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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
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

Cash Flows from Operating Activities

Net income 5,596 4,483 5,479 8,367

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

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

Cash Flows from Investing Activities

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

Cash Flows from Financing Activities

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

Supplemental Cash Flow Information

Cash paid during the year for

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

Business Combinations

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

Noncash Investing and Financing Activities

Transfers of Foreclosures from Loans to Other Real Estate Held for Sale (net of adjustments made through the allowance for loan losses) 1,376 3,292 2,147 1,878
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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