37,824
Net (repayment) increase in short-term borrowings $47,000 ($66,666) 0 $91,422 ($22,443)
Net cash provided by financing activities $224,132 $461,607 $386,271 $421,664 $112,928
Net increase (decrease) in cash and cash equivalents ($101,687) $7,415 $27,388 $10,531 $57,041
Cash and cash equivalents, beginning of year $128,826 $27,139 $34,554 $61,942 $72,473
Cash and cash equivalents, end of period $27,139 $34,554 $61,942 $72,473 $129,514

Supplemental disclosures

Interest paid $5,401 $6,664 $8,935 $15,905 $13,829
Income taxes paid 0 $190 $75 0 NA
Non-monetary transfers from loans to other real estate owned $11,459 $616 $291 $315 $600
Conversion of subordinated debt to common stock 0 0 $229 $10,094 0
Transfer of available-for-sale securities to held-to-maturity securities NA 0 0 $230,094 NA
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