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INVESTOR RELATIONS

Financial Highlights

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 Q2 YTD 6/30/2018 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 Q2 YTD 6/30/2018 USD

Cash flows from operating activities

Net income 15,240 18,067 17,567 19,539 14,702

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

Gain on sales of securities (667) (666) (223) (500) 0
Gain on sale of loans (3) (6) 0 (3) NA
Loss on disposal of fixed assets (4) 62 2 136 13
Gain on sale on foreclosed assets (2,253) (259) (130) (56) (713)
Writedowns on foreclosed assets 452 221 450 95 176
Share-based compensation expense 181 35 188 476 174
Benefit for loan losses NA 0 0 (1,140) NA
Provision for loan losses 350 NA NA NA 500
Depreciation and amortization 2,107 2,272 2,584 3,030 1,566
Net amortization on securities premiums and discounts 6,607 6,932 7,130 6,749 2,904
Accretion of discounts for loans acquired 731 (277) (461) 779 (911)
Increase in cash surrender value of life insurance policies (1,475) (1,151) (945) (1,640) (626)
Loss from sales of loans 108 323 0 0 NA
Originations of loans held for sale 0 (317) 0 0 NA
Amortization of core deposit intangible 11 134 272 508 484
Increase in interest receivable and other assets 5,873 1,085 (3,442) 10,402 (1,020)
(Decrease) increase in other liabilities 3,453 758 (621) 4,100 (5,965)
Deferred income tax (benefit) provision (1,151) 1,629 (6,113) (1,130) (962)
Deferred tax benefit from equity based compensation (224) (146) (106) 0 NA
Net amortization of partnership investment NA NA NA NA 810
Net cash provided by operating activities 29,336 28,696 16,152 41,345 11,132

Cash flows from investing activities

Maturities of securities available for sale 1,620 580 1,310 2,065 1,390
Proceeds from sales/calls of securities available for sale 29,452 39,831 39,568 47,594 920
Purchases of securities available for sale (150,515) (136,459) (138,675) (179,092) (61,999)
Principal pay downs on securities available for sale 77,442 91,193 99,181 100,161 46,363
Net purchases of FHLB stock (190) (504) (960) (1,689) (301)
Increase in loans receivable, net (108,336) (164,266) (37,330) (78,292) NA
Loan originations and payments, net NA NA NA NA (66,185)
Purchases of premises and equipment, net (2,379) (2,530) (3,586) (2,141) (2,284)
Proceeds from sales of fixed assets 4 59 0 0 NA
Proceeds from sales of foreclosed assets 6,854 1,833 1,551 443 3,925
Purchase of company owned life insurance NA 0 (360) (455) (327)
Proceeds from BOLI death benefit NA 0 1,739 999 NA
Net increase in partnership investment NA 0 0 (3,503) NA
Net cash from bank acquisition 514 0 15,651 61,571 (6)
Net cash used in investing activities (145,534) (170,263) (21,911) (52,339) (78,504)

Cash flows from financing activities

Increase in deposits 84,244 97,933 101,805 35,304 99,536
Decrease in borrowed funds 16,200 53,100 (14,800) (67,500) (21,900)
Increase in repurchase agreements 1,277 2,154 (1,311) 56 9,089
Cash dividends paid (4,775) (5,662) (6,506) (7,935) (4,878)
Repurchases of common stock (10,183) (7,956) (2,259) 0 NA
Stock options exercised 1,300 380 543 764 490
Excess tax provision from equity based compensation 224 146 106 0 NA
Net cash provided by financing activities 88,287 140,095 77,578 (39,311) 82,337
Increase (decrease) in cash and due from banks (27,911) (1,472) 71,819 (50,305) 14,965

Cash and cash equivalents

Beginning of period 78,006 50,095 48,623 120,442 70,137
End of period 50,095 48,623 120,442 70,137 85,102

Supplemental disclosure of cash flow information

Cash paid during the year for

Interest 2,845 2,560 3,396 5,000 NA
Income taxes 1,800 6,390 4,930 7,147 NA

Non-cash investing activities

Real estate acquired through foreclosure 842 1,004 902 666 NA

Change in unrealized net losses on securities available-for-sale

Change in unrealized net losses on securities available-for-sale 6,590 (2,890) (7,468) (269) NA

Assets acquired (liabilities assumed) in bank acquisition

Cash and cash equivalents 15,852 0 18,931 62,374 NA
Securities 44,187 0 23,363 5,492 NA
Federal Home Loan Bank and Federal Reserve Bank stock 860 0 1,057 0 NA
Loans 61,573 0 94,264 217,807 NA
Premises and equipment 1,188 0 5,844 1,342 NA
Foreclosed assets NA 0 0 3,072 NA
Core deposit intangibles 1,075 0 1,827 3,939 NA
Goodwill 1,364 0 1,360 19,089 NA
Other assets 5,719 0 2,504 10,479 NA
Deposits (108,272) 0 (129,038) (257,611) NA
Federal Home Loan Bank advances (8,000) NA NA NA NA
Other liabilities (208) 0 (705) (3,404) NA
Borrowings 0 0 (2,500) (24,400) NA
Subordinated debentures 0 0 (3,422) 0 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.

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