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Cash Flow Statement

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 2013 Y2014 Y2015 Y2016 Y
Source Document12/31/201512/31/201612/31/201612/31/2016
(in thousands)    
Cash flows from operating activities 
Net income (3,480)2,4422,4334,945
Adjustments to reconcile net income to net cash provided by operating activities 
Provision for loan losses 4,9359005001,557
Loss on sale of other real estate owned (68)900
Write down of other real estate owned 2,5671,1383,069355
Depreciation and amortization 2,1052,3823,0803,518
Deferred income taxes (304)(142)(84)(380)
Stock based compensation 325420600759
Gain on sale of investment securities (703)(458)(108)(656)
Impairment charges on investment securities 0737
Amortization of premiums on investment securities 7315408401,980
Accretion of discounts on retained SBA loans (448)(899)(1,005)(1,364)
Fair value adjustments on SBA servicing assets 212655141,075
Proceeds from sales of SBA loans originated for sale 58,17551,38832,92258,107
SBA loans originated for sale (57,450)(43,416)(31,760)(53,627)
Gains on sales of SBA loans originated for sale (5,338)(4,717)(3,139)(4,981)
Increase in value of bank owned life insurance (13)NANANA
Proceeds from sales of mortgage loans originated for sale NA00163,414
Mortgage loans originated for sale NA00(161,717)
Gains on mortgage loans originated for sale NA00(4,737)
Amortization of intangible assets NA0043
Amortization of debt issuance costs NA242424
Increase in accrued interest receivable and other assets (363)(1,796)(2,966)(1,993)
Net (decrease) increase in accrued interest payable and other liabilities (323)325213(1,040)
Net cash provided by operating activities 5608,8024,6365,289
Cash flows from investing activities 
Purchase of investment securities available for sale (62,544)(78,825)(146,668)(207,482)
Purchase of investment securities held to maturity 00(121,402)(294,187)
Proceeds from the sale of securities available for sale 7,9465,70011,70778,585
Proceeds from the paydowns, maturity or call of securities available for sale 32,93125,82231,15936,982
Proceeds from the paydowns, maturity or call of securities held to maturity 482,30816,68933,160
Net redemption (purchase) of restricted stock 2,246413(1,902)1,693
Net increase in loans (63,870)(104,357)(106,616)(89,428)
Net proceeds from sale of other real estate owned 2,6001977921,400
Surrender proceeds on bank owned life insurance 10,503NANANA
Net cash paid in acquisition NA00(5,913)
Premises and equipment expenditures (2,877)(14,664)(14,214)(14,291)
Net cash used in investing activities (73,017)(163,406)(330,455)(459,481)
Cash flows from financing activities 
Net proceeds from stock offering 044,853099,175
Net proceeds from exercise of stock options 0164726
Net increase in demand, money market and savings deposits 24,731206,163184,859384,786
Net increase (decrease) in time deposits (44,398)(3,467)(7,791)43,586
(Repayment) increase in short-term borrowings 0047,000(66,666)
Net cash provided by financing activities (19,667)247,550224,132461,607
Net increase (decrease) in cash and cash equivalents (92,124)92,946(101,687)7,415
Cash and cash equivalents, beginning of year 128,00435,880128,82627,139
Cash and cash equivalents, end of year 35,880128,82627,13934,554
Supplemental disclosures 
Interest paid 4,6544,6165,4016,664
Income taxes paid 235700190
Non-cash transfers from loans to other real estate owned 2461,00011,459616
Transfer of available-for-sale-securities to held-to-maturity securities 070,11800

Data shown on this page is extracted directly from the company’s documents. SNL 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, SNL, as always, stands by its commitment to the quality of the data.

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