Carolina Financial Corporation CARO Cash Flow

Carolina financial corporation (CARO)

CashFlow / Quarterly

Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13
Cash flows from operating activities:
Net income
16,493	16,628	15,074	14,545	15,444	15,204	14,966	4,056	6,329	7,993	9,339	4,904	5,150	5,941	2,836	3,643	3,609	3,881	3,917	3,013	1,718	2,400	2,249	1,944	4,062	2,800	5,533	4,423
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for loan losses
580	620	680	700	-	-	-	-	779	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	20	-180	-700	0
Deferred income tax expense (benefit)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-42	672	-448	-359	0	-1,400	2,301
Amortization of unearned discount/premium on investments, net
-1,239	-5,027	3,052	-1,036	-978	-6,137	3,809	-1,289	-1,130	-964	-928	-834	-316	-901	-919	-903	-5,793	3,887	-775	-735	-896	-785	-617	-504	-454	-581	-1,908	625
Accretion of deferred loan fees
-4,625	3,217	-1,844	596	-3,367	1,962	-1,769	788	-2,196	329	337	251	190	250	112	122	310	189	205	251	-1,538	804	707	577	760	1,006	4,072	-1,414
Accretion of acquired loans
1,633	8,918	-1,474	-1,518	2,811	11,852	-1,919	-2,898	3,511	-676	1,079	372	-1,285	365	106	0	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of core deposit intangibles
-706	-3,688	2,233	-749	-763	-3,974	2,404	-806	-565	-170	-169	-133	-113	-113	-95	-86	-	-	-	-	1,297	-431	-441	-472	-472	-641	-1,924	593
Net gain (loss) on sale of securities
0	756	1,941	1,194	346	-849	-746	-697	-241	368	621	185	65	111	113	417	34	1,017	-29	471	391	213	164	316	-742	-337	-62	16
Mortgage banking income
5,527	6,063	4,318	3,418	3,594	3,684	4,216	3,801	3,618	3,625	4,289	3,608	4,259	5,605	4,187	3,175	3,543	4,753	5,104	4,017	2,734	3,294	3,426	2,454	3,026	5,339	10,199	11,350
Amortization of core deposit intangibles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	86	85	86	-	7	6	2	-	-	-	-
Originations of loans held for sale
262,077	266,108	218,553	160,689	184,938	217,705	238,365	211,921	238,524	237,251	238,269	195,583	258,747	284,407	224,791	204,477	240,132	268,565	307,401	244,143	245,993	285,767	244,330	206,114	272,867	349,852	1,501,026	-507,151
Proceeds from sale of loans held for sale
273,204	263,810	218,149	157,280	196,916	235,506	227,726	226,396	234,918	250,322	227,725	209,466	268,123	289,610	224,498	217,622	234,916	302,330	303,532	236,018	243,447	301,974	231,224	213,452	281,392	408,844	500,944	568,893
Loss on extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-1,694	-118	-47	-9	-36	0	-1,215	0	-	-	-	-	-	-	-	-
Amortization of fair value adjustments on subordinated debentures
-	45	45	44	-	44	44	44	-	24	31	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Recovery of mortgage loan repurchase losses
-100	-100	-100	-100	-150	-150	-150	-150	-225	-225	-225	-225	-250	-250	-250	-250	-250	-250	-250	-250	-250	-250	-250	0	520	766	460	692
Mortgage repurchase loan losses paid, net of recoveries
-	-	-	-	-	-	-	-	-12	0	-4	-72	0	25	0	-21	38	-24	-59	-78	-25	-9	-88	-238	-315	-555	-210	-131
Fair value adjustments on interest rate swaps
872	-996	-2,164	-1,371	-2,223	628	452	803	419	90	-69	-58	998	99	-226	-281	142	-1,246	588	-595	-596	-56	-263	-255	229	-64	263	0
Stock-based compensation
1,044	673	680	746	671	696	700	633	488	418	433	319	302	294	305	370	213	219	217	225	127	132	111	247	105	101	76	21
Increase in cash surrender value of bank owned life insurance
395	1,992	-398	-398	377	1,928	-385	-390	1,875	-267	-281	-211	-193	-226	-254	-229	-1,256	185	167	178	-650	-27	-213	159	348	-27	-82	28
Depreciation
1,117	1,087	1,078	1,077	1,097	1,083	1,037	964	875	662	651	568	515	504	481	472	460	455	436	427	370	301	287	271	239	227	227	225
Loss (gain) on disposals of premises and equipment
-	-	-	-	-	-	-	-	-20	0	0	-3	0	0	0	1	-3	0	1	-9	0	-8	0	0	-	-	-	-
Loss (gain) on sale of real estate acquired through foreclosure
298	-323	301	-127	-189	132	-145	92	-66	12	15	6	40	107	-64	5	13	24	0	-27	-38	37	64	28	124	138	228	-65
Write-down of real estate acquired through foreclosure
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-175	-62	-50	-239	-180	-268	-464	63
Gain on sale of servicing assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-1	776	5,489	0	0	0
