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 Q1 YTD 3/31/2019 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 Q1 YTD 3/31/2019 USD

Cash flows from operating activities

Net income 2,433 4,945 8,905 8,627 426

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 1,421
Deferred income taxes (84) (380) (5,056) 1,527 NA
Stock based compensation 600 759 1,842 2,116 768
Gain on sale of investment securities (108) (656) 146 67 (322)
Impairment charges on investment securities 3 7 0 0 NA
Amortization of premiums on investment securities 840 1,980 2,469 2,878 593
Accretion of discounts on retained SBA loans (1,005) (1,364) (1,088) (1,332) (331)
Fair value adjustments on SBA servicing assets 14 1,075 1,187 1,458 365
Proceeds from sales of SBA loans originated for sale 32,922 58,107 42,269 42,726 9,456
SBA loans originated for sale (31,760) (53,627) (37,062) (42,700) (5,566)
Gains on sales of SBA loans originated for sale (3,139) (4,981) (3,378) (3,105) (502)
Proceeds from sales of mortgage loans originated for sale 0 163,414 311,187 322,264 67,000
Mortgage loans originated for sale 0 (161,717) (321,222) (291,870) (58,555)
Fair value adjustment for mortgage loans originated for sale 0 (483) (846) 513 281
Gains on mortgage loans originated for sale 0 (3,712) (8,128) (8,378) (1,803)
Amortization of intangible assets 0 43 61 0 NA
Amortization of debt issuance costs 24 24 29 6 1
Non-cash expense related to leases NA NA NA NA 282
Increase in accrued interest receivable and other assets (2,966) (2,729) (2,330) (5,047) (1,612)
Decrease in accrued interest payable and other liabilities 213 (846) 1,513 1,570 (2,613)
Net cash provided by operating activities 4,636 5,289 (984) 39,630 9,605

Cash flows from investing activities

Purchase of investment securities available for sale (146,668) (207,482) (165,065) (149,209) 0
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 24,757
Proceeds from the maturity or call of securities available for sale 31,159 36,982 48,547 48,796 10,636
Proceeds from the maturity or call of securities held to maturity 16,689 33,160 37,315 63,565 19,076
Net redemption (purchase) of restricted stock (1,902) 1,693 (552) (3,836) 3,657
Net increase in loans (106,616) (89,428) (197,965) (275,587) (41,172)
Net proceeds from sale of other real estate owned 792 1,400 499 495 119
Net cash paid in acquisition 0 (5,913) 0 0 NA
Premises and equipment expenditures (14,214) (14,291) (22,525) (18,161) (8,150)
Net cash provided by (used in) investing activities (330,455) (459,481) (357,899) (450,763) 8,923

Cash flows from financing activities

Net proceeds from stock offering 0 99,175 0 0 NA
Net proceeds from exercise of stock options 64 726 646 670 240
Net increase in demand, money market and savings deposits 184,859 384,786 380,052 292,053 79,515
Net increase in time deposits (7,791) 43,586 5,573 37,519 6,571
(Repayment) increase in short-term borrowings 47,000 (66,666) 0 91,422 (91,422)
Net cash (used in) provided by financing activities 224,132 461,607 386,271 421,664 (5,096)
Net increase (decrease) in cash and cash equivalents (101,687) 7,415 27,388 10,531 13,432
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 85,905

Supplemental disclosures

Interest paid 5,401 6,664 8,935 15,905 6,649
Income taxes paid 0 190 75 0 NA
Non-cash transfers from loans to other real estate owned 11,459 616 291 315 NA
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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