As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

Cash flows from operating activities

Net income 4,692 4,441 8,676 10,114

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

Depreciation 720 750 910 1,437
Net amortization (accretion) on securities (185) (169) 417 161
Net unrealized (gains) losses on equity securities, at fair value NA NA 0 33
Amortization of mortgage servicing rights NA 477 538 605
Additions to mortgage servicing rights NA NA (1,191) (968)
Amortization of core deposit intangibles NA 0 631 542
Provision for loan losses (1,000) (900) 609 1,057
Mortgage loans originated for sale (86,492) (101,628) (77,540) (74,951)
Proceeds from sales of mortgage loans 86,062 102,550 80,573 76,956
Net (gains) on sales of mortgage loans (1,156) (1,886) (1,231) (841)
Net gain on sales of securities (461) NA NA NA
Net (gains) on sales of foreclosed assets (79) (11) (11) (97)
Write-down of foreclosed assets NA 0 46 50
Net (gains) losses on sales of premises and equipment NA 0 150 (39)
Net (gains) on redemptions of bank owned life insurance NA 0 (1,155) (932)
Increase in cash surrender value of bank owned life insurance (246) (217) (217) (267)
Deferred income tax (benefit) expense 2,186 1,296 2,468 38
Net (increase) decrease in interest receivable and other assets (944) (76) (2,334) 250
Net increase (decrease) in accrued interest payable and other liabilities 482 999 (1,832) 2,325
Net cash provided by (used in) operating activities 3,579 5,626 9,507 15,473

Cash flows from investing activities

Activity in AFS securities

Sales NA NA 0 0
Calls, maturities, and principal paydowns NA 7,259 22,291 15,856
Proceeds from maturities of securities - HTM 391 NA NA NA
Proceeds from maturities of securities - AFS 7,163 NA NA NA
Proceeds from calls of securities - HTM 402 NA NA NA
Proceeds from calls and sales of securities - AFS 1,551 NA NA NA
Purchases (1,455) 0 (5,293) (56,297)

Activity in HTM securities

Calls, maturities, and principal paydowns NA 414 247 602
Purchases (1,314) (2,124) 0 0
Net loan principal (originations) collections (59,907) (52,792) (156,681) (100,000)
Proceeds from sales of foreclosed assets 2,170 206 192 238
Purchases of FHLB stock 0 (464) (1,151) (225)
Proceeds from redemption of FHLB stock 60 NA NA NA
Net purchases of premises and equipment (630) (498) (3,395) (1,711)
Proceeds from redemption of bank owned life insurance NA 0 1,258 955
Acquisition, net of cash acquired 0 21,170 NA NA
Net cash provided by (used in) investing activities (51,569) (26,829) (142,532) (140,582)

Cash flows from financing activities

Net increase (decrease) in deposits 48,048 56,016 70,138 89,619
Dividends paid (301) (1,011) (725) (928)
Net advances (repayments) on line of credit 0 1,000 (1,000) 0
Net increase (decrease) in borrowed funds (42) 9,225 2,000 23,000
Net proceeds from common stock issuance 188 14,861 227 20,902
Net cash provided by (used in) financing activities 47,893 80,091 70,640 132,593
Net change in cash and cash equivalents (97) 58,888 (62,385) 7,484
Cash and cash equivalents, beginning of year 19,522 19,425 78,313 15,928
Cash and cash equivalents, end of year 19,425 78,313 15,928 23,412

Supplemental cash flows information

Interest paid 2,139 2,331 3,014 5,594
Income taxes paid 0 169 2,275 500
Transfers of loans to other real estate owned 0 98 69 131
Loans provided for sales of other real estate owned 705 162 NA NA

Business Combinations

Fair value of tangible assets acquired NA 144,481 NA NA
Goodwill, mortgage servicing rights, and core deposit intangible asset acquired NA 5,925 NA NA
Liabilities assumed NA 171,576 NA NA
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.