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 (3,480) 2,442 2,433 4,945 6,167

Adjustments to reconcile net income to net cash (used in) provided by operating activities

Provision for loan losses 4,935 900 500 1,557 500
Loss on sale of other real estate owned (68) 9 0 0 NA
Write down of other real estate owned 2,567 1,138 3,069 355 777
Depreciation and amortization 2,105 2,382 3,080 3,518 3,588
Deferred income taxes (304) (142) (84) (380) NA
Stock based compensation 325 420 600 759 1,329
Loss (gain) on sale of investment securities (703) (458) (108) (656) 61
Impairment charges on investment securities 0 7 3 7 0
Amortization of premiums on investment securities 731 540 840 1,980 1,788
Accretion of discounts on retained SBA loans (448) (899) (1,005) (1,364) (859)
Fair value adjustments on SBA servicing assets 212 655 14 1,075 711
Proceeds from sales of SBA loans originated for sale 58,175 51,388 32,922 58,107 28,564
SBA loans originated for sale (57,450) (43,416) (31,760) (53,627) (22,395)
Gains on sales of SBA loans originated for sale (5,338) (4,717) (3,139) (4,981) (2,315)
Increase in value of bank owned life insurance (13) NA NA NA NA
Proceeds from sales of mortgage loans originated for sale NA 0 0 163,414 263,689
Mortgage loans originated for sale NA 0 0 (161,717) (274,133)
Gains on sales of mortgage loans originated for sale NA 0 0 (4,737) (7,056)
Amortization of intangible assets NA 0 0 43 61
Amortization of debt issuance costs NA 24 24 24 22
Increase in accrued interest receivable and other assets (363) (1,796) (2,966) (1,993) (3,720)
Decrease in accrued interest payable and other liabilities (323) 325 213 (1,040) (34)
Net cash (used in) provided by operating activities 560 8,802 4,636 5,289 (3,255)

Cash flows from investing activities

Purchase of investment securities available for sale (62,544) (78,825) (146,668) (207,482) (53,052)
Purchase of investment securities held to maturity 0 0 (121,402) (294,187) (21,958)
Proceeds from the sale of securities available for sale 7,946 5,700 11,707 78,585 21,167
Proceeds from the paydowns, maturity, or call of securities available for sale 32,931 25,822 31,159 36,982 25,665
Proceeds from the paydowns, maturity, or call of securities held to maturity 48 2,308 16,689 33,160 36,629
Net (purchase) redemption of restricted stock 2,246 413 (1,902) 1,693 (312)
Net increase in loans (63,870) (104,357) (106,616) (89,428) (131,100)
Net proceeds from sale of other real estate owned 2,600 197 792 1,400 357
Surrender proceeds on bank owned life insurance 10,503 NA NA NA NA
Net cash paid in acquisition NA 0 0 (5,913) 0
Premises and equipment expenditures (2,877) (14,664) (14,214) (14,291) (18,263)
Net cash used in investing activities (73,017) (163,406) (330,455) (459,481) (140,867)

Cash flows from financing activities

Net proceeds from stock offering 0 44,853 0 99,175 NA
Net proceeds from exercise of stock options 0 1 64 726 615
Net increase in demand, money market and savings deposits 24,731 206,163 184,859 384,786 197,431
Net increase in time deposits (44,398) (3,467) (7,791) 43,586 10,304
Decrease in short-term borrowings 0 0 47,000 (66,666) 0
Net cash provided by financing activities (19,667) 247,550 224,132 461,607 208,350
Net increase in cash and cash equivalents (92,124) 92,946 (101,687) 7,415 64,228
Cash and cash equivalents, beginning of year 128,004 35,880 128,826 27,139 34,554
Cash and cash equivalents, end of period 35,880 128,826 27,139 34,554 98,782

Supplemental disclosures

Interest paid 4,654 4,616 5,401 6,664 6,109
Income taxes paid 235 70 0 190 75
Non-cash transfers from loans to other real estate owned 246 1,000 11,459 616 129
Transfer of available-for-sale-securities to held-to-maturity securities 0 70,118 0 0 NA
Conversion of subordinated debt to common stock NA NA NA NA 240
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.