Originations of mortgage servicing rights
-522	-261	-249	-336	-1,294	-498	-2,796	-1,695	-1,566	-1,500	-1,566	-1,429	-2,129	-1,742	-995	-1,045	-880	-952	-766	-640	-746	-474	-281	-367	-731	-1,349	-1,662	-3,118
Amortization of mortgage servicing rights
1,570	1,573	1,342	1,236	1,239	1,099	889	979	883	748	666	669	653	586	541	532	526	515	485	460	-	-	-	-	-	-	-	-
Accrued interest receivable
76	-1,039	450	124	104	2,070	-182	-490	5,855	196	398	170	560	32	-9	171	233	14	53	405	482	-71	275	-18	135	-45	-674	183
Income taxes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-634	-	-	0	0
Prepaid FDIC insurance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,787	248
Other assets
-2,422	-568	-2,872	-3	962	2,550	-1,652	8,810	-26,403	-592	2,880	-5,156	638	1,841	-1,793	-2,423	-13	-1,539	760	1,208	-1,336	121	-655	2,334	1	-4,070	796	2,367
Increase (decrease) in:
Accrued interest payable
-82	-441	79	780	-202	233	272	162	331	298	65	105	-19	-9	-17	17	29	-23	-5	20	13	-26	1	13	-53	-1,508	143	130
Income taxes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-610	-85	-3,038
Dividends payable to stockholders
224	-4	222	209	-4	226	301	2	405	0	70	74	126	4	10	1	68	49	0	1	41	0	1	201	0	0	0	0
Accrued expenses and other liabilities
-521	1,717	-2,639	1,569	-2,341	4,480	1,664	-3,697	-1,127	4,050	-8,480	-1,031	-2,008	2,955	3,241	-1,823	-3,232	1,074	2,712	-5,778	6,617	188	797	-3,486	-2,788	-2,019	1,063	353
Cash flows provided by (used in) operating activities
22,339	12,244	10,108	13,093	21,901	28,610	-198	19,093	-25,567	20,593	-12,538	8,834	8,644	9,689	654	9,777	-8,262	33,187	-436	-13,387	3,097	15,685	-12,642	4,355	15,732	48,055	10,589	54,862
Cash flows from investing activities:
Activity in available-for-sale securities:
Purchases
81,096	55,817	57,409	56,250	64,844	70,834	122,355	93,296	143,494	57,938	58,596	85,787	49,520	28,288	32,014	55,688	18,199	69,801	50,125	69,191	59,058	52,143	34,571	47,805	33,109	47,856	130,600	-34,281
Maturities, payments and calls
43,381	38,801	21,480	21,643	28,033	19,176	36,472	21,324	40,684	12,506	12,714	11,877	16,174	16,403	12,667	12,665	14,030	13,965	12,283	12,628	11,043	9,031	9,260	8,448	8,203	13,602	15,336	14,039
Proceeds from sales
0	15,376	64,979	71,034	19,057	31,324	34,122	51,178	70,276	22,430	43,324	37,697	29,217	19,093	16,325	34,478	11,202	32,829	34,658	27,151	18,737	27,603	18,743	9,818	32,973	12,838	39,626	6,216
Purchases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	497	1,487	0	0	0	-	-	-	-
Maturities, payments and calls
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	32	167	120	100	-1	317	3	338	-297	255
Increase in other investments
-	-	-	-	-	-	-	-	-	-7	-7	-7	-8	384	-177	-228	-6	-181	-452	-334	-350	17	-23	-63	65	-157	-40	2
Increase in Federal Home Loan Bank stock
106	-1,785	5,143	-3,347	4,250	-1,665	1,198	-1,152	4,703	-425	1,933	189	-2,026	468	212	2,150	-	-	1,275	2,368	-1,350	2,025	1,350	-723	450	0	-5,070	2,310
Increase in loans receivable, net
22,659	314,812	-187,918	64,668	63,492	230,396	-156,627	55,591	72,818	48,489	17,435	43,725	44,440	65,409	29,144	41,084	63,870	17,390	37,233	26,319	48,575	45,249	33,595	36,427	17,577	12,774	1,181	854
Proceeds from the sale of servicing assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-1	1,576	11,036	0	0	0
Purchases of premises and equipment
3,477	1,098	370	758	324	255	995	2,150	3,901	191	979	1,931	2,483	338	476	417	926	916	406	1,081	1,601	776	300	1,340	941	976	311	-92
Proceeds from disposals of premises and equipment
-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1	0	0	0	34	0	0	0	0	-	-	-	-
Proceeds from sale of real estate acquired through foreclosure
238	71	318	438	114	328	146	1,252	-1	79	553	29	1,973	630	7	1,288	498	658	780	246	918	1,489	496	1,157	794	1,576	874	483
Increase in core deposit intangibles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-175	-	-	-	-
Purchase of bank owned life insurance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25	6,000	0	-178	203	-550	178	372	0	-186	186	20,106	-53
Distribution of bank owned life insurance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	175	0	0	0	0	0	132	-25	116
Net cash received for acquisitions
-	-	-	-	-	-	-	-	84,556	0	142	37,622	0	1	3,667	0	-	-	-	-	-	-	-	-	-	-	-	-
