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As Reported Financial Statements

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As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 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 12/31/2017 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 5,596 4,483 5,479 8,367 3,167

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

Depreciation and amortization 1,670 1,921 2,426 2,607 618
Provision for loan losses 1,204 600 625 500 100
Deferred tax expense, net 2,333 1,798 4,954 874 324
Net realized security gains (455) (150) (231) 0 NA
Gain on sale of loans sold in the secondary market (873) (1,575) (1,130) (1,019) (258)
Origination of loans held for sale in the secondary market (53,229) (81,693) (65,711) (57,118) (13,604)
Proceeds from sale of loans in the secondary market 54,102 83,268 66,841 58,137 13,862
Loss on sale of other real estate held for sale 65 (10) 81 57 28
Writedown of other real estate held for sale 295 212 307 125 NA
Stock compensation 576 600 398 533 138
Change in other assets 8,188 (10,282) 2,523 7,531 (2,386)
Change in other liabilities (6,380) 1,205 (818) 37 3,351
Net cash provided by operating activities 13,092 377 15,744 20,631 5,340

Cash Flows from Investing Activities

Net decrease (increase) in loans (19,321) (56,237) (33,600) (6,148) (9,291)
Net decrease in interest bearing deposits in other financial institutions 708 3,015 673 5,807 740
Purchase of securities available for sale (23,894) (16,105) (5,999) (1,989) NA
Proceeds from maturities, sales, calls or paydowns of securities available for sale 35,091 26,689 16,011 63,404 4,306
Capital expenditures (1,341) (2,137) (2,377) (2,549) (346)
Proceeds from life insurance 263 301 0 0 NA
Purchase additional FHLB Stock 0 0 (531) 0 NA
Net cash used in Eagle acquisition and reimbursement of contract termination fee 0 (1,900) NA NA NA
Net cash received in Niagara acquisition 0 2,453 NA NA NA
Cash paid for acquisitions and reimbursement of fees, net of cash acquired NA NA 0 4,768 NA
Proceeds from sale of other real estate, premises and fixed assets 1,702 1,608 2,983 2,190 415
Redemption of FHLB stock 804 15 330 0 NA
Net cash (used in) provided by investing activities (5,988) (42,298) (22,510) 65,483 (4,176)

Cash Flows from Financing Activities

Net (decrease) increase in deposits 3,350 49,491 (5,514) (27,389) (289)
Net activity on line of credit (3,367) (8,801) (750) 0 0
Increase in fed funds purchased 0 6,000 (6,000) 2,905 3,875
Repurchase of common stock (1,122) (150) 0 0 NA
Principal payments on borrowings (725) (174) (12,277) (62,738) (10,658)
Dividend on common stock (2,179) (2,498) (3,022) (4,612) (1,286)
Proceeds from FHLB borrowing 0 0 25,000 0 NA
Proceeds from term borrowing 0 19,800 0 NA NA
Proceeds from common stock offering NA NA 0 32,451 NA
Net cash used in financing activities (4,043) 63,668 (2,563) (59,383) (8,358)
Net increase in cash and cash equivalents 3,061 21,747 (9,329) 26,731 (7,194)
Cash and cash equivalents at beginning of period 21,947 25,008 46,755 37,426 64,157
Cash and cash equivalents at end of period 25,008 46,755 37,426 64,157 56,963

Supplemental Cash Flow Information

Cash paid during the year for

Interest 4,423 4,792 6,383 8,178 2,523
Income taxes 150 1,100 1,100 1,600 0

Business Combinations

Fair value of tangible assets acquired (noncash) 0 188,537 0 372,967 NA
Goodwill and identifiable intangible assets acquired 0 2,845 0 20,192 NA
Liabilities assumed 0 175,209 0 349,464 NA
Common stock issued NA NA 0 2,146,378 NA

Noncash Investing and Financing Activities

Transfers of Foreclosures from Loans to Other Real Estate Held for Sale 1,376 3,292 2,147 1,878 298
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.

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