As Reported Financial Statements

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
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

Cash flows from operating activities

Net income 46,432 47,346 51,493 59,228

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

Depreciation and amortization 3,932 3,904 4,007 3,786
Deferred taxes 115 701 (3,090) (246)
Stock-based compensation 783 458 636 710
Excess tax benefits of stock-based compensation 104 100 0 0
Provision for loan losses 8,650 7,872 7,521 6,167
Write-downs of other real estate owned and other repossessed assets 1,656 1,214 3,034 2,530
Gains on sale of loans held for sale (1,978) (1,831) (1,320) (1,288)
Securities (gains) losses 106 (522) (73) 85
Gain on debt repurchase 0 0 (560) 0
Gains (losses) on sale of assets, net (321) 46 40 (175)
Proceeds from sale of mortgage loans held for sale 80,571 81,441 59,400 56,689
Funding of mortgage loans held for sale (77,501) (79,682) (57,869) (56,829)
Amortization of securities premiums and discounts, net 3,098 2,452 3,437 4,679
Change in cash surrender value of bank owned life insurance (1,638) (1,546) (1,473) (2,924)

Mortgage servicing rights

Fair value adjustments 289 324 361 343
New servicing assets created (557) (521) (412) (466)

Changes in

Other assets (6,274) (3,205) (4,412) (15,788)
Other liabilities (2,488) 2,874 1,631 8,986
Net cash provided by operating activities 54,979 61,425 62,351 65,487

Cash flows from investing activities

Certificates of deposit in other banks

Purchase of certificates of deposit 0 0 (11,760) 0
Maturity of certificates of deposit 4,365 2,852 2,940 5,880

Securities available-for-sale (AFS)

Purchase of AFS securities (81,456) (176,236) (231,680) (281,511)
Proceeds from sales of AFS securities 44,198 54,446 87,472 153,315
Proceeds from prepayments, calls, and maturities of AFS securities 79,068 104,302 159,584 109,701

Securities held-to-maturity (HTM)

Proceeds from prepayments and maturities of HTM securities 1 795 207 10
Change in loans, net (161,702) (74,379) (194,548) (93,151)
Purchase of premises and equipment (2,246) (3,498) (2,400) (2,832)
Proceeds from sale and retirement of premises and equipment 239 10 25 97
Additional investment in Federal Reserve Bank stock (18) NA NA NA
Redemption of stock by Federal Home Loan Bank NA 0 0 3,214
Proceeds from sale of other real estate owned and repossessed assets 9,287 5,601 3,574 3,485
Additional investment in other real estate owned and repossessed assets (85) NA NA NA
Proceeds from settlement of bank owned life insurance NA 0 0 1,202
Net cash used in investing activities (108,349) (86,107) (186,586) (100,590)

Cash flows from financing activities

Change in deposits, net 106,525 100,526 182,555 42,087
Change in repurchase agreements and federal funds purchased, net 8,594 1,060 (4,755) (17,234)
Advances from Federal Home Loan Bank 170,000 50,000 350,000 0
Payments on advances from Federal Home Loan Bank (130,114) (150,112) (350,099) (409)
Repurchase of long-term debt 0 0 (1,440) 0
Issuance of common stock 2,082 2,985 1,513 1,230
Repurchase of common stock (189) (382) 0 0
Excess tax benefits of stock-based compensation (104) (100) 0 0
Dividends paid (21,330) (22,190) (22,981) (24,395)
Net cash provided by (used in) financing activities 135,464 (18,213) 154,793 1,279
Net increase (decrease) in cash and cash equivalents 82,094 (42,895) 30,558 (33,824)
Cash and cash equivalents at beginning of year 105,517 187,611 144,716 175,274
Cash and cash equivalents at end of year 187,611 144,716 175,274 141,450

Supplemental disclosures

Income taxes paid 20,527 19,244 21,400 9,700
Interest paid 11,609 13,426 17,266 28,621

Non-cash activities

Loans to facilitate the sale of other real estate owned and repossessed assets 4,343 3,964 2,679 4,385
Common stock dividends accrued, paid in subsequent quarter 239 209 205 221
Real estate acquired in settlement of loans 18,557 5,900 5,235 5,459
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.