As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 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 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD

OPERATING ACTIVITIES

Net income 19,972 26,477 36,497 44,170 11,425

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

Depreciation 3,921 3,093 3,275 3,127 741
Amortization of premium and accretion of discount on securities, net 1,664 1,478 1,697 1,399 251
Amortization of restricted stock 1,621 2,836 3,741 4,445 1,390
Amortization of intangible assets 82 124 321 1,187 229
Amortization of subordinated debt costs 0 71 135 169 56
Provision for loan and lease losses 7,100 7,500 5,850 3,550 100
Valuation allowance on other real estate owned 250 0 0 232 NA
Deferred tax (benefit)/expense (4,043) 952 14,118 17,042 (4,105)
Stock-based compensation and employee stock purchase plan expense 319 156 122 189 45
Fair value adjustment for equity security NA 0 0 105 (59)
Loss/(gain) on sale of securities, available for sale, net (527) (119) 0 288 NA
Loans originated for sale (34,734) (70,874) (43,381) (44,075) (10,030)
Proceeds from sales of loans held for sale 34,543 72,477 45,763 44,483 9,298
Gain on loans held for sale (535) (1,633) (1,965) (1,970) (466)
Loss/(gain) on sale of loans held for sale at lower of cost or fair value 0 (1,233) (412) 4,392 NA
Loss/(gain) on sale of other real estate owned 0 (5) 0 58 NA
Gain on disposal of premises and equipment 15 NA NA NA NA
Gain on death benefit (285) 0 (62) (3,000) NA
Increase in cash surrender value of life insurance, net (643) (921) (818) (767) (201)
(Increase)/decrease in accrued interest receivable (1,449) (1,333) (1,299) (1,362) (874)
Decrease in other assets (476) 945 (9,977) (8,485) 16,412
Increase/(decrease) in accrued expenses and other liabilities 3,511 2,935 2,330 (929) 7,674
NET CASH PROVIDED BY OPERATING ACTIVITIES 30,306 42,926 55,935 64,248 31,886

INVESTING ACTIVITIES

Principal repayments, maturities and calls of securities available for sale 96,194 67,999 66,450 79,313 49,056
Redemptions of FHLB & FRB stock 48,627 61,606 40,561 87,602 135
Sales of securities available for sale 46,254 5,499 0 19,542 NA
Purchase of securities available for sale (8,049) (187,043) (91,561) (156,893) (53,483)
Purchase of FHLB & FRB stock (51,018) (61,435) (40,126) (92,758) (62)
Proceeds from sale of loans held for sale at lower of cost or fair value 0 201,681 109,454 126,898 NA
Net decrease/(increase) in loans, net of participations sold (746,132) (518,832) (505,046) (358,652) 32,949
Sales of other real estate owned 744 568 534 1,800 NA
Purchase of premises and equipment (1,924) (3,218) (2,380) (1,059) (173)
Purchase of wealth management company (800) 0 (13,500) (3,500) NA
Proceeds from death benefit 677 0 100 0 NA
Purchase of life insurance (10,000) NA NA NA NA
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES (625,427) (433,175) (435,514) (297,707) 28,422

FINANCING ACTIVITIES

Net increase/(decrease) in deposits 636,777 476,367 286,517 196,986 23,866
Net increase in overnight borrowings (13,900) (40,700) 0 0 0
Proceeds from FHLB advances NA 0 0 105,000 NA
Repayments of Federal Home Loan Bank advances 0 (21,897) (23,897) (34,898) (3,000)
Dividends paid on common stock (3,100) (3,296) (3,548) (3,712) (967)
Exercise of Stock Options, net of stock swaps 86 1,069 690 275 4
Restricted stock repurchased on vesting to pay taxes (81) (554) (1,826) (1,540) (964)
Proceeds from issuance of subordinated debt 0 48,693 34,125 0 NA
Sales of common shares (Dividend Reinvestment Program) 13,648 22,461 36,588 16,677 0
Issuance of shares for employee's savings and investment plan 0 0 889 1,039 NA
Issuance of shares for employee stock purchase plan 644 637 797 958 294
NET CASH PROVIDED BY IN FINANCING ACTIVITIES 634,074 482,780 330,335 280,785 19,233
Net increase in cash and cash equivalents 38,953 92,531 (49,244) 47,326 79,541
Cash and cash equivalents at beginning of period 31,207 70,160 162,691 113,447 160,773
Cash and cash equivalents at end of period 70,160 162,691 113,447 160,773 240,314

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid during the year for

Interest 13,726 19,965 26,506 42,768 12,993
Income tax, net 15,572 14,870 11,597 3,605 265
Transfer of loans to loans held for sale 286,519 182,694 0 137,317 NA
Transfer of loans held for sale to loan portfolio 0 30,121 0 0 NA
Transfer of loans to other real estate owned 233 534 2,090 0 NA

Acquisitions

Goodwill 1,010 0 15,534 7,310 NA
Customer relationship & other intangibles 1,790 0 5,466 2,440 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.