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Cash Flow Statement

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 2014 Y2015 Y2016 Y2017 Y
Source Document9/30/20169/30/20179/30/20179/30/2017
(in units)    
Cash flows from operating activities 
Net income 5,955,1335,572,16211,863,32014,436,105
Adjustments to reconcile net income to net cash provided by operating activities 
Provision for non-acquired loan losses 300,000NANANA
Provision for loan losses (1,012,560)0(250,000)(900,000)
Provision for FDIC receivable impairment 521,6372,541,57100
Depreciation and amortization 1,395,9581,523,5761,476,2031,767,056
Deferred income tax (benefit) expense 2,560,5681,857,2171,050,103(55,836)
Accretion and amortization of premiums and discounts, net 2,010,1481,331,456935,4541,005,786
Accretion of fair value discounts related to acquired loans (6,593,660)(5,945,546)(4,371,088)(1,741,625)
Accretion of fair value discounts related to FDIC receivable (347,347)(106,668)00
Amortization of FDIC loss share receivable 3,507,0172,387,20500
Write down of asset held for sale 087,500325,0040
Gain on sale of loans (1,103,586)(1,612,335)(2,118,012)(2,418,272)
Proceeds from sale of loans 43,420,42964,715,79787,666,768100,316,278
Originations and purchases of loans held for sale (42,514,172)(62,455,642)(86,590,036)(97,410,377)
(Gain) loss on sale of mortgage-backed securities, collateralized mortgage obligations and other investments (200,704)27,209(48,885)(247,780)
Write down of real estate owned 523,104246,891163,74129,487
Gain on sale of real estate owned (298,170)(397,392)(900,054)(624,304)
Loss (gain) on sale of fixed assets 0(7,500)61,46446,556
Restricted stock award expense 662,747792,619784,280797,976
Stock option expense 291,512330,995330,783327,978
Increase in cash surrender value of bank owned life insurance (1,252,246)(1,245,382)(1,225,422)(1,195,445)
Gain on settlement of bank owned life insurance 00(266,696)0
Donation of other real estate owned 0021,5000
Changes in assets and liabilities 
(Increase) decrease in accrued interest and dividends receivable 269,555(209,059)65,220(286,757)
Decrease in other assets (647,711)905,4104,240,6252,499,704
Increase (decrease) in other liabilities 1,383,0378,207,370(4,952,556)2,904,494
Net cash provided by operating activities 8,830,68918,547,4548,261,71619,251,024
Cash flows from investing activities 
Proceeds from sales of investment securities available for sale 9,906,70814,024,15422,031,3856,578,436
Principal collections on investment securities available for sale 24,782,14623,907,35420,133,33817,898,916
Purchase of investment securities available for sale (23,863,931)(39,599,793)(46,442,903)(30,163,566)
Proceeds from maturities or calls of investment securities available for sale 15,385,4006,774,0504,500,00024,107,490
Proceeds from redemption of Federal Home Loan Bank stock 497,400437,3002,932,6000
Purchase of Federal Home Loan Bank stock 0(510,000)(2,233,500)(122,800)
Net decrease in certificates of deposit held at other financial institutions 0010,699,0006,966,000
Net (increase) decrease in loans receivable (25,733,580)(105,753,423)24,075,918(25,405,525)
Net decrease in FDIC receivable 15,710,0135,266,79400
Principal reductions of OREO 180,08958,89100
Proceeds from sale of real estate owned 14,509,1817,676,9043,631,6763,218,354
Proceeds from sale of premises and equipment 547,0307,500354,499259,104
Purchase of bank owned life insurance (6,100,000)NANANA
Proceeds from settlement of bank owned life insurance 00646,6550
Purchases of premises and equipment, net of dispositions (383,563)(413,744)(1,593,035)(1,541,402)
Net cash received (paid) in acquisitions 00(42,520,560)5,421,379
Net cash provided by (used in) investing activities 25,436,893(88,124,013)(3,784,927)7,216,386
Cash flows from financing activities 
Repurchase of shares (53,238,798)(25,505,196)(13,171,257)(1,881)
Issuance of common stock 00126,457624,933
Dividends paid (4,171,876)(3,134,319)(2,875,816)(3,578,627)
Net increase in deposits (34,104,468)21,662,87689,531,37239,616,719
Proceeds from Federal Home Loan Bank advances 012,000,00097,000,00027,000,000
Principal payments on Federal Home Loan Bank advances (5,000,000)(5,000,000)(114,000,000)(27,000,000)
Principal payments on other borrowings NA00(3,250,000)
Net increase in advance payments by borrowers for taxes and insurance 258,032433,470418,729610,336
Net cash provided by financing activities (96,257,110)456,83157,029,48534,021,480
Net increase (decrease) in cash and cash equivalents (61,989,528)(69,119,728)61,506,27460,488,890
Cash and cash equivalents at beginning of period 161,452,48199,462,95330,343,22591,849,499
Cash and cash equivalents at end of period 99,462,95330,343,22591,849,499152,338,389
Supplemental disclosures of cash flow information 
Interest paid 5,747,7394,973,6455,141,6216,724,552
Income taxes paid (81,290)409,9202,547,4382,822,286
Supplemental disclosure of noncash activities 
Real estate acquired through foreclosure of collateral on loans receivable 6,527,3813,237,1341,757,8861,354,421
Write down of real estate owned reimbursed by the FDIC 1,330,943(830,225)00
Gain on real estate sold payable to the FDIC 1,349,6751,273,13200
Issuance of common stock under stock benefit plan 592,857561,259661,364684,018
Unrealized (loss) gain on investment securities available for sale, net 1,085,4581,358,221499,795(2,241,533)
Fair value of assets and liabilities from acquisition 
Fair value of tangible assets acquired 00373,488,036166,420,602
Other intangible assets acquired 0028,366,47311,089,622
Fair value of liabilities assumed 00(345,948,385)(151,734,911)
Total merger consideration 0055,906,12425,775,313

Data shown on this page is extracted directly from the company’s documents. SNL 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, SNL, as always, stands by its commitment to the quality of the data.

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