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As Reported Financial Statements

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As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

Cash Flows from Operating Activities

Net income 1,700 5,596 4,483 5,479 5,002

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

Depreciation and amortization 1,503 1,670 1,921 2,426 2,560
Provision for loan losses 1,200 1,204 600 625 200
Deferred tax expense, net 1,129 2,333 1,798 4,954 1,331
Gain on sales/calls of securities (54) (455) (150) (231) 0
Gain on sale of loans sold in the secondary market (493) (873) (1,575) (1,130) (698)
Origination of loans held for sale in the secondary market (29,871) (53,229) (81,693) (65,711) (39,568)
Proceeds from sale of loans in the secondary market 30,364 54,102 83,268 66,841 40,266
Loss on sale of other real estate held for sale 81 65 (10) 81 46
Writedown of other real estate held for sale 228 295 212 307 56
Stock compensation 429 576 600 398 475
Change in other assets (4,112) 8,188 (10,282) 2,523 1,044
Change in other liabilities 6,337 (6,380) 1,205 (818) (252)
Net cash provided by operating activities 8,441 13,092 377 15,744 10,462

Cash Flows from Investing Activities

Net decrease (increase) in loans (50,969) (19,321) (56,237) (33,600) 2,767
Net decrease in interest bearing deposits in other financial institutions (225) 708 3,015 673 4,225
Purchase of securities available for sale (8,317) (23,894) (16,105) (5,999) (1,989)
Proceeds from maturities, sales, calls or paydowns of securities available for sale 9,449 35,091 26,689 16,011 60,245
Redemption of FHLBI stock 87 804 15 330 0
Capital expenditures (1,433) (1,341) (2,137) (2,377) (2,175)
Proceeds from life insurance 0 263 301 0 NA
Net cash used in Peninsula acquisition (4,484) NA NA NA NA
Purchase additional FHLBI stock NA 0 0 (531) 0
Net cash used in Eagle acquisition and reimbursement of contract termination fee 0 0 (1,900) 0 NA
Net cash received in Niagara acquisition 0 0 2,453 0 NA
Acquisition of FFNM NA NA NA NA 13,268
Proceeds from sale of other real estate, premises and fixed assets 912 1,702 1,608 2,983 1,988
Net cash provided by (used in) investing activities (54,980) (5,988) (42,298) (22,510) 78,329

Cash Flows from Financing Activities

Net (decrease) increase in deposits 39,724 3,350 49,491 (5,514) (43,655)
Net activity on line of credit 9,367 (3,367) (8,801) (750) (9,528)
Increase (decrease) in fed funds purchased 0 0 6,000 (6,000) 11,000
Repurchase of common stock (143) (1,122) (150) 0 NA
New term debt issuance NA NA NA NA 0
Principal payments on borrowings (373) (725) (174) (12,277) (52,530)
Proceeds of common stock offering, net of offering costs NA NA NA NA 32,451
Dividend on common stock (1,308) (2,179) (2,498) (3,022) (3,327)
Proceeds from FHLB borrowing NA 0 0 25,000 NA
Proceeds from term borrowing 3,000 0 19,800 0 NA
Net cash used in financing activities 50,267 (4,043) 63,668 (2,563) (65,589)
Net increase in cash and cash equivalents 3,728 3,061 21,747 (9,329) 23,202
Cash and cash equivalents at beginning of period 18,219 21,947 25,008 46,755 37,426
Cash and cash equivalents at end of period 21,947 25,008 46,755 37,426 60,628

Supplemental Cash Flow Information

Cash paid during the year for

Interest 4,119 4,423 4,792 6,383 5,831
Income taxes 100 150 1,100 1,100 725

Business Combinations

Fair value of tangible assets acquired (noncash) 105,265 0 188,537 0 NA
Goodwill and identifiable intangible assets acquired 5,011 0 2,845 0 NA
Liabilities assumed 104,151 0 175,209 0 NA
Common stock issued 695,361 NA NA NA NA

Noncash Investing and Financing Activities

Transfers of Foreclosures from Loans to Other Real Estate Held for Sale 588 1,376 3,292 2,147 778
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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