Cash flows (used in) investing activities
8,566	-72,786	-31,135	-25,214	-85,706	-47,002	-99,161	-76,131	-32,799	-72,035	-18,351	-44,036	-52,746	-57,056	-28,908	-46,860	-65,396	-39,582	-41,560	-59,592	52,957	-62,131	-41,714	-63,771	-16,561	-33,414	-29,125	-10,151
Cash flows from financing activities:
Net increase in deposit accounts
27,334	37,105	-10,961	98,877	-41,430	50,825	31,829	72,040	-55,098	43,925	56,009	38,394	-54,016	49,088	46,091	96,244	-2,423	28,103	16,199	25,459	-34,883	4,416	33,868	48,087	-15,052	21,072	27,753	10,561
Net (decrease) increase in Federal Home Loan Bank advances
-2,423	-42,430	-36,469	84,500	-100,177	36,000	-25,000	37,000	-144,272	-10,000	45,500	8,000	-56,542	10,118	5,047	55,009	49,964	-29,500	30,785	53,000	-29,989	84,900	-29,969	10,000	-11,932	3,031	103,920	-47,500
Net increase in other short-term borrowed funds
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	36	-	-	-	0	-4,532	-50	-1,604	1,504
Principal repayment of subordinated debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,150	-3,150	1,500	75	75	75	75	75	10,075	75	225	-75
Net (decrease) increase in drafts outstanding
1,284	-7,390	6,298	-519	-464	-1,861	321	2,809	1,694	1,761	-3,260	906	2,258	-293	2,563	-459	-503	482	-862	-283	1,240	-464	634	-793	627	-606	1,021	-1,349
Net (decrease) increase in advances from borrowers for insurance and taxes
-3,643	408	581	1,834	-1,335	877	1,256	297	-158	479	647	979	-1,556	1,022	618	333	-999	283	438	306	-238	142	252	173	-403	48	141	-115
Cash dividends paid on common stock
2,226	2,003	2,007	1,785	1,576	1,580	1,355	1,052	646	647	576	502	392	361	361	361	0	293	244	244	-6	201	210	201	201	200	0	0
Proceeds from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	12	25	33	1	5	44	0	-	-	-	-
Issuance of common stock, net of offering expenses
-	-	-	246	0	0	62,966	56	0	0	0	47,671	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stock repurchase plan, net of commissions
-13,898	1,599	1,027	4,157	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net increase in excess tax benefit in connection with equity awards
-	-	-	-	-	-	-	-	-	-	-	-	33	7	399	15	0	0	189	0	-	-	-	-	-	-	-	-
Cash flows provided by financing activities
25,421	69,002	29,436	9,996	49,991	12,261	120,073	37,150	94,374	51,657	7,320	79,448	30,133	39,359	44,276	40,763	78,195	-913	44,994	78,232	-63,938	48,785	64,608	37,191	-17,661	17,158	18,316	-36,974
Net increase (decrease) in cash and cash equivalents
56,326	8,460	8,409	-2,125	-13,814	-6,131	20,714	-19,888	36,008	215	-23,569	44,246	-13,969	-8,008	16,022	3,680	4,537	-7,308	2,998	5,253	-7,884	2,339	10,252	-22,225	-18,490	31,799	-220	7,737
Supplemental disclosure:
Interest on deposits and borrowed funds
8,632	10,071	9,774	8,530	8,230	6,869	6,301	5,383	4,379	3,079	2,959	2,037	2,260	2,261	2,168	2,070	1,873	1,646	1,584	1,480	1,398	1,465	1,420	1,318	1,400	2,909	1,325	1,372
Income taxes paid, net of refunds
396	3,526	6,757	59	2,352	4,407	39	24	3,632	3,864	4,006	19	3,306	594	1,270	1,931	2,899	2,653	1,389	219	492	144	149	2,768	1,440	1,866	5,253	2,997
Noncash investing activities:
Transfer of loans receivable to real estate acquired through foreclosure
0	685	248	366	17	177	74	17	1,507	290	476	281	1,744	94	792	0	115	107	885	200	134	95	395	837	931	20	2,313	876
Transfer of held-to-maturity securities to available-for-sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,181	10,471	-	0	0	0	-	-	-	-
Acquisitions:
Fair value of tangible assets acquired
-	-	-	-	-	-	-	-	-	0	0	380,011	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Assets acquired, net of cash
-	-	-	-	-	-	-	-	1,351,762	0	0	4,480	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Liabilities assumed
-	-	-	-	-	-	-	-	986,253	0	0	358,866	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (liabilities) assets
-	-	-	-	-	-	-	-	-	0	0	25,625	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common stock issued in acquisition
-	-	-	-	-	-	-	-	-	0	0	54,223	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Goodwill
-	-	-	-	-	-	-	-	90,305	0	0	33,020	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in unrealized gain on available-for-sale securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-968	2,107	2,076	-	-	-	-