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Cash Flow Statement

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 2013 Y2014 Y2015 Y2016 Y2017 Q3 YTD
Source Document9/30/20159/30/20169/30/20169/30/20166/30/2017
(in units)     
Cash flows from operating activities 
Net income 6,256,4175,955,1335,572,16211,863,32011,876,312
Adjustments to reconcile net income to net cash provided by (used in) operating activities 
Provision for non-acquired loan losses 1,400,000300,0000(250,000)NA
Provision for loan losses 89,444(1,012,560)00(900,000)
Provision for FDIC receivable impairment 642,461521,6372,541,5710NA
Depreciation and amortization 1,571,9981,395,9581,523,5761,476,2031,305,818
Deferred income tax expense (3,615,234)2,560,5681,857,2171,050,103NA
Accretion and amortization of premiums and discounts, net 2,853,4712,010,1481,331,456935,454767,008
Accretion of fair value discounts related to acquired loans (8,922,874)(6,593,660)(5,945,546)(4,371,088)(1,255,154)
Accretion of fair value discounts related to FDIC receivable (675,696)(347,347)(106,668)0NA
Amortization of FDIC loss share receivable 03,507,0172,387,2050NA
Write down of asset held for sale 0087,500325,0040
Gain on sale of loans (1,334,330)(1,103,586)(1,612,335)(2,118,012)(1,816,848)
Proceeds from sale of loans 50,753,06243,420,42964,715,79787,666,76873,225,998
Originations and purchases of loans held for sale (48,584,616)(42,514,172)(62,455,642)(86,590,036)(70,907,065)
Gain on sale of mortgage-backed securities, collateralized mortgage obligations and other investments (249,517)(200,704)27,209(48,885)(247,780)
Write down of real estate owned 1,683,342523,104246,891163,74119,784
Gain on sale of real estate owned (581,662)(298,170)(397,392)(900,054)(509,129)
Loss on sale of fixed assets 00(7,500)61,46446,556
Restricted stock award expense 53,042662,747792,619784,280596,036
Stock option expense 69,581291,512330,995330,783248,337
Increase in cash surrender value of bank owned life insurance (993,961)(1,252,246)(1,245,382)(1,225,422)(884,976)
Gain on settlement of bank owned life insurance NA00(266,696)0
Donation of other real estate owned NA0021,500NA
Changes in assets and liabilities 
(Increase) decrease in accrued interest and dividends receivable 512,418269,555(209,059)65,220(132,394)
Increase in other assets (6,960,193)(647,711)905,4104,240,625(24,152)
Increase (decrease) in other liabilities 3,485,9391,383,0378,207,370(4,952,556)878,811
Net cash provided by (used in) operating activities (2,546,908)8,830,68918,547,4548,261,71612,287,162
Cash flows from investing activities 
Proceeds from sales of investment securities available for sale 21,057,1559,906,70814,024,15422,031,3852,078,436
Principal collections on investment securities available for sale 45,166,95024,782,14623,907,35420,133,33813,525,105
Purchase of investment securities available for sale (111,194,047)(23,863,931)(39,599,793)(46,442,903)(20,335,542)
Proceeds from maturities or calls of investment securities available for sale 13,531,50015,385,4006,774,0504,500,00019,157,491
Proceeds from redemption of Federal Home Loan Bank stock 1,377,900497,400437,3002,932,6000
Purchase of Federal Home Loan Bank stock 00(510,000)(2,233,500)(122,800)
Net decrease in certificates of deposit held at other financial institutions NA0010,699,0006,718,000
Net (increase) decrease in loans receivable 4,170,927(25,733,580)(105,753,423)24,075,918(37,318,650)
Net decrease in FDIC receivable 7,960,68315,710,0135,266,7940NA
Principal reductions of OREO 0180,08958,8910NA
Proceeds from sale of real estate owned 21,802,54814,509,1817,676,9043,631,6762,485,558
Proceeds from sale of premises and equipment 0547,0307,500354,499221,483
Purchase of bank owned life insurance (5,000,000)(6,100,000)00NA
Proceeds from settlement of bank owned life insurance NA00646,6550
Purchases of premises and equipment, net of dispositions (393,834)(383,563)(413,744)(1,593,035)(1,188,434)
Net cash paid in acquisitions NA00(42,520,560)0
Net cash (used in) provided by investing activities (1,520,218)25,436,893(88,124,013)(3,784,927)(14,779,353)
Cash flows from financing activities 
Purchase of treasury stock and conversion expense (1,163,515)NANANANA
First Charter elimination (277,307)NANANANA
Repurchase of shares 0(53,238,798)(25,505,196)(13,171,257)(1,881)
Issuance of common stock 135,378,48600126,457594,494
Dividends paid (7,684,129)(4,171,876)(3,134,319)(2,875,816)(2,571,839)
Net increase in deposits (48,964,878)(34,104,468)21,662,87689,531,37232,671,884
Proceeds from Federal Home Loan Bank advances 0012,000,00097,000,00026,000,000
Principal payments on Federal Home Loan Bank advances (21,000,000)(5,000,000)(5,000,000)(114,000,000)(26,000,000)
Net increase in advance payments by borrowers for taxes and insurance 402,730258,032433,470418,72994,048
Net cash provided by financing activities 56,691,387(96,257,110)456,83157,029,48530,786,706
Net increase in cash and cash equivalents 52,624,261(61,989,528)(69,119,728)61,506,27428,294,515
Cash and cash equivalents at beginning of period 108,828,220161,452,48199,462,95330,343,22591,849,499
Cash and cash equivalents at end of period 161,452,48199,462,95330,343,22591,849,499120,144,014
Supplemental disclosures of cash flow information 
Interest paid 7,160,9465,747,7394,973,6455,141,6215,158,767
Income taxes paid 10,060,110(81,290)409,9202,547,4385,483,170
Supplemental disclosure of noncash activities 
Real estate acquired through foreclosure of collateral on loans receivable 17,311,9266,527,3813,237,1341,757,8861,227,365
Write down of real estate owned reimbursed by the FDIC 6,948,0201,330,943(830,225)0NA
Gain on real estate sold payable to the FDIC 4,214,2431,349,6751,273,1320NA
Provision for acquired loan losses reimbursed by the FDIC 743,443NANANANA
Issuance of common stock under stock benefit plan 210,874592,857561,259661,364684,018
Interest capitalization into ESOP loan (50,279)NANANANA
Unrealized (loss) gain on investment securities available for sale, net (2,042,973)1,085,4581,358,221499,795(2,494,764)
Fair value of assets and liabilities from acquisition 
Fair value of tangible assets acquired NA00373,488,0360
Other intangible assets acquired NA0028,366,4730
Fair value of liabilities assumed NA00(345,948,385)0
Total merger consideration NA0055,906,1240

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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