| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net income | ||||||
13,201 | 9,701 | 5,436 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan losses | ||||||
2,544 | 1,826 | 870 | ||||
Depreciation and amortization | ||||||
1,241 | 1,071 | 993 | ||||
Loss on disposition of fixed assets | ||||||
-31 | -32 | -38 | ||||
Decrease in operating lease right-of-use assets | ||||||
1,019 | - | - | ||||
Decrease in operating lease liabilities | ||||||
960 | - | - | ||||
Gain on sales of loans | ||||||
490 | 264 | 102 | ||||
Gain on sales of securities | ||||||
171 | - | - | ||||
Gain on sale of other real estate owned | ||||||
- | - | 32 | ||||
Net discount accretion on investment securities | ||||||
59 | 24 | 2 | ||||
Stock-based compensation | ||||||
431 | 310 | 285 | ||||
Bank-owned life insurance earnings | ||||||
194 | 188 | 185 | ||||
Deferred tax (benefit) expense | ||||||
-561 | -382 | 1,284 | ||||
Net change in other assets and liabilities | ||||||
2,361 | -2,320 | 968 | ||||
Total adjustments | ||||||
470 | 4,701 | 2,181 | ||||
Net cash provided by operating activities | ||||||
13,671 | 14,402 | 7,617 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
Net decrease in interest earning deposits with other banks | ||||||
1,559 | -26,831 | 2,734 | ||||
Purchase of investment securities available-for-sale | ||||||
29,944 | - | 5,011 | ||||
Proceeds from sale of investment securities available-for-sale | ||||||
30,026 | 0 | - | ||||
Purchase of investment securities held-to-maturity | ||||||
3,182 | - | - | ||||
Purchase of other investments, net | ||||||
739 | 86 | - | ||||
Principal paydowns of investment securities available-for-sale | ||||||
53 | 88 | - | ||||
Purchase of other investments, net | ||||||
- | - | 581 | ||||
Principal paydowns of investment securities available-for-sale | ||||||
- | - | 100 | ||||
Principal paydowns of investment securities held-to-maturity | ||||||
89 | 141 | 454 | ||||
Maturities and calls of investment securities available-for-sale | ||||||
10,000 | - | 1,226 | ||||
Purchase of participation loans | ||||||
8,081 | 32,653 | - | ||||
Proceeds from sale of loans | ||||||
4,915 | 3,174 | 1,353 | ||||
Purchase of loans | ||||||
- | 14,094 | 29,688 | ||||
Increase in loans receivable, net | ||||||
168,029 | 67,711 | - | ||||
Increase in loans receivable, net | ||||||
- | - | 32,620 | ||||
Proceeds from sale of other real estate owned | ||||||
- | - | 1,329 | ||||
Purchases of premises and equipment, net | ||||||
1,213 | 1,149 | 1,057 | ||||
Net cash used by investing activities | ||||||
-164,546 | -139,121 | -61,761 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Net increase in demand deposits, NOW and money market, and savings | ||||||
179,532 | 93,924 | 41,107 | ||||
Net increase (decrease) in time deposits | ||||||
-15,187 | 6,395 | 13,526 | ||||
Net repayments from short term FHLB borrowing | ||||||
-10,000 | - | - | ||||
Net proceeds from short-term FHLB borrowings | ||||||
- | - | 5,000 | ||||
Net proceeds from initial public offering | ||||||
- | 33,243 | - | ||||
Proceeds from exercise of stock options | ||||||
121 | 357 | 24 | ||||
Repurchase of common stock | ||||||
- | - | 3 | ||||
Net cash provided by financing activities | ||||||
154,466 | 133,919 | 59,654 | ||||
NET CHANGE IN CASH, DUE FROM BANKS AND RESTRICTED CASH | ||||||
3,591 | 9,200 | 5,510 | ||||
SUPPLEMENTAL SCHEDULE OF OPERATING AND INVESTING ACTIVITIES | ||||||
Interest paid | ||||||
6,547 | 3,875 | 2,871 | ||||
Income taxes paid | ||||||
4,480 | 2,520 | 3,820 | ||||
SUPPLEMENTAL SCHEDULE OF NONCASH TRANSACTIONS | ||||||
Fair value adjustment of securities available-for-sale, gross | ||||||
1,771 | -210 | 108 | ||||
In conjunction with ASU 2016-02 as detailed in Note 6 to the Unaudited Consolidated Financial Statements, the following assets and liabilities were recognized: | ||||||
Operating lease right-of-use assets | ||||||
9,421 | - | - | ||||
Operating lease liabilities | ||||||
9,591 | - | - | ||||