| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
16,895 | 12,767 | 7,109 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan losses | ||||||
2,791 | 2,140 | 2,655 | ||||
Provision for losses on mortgage loans sold | ||||||
184 | 106 | 115 | ||||
Provision for (recovery of) off balance sheet credit risk | ||||||
173 | 152 | 100 | ||||
Net amortization on investments | ||||||
-160 | -225 | -261 | ||||
Furniture and equipment depreciation | ||||||
1,113 | 1,085 | - | ||||
Lease asset amortization | ||||||
1,238 | 0 | - | ||||
Depreciation and amortization | ||||||
- | - | 983 | ||||
Stock-based compensation expense | ||||||
795 | 570 | 506 | ||||
Director and employee compensation paid in stock | ||||||
301 | 496 | 776 | ||||
Deferred income tax benefit | ||||||
-839 | -141 | -239 | ||||
Amortization of debt issuance expense | ||||||
30 | 32 | 34 | ||||
(Gain) loss on sale of securities available for sale | ||||||
26 | -2 | 0 | ||||
Loss on sales of foreclosed real estate | ||||||
0 | -21 | -52 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | ||||||
0 | -276 | -77 | ||||
Mortgage banking revenue | ||||||
15,955 | 9,477 | 10,377 | ||||
Proceeds from sales of loans held for sale | ||||||
556,640 | 354,417 | 452,337 | ||||
Originations of loans held for sale | ||||||
593,189 | 337,122 | 418,912 | ||||
Changes in assets and liabilities: | ||||||
Accrued interest receivable | ||||||
308 | 595 | 654 | ||||
Prepaid income taxes and taxes payable | ||||||
-81 | -1,529 | 393 | ||||
Other assets | ||||||
418 | -4 | -913 | ||||
Accrued interest payable | ||||||
236 | 481 | 307 | ||||
Other liabilities | ||||||
3,752 | 1,334 | -836 | ||||
Net cash provided by operating activities | ||||||
-26,346 | 28,302 | 34,814 | ||||
Cash flows from investing activities | ||||||
Purchases of securities available for sale | ||||||
38,587 | 0 | 12,810 | ||||
Maturities, calls and principal paydowns of securities available for sale | ||||||
22,119 | 6,044 | 6,203 | ||||
Proceeds from sale of securities available for sale | ||||||
3,280 | 345 | 0 | ||||
Sales (purchases) of restricted investments | ||||||
1,463 | 134 | 76 | ||||
Net increase in loans receivable | ||||||
173,942 | 114,140 | 126,290 | ||||
Net disposals (purchases) of premises and equipment | ||||||
303 | 1,735 | - | ||||
Net purchases of premises and equipment | ||||||
- | - | 1,422 | ||||
Proceeds from sales of foreclosed real estate | ||||||
49 | 357 | 1,026 | ||||
Net cash used by investing activities | ||||||
-188,847 | -109,263 | -133,369 | ||||
Cash flows from financing activities | ||||||
Net increase (decrease) in: | ||||||
Noninterest-bearing deposits | ||||||
49,518 | 45,624 | 40,430 | ||||
Interest-bearing deposits | ||||||
220,662 | 4,717 | 73,545 | ||||
Securities sold under agreements to repurchase | ||||||
-3,332 | -7,928 | 1,601 | ||||
Federal funds purchased | ||||||
- | - | 0 | ||||
Federal funds purchased | ||||||
-2,000 | 0 | - | ||||
Federal Home Loan Bank advances, net | ||||||
30,222 | 2,000 | -4,000 | ||||
Other borrowed funds | ||||||
0 | -2,000 | 0 | ||||
Repurchase of common stock | ||||||
371 | 45 | 512 | ||||
Proceeds from exercise of stock options | ||||||
595 | 1,043 | 1,668 | ||||
Proceeds from shares sold | ||||||
0 | 198 | 0 | ||||
Proceeds from initial public offering, net | ||||||
0 | 19,764 | 0 | ||||
Net cash provided by financing activities | ||||||
295,294 | 63,373 | 112,732 | ||||
Net increase in cash and cash equivalents | ||||||
80,101 | -17,588 | - | ||||
Net increase in cash and cash equivalents | ||||||
- | - | 14,177 | ||||
Noncash activities: | ||||||
Loans transferred to foreclosed real estate | ||||||
2,291 | 427 | 1,081 | ||||
Change in unrealized gains on investments | ||||||
842 | -477 | -302 | ||||
Change in fair value of loans held for sale | ||||||
1,420 | 4 | 225 | ||||
Change in fair value of cash flow hedging derivative | ||||||
-5 | -1 | 13 | ||||
Establishment of lease right-of-use asset | ||||||
5,158 | 0 | - | ||||
Establishment of lease liability | ||||||
5,358 | 0 | - | ||||
Change in corporate tax rate | ||||||
- | - | -1,386 | ||||
Cash paid during the period for: | ||||||
Taxes | ||||||
5,451 | 2,655 | 7,993 | ||||
Interest | ||||||
15,606 | 10,758 | 7,448 | ||||