First choice bancorp (FCBP)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17
OPERATING ACTIVITIES
Net income

4,546

5,958

8,071

6,811

7,008

6,713

2,603

3,435

2,379

955

1,991

2,282

2,126

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

398

477

419

410

402

407

308

102

99

124

125

136

141

Amortization of premiums of investment securities

-32

-49

-45

-49

-35

-39

-43

-55

-54

-65

-70

-84

-78

Amortization of servicing asset

282

425

282

206

211

279

397

191

165

188

99

102

98

Provision for loan losses

2,700

1,200

700

550

350

400

600

320

200

-358

1,000

0

0

(Reversal of) provision for losses - unfunded commitments

-

-

-

-

-

0

0

0

53

355

-6

142

72

Gain on sale of loans

377

947

528

1,271

928

639

171

448

247

433

1,076

897

1,190

Loss on disposal of fixed assets

-

-

-

-

-

-2

2

-8

0

-

-

-

-

Impairment charges of fixed assets and right-of-use assets

0

807

0

0

400

-

-

-

-

-

-

-

-

Loans originated for sale

8,402

4,651

8,787

9,873

9,966

18,223

17,097

6,128

3,709

45,616

12,579

5,028

12,433

Proceeds from loans originated for sale

3,783

20,190

10,223

17,614

19,527

14,437

2,617

6,409

3,021

28,597

18,553

15,622

14,688

Accretion of net discounts and deferred loan fees, net

1,195

1,391

2,776

1,079

1,449

1,757

1,341

1,131

200

-188

29

39

-409

Change in fair value of equity securities

42

-6

14

39

35

20

-23

-51

-66

-

-

-

-

Change in fair value of equity securities

42

-6

14

39

35

20

-23

-51

-66

0

0

0

0

Deferred income taxes

538

-

175

1,783

0

-

-

-

-

-

-

-

-

Stock-based compensation

484

453

527

567

402

409

409

433

458

443

385

372

324

Appreciation of Bank Owned Life Insurance

27

27

27

27

26

28

18

0

0

-

-

-

-

Net (decrease) increase in other items, net

969

-

-

-

-960

-

-

-

-

-

-

-

-

Net (decrease) increase in other items, net

-

-

-

-

-

-

-1,376

1,206

-504

793

-87

659

-516

Net cash provided by operating activities

1,751

21,217

10,193

12,062

16,891

4,076

-8,590

2,013

2,843

-14,086

8,620

12,119

4,829

INVESTING ACTIVITIES
Proceeds from maturities and paydown of securities available-for-sale

1,195

1,573

1,346

1,002

784

1,117

952

1,094

936

1,154

1,116

1,166

1,112

Proceeds from maturities and paydown of securities held-to-maturity

3,400

9

9

225

10

9

10

10

10

10

9

337

11

Purchase of securities available-for-sale

13,000

-

-

-

0

-

-

-

-

-

-

-

-

Purchase of securities available-for-sale

-

-

-

-

-

-

-

-

-

-

-8

2,010

4,966

Net increase in loans held-for-investment

63,196

-

-17,201

58,370

20,259

-

41,920

-8,029

48,251

-35,984

28,632

957

40,784

Purchase of restricted stock investments

13

16

43

60

12

8,599

-1,879

226

0

-

-

-

-

Purchase of equity and qualified CRA investments

22

-

203

168

17

-

118

18

56

-

-

-

-

Purchases of premises and equipment

769

171

276

312

91

50

344

304

119

124

253

71

80

Net cash used in investing activities

-72,423

-67,456

18,034

-57,683

-19,585

-29,032

72,359

7,778

-47,480

32,434

-34,527

-2,374

-44,707

FINANCING ACTIVITIES
Net increase (decrease) in deposits

37,347

-25,845

83,659

40,709

-37,169

-54,771

47,228

26,156

-13,878

-20,852

36,842

-10,747

10,875

Net increase in short-term borrowings

50,000

0

-165,000

35,000

55,002

89,998

-45,000

-15,000

55,000

-

-

-

-

Net increase in borrowings from Federal Home Loan Bank

-

-

-

-

-

-

-

-

-

-

-

5,000

40,000

(Decrease) increase in senior secured notes

-1,000

-3,500

300

-1,400

5,750

-4,100

8,400

1,600

2,200

350

0

0

0

Cash dividends paid

2,924

2,914

2,292

2,345

2,376

2,352

2,329

1,452

1,451

1,442

1,442

1,439

1,439

Repurchase of shares

996

321

1,911

275

6,913

792

1

6

301

37

-6

98

41

Proceeds from exercise of stock options

21

12

29

853

1,706

375

753

0

0

0

0

44

213

Net cash provided by financing activities

82,448

27,425

-85,215

72,542

16,000

28,358

9,051

11,298

41,570

-21,981

10,406

-7,240

49,608

Net increase in cash and cash equivalents

11,776

-18,814

-56,988

26,921

13,306

3,402

72,820

21,089

-3,067

-

-

-

-

Increase (decrease) in cash and cash equivalents

-

-

-

-

-

-

-

-

-

-3,633

-15,501

2,505

9,730

Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest paid

2,468

2,881

3,325

3,449

2,399

2,784

2,227

2,061

1,585

1,483

1,621

1,441

1,453

Taxes paid

0

3,085

2,552

5,461

0

0

2,277

1,823

0

-

-

-

-

Noncash investing and financing activities:
Transfers of loans to (from) held for investment from (to) held for sale

933

-

-

3,226

1,208

-

-

195

0

-

-

-

-

Servicing rights asset recognized

68

257

170

337

376

303

57

131

55

-

-

-

-

Servicing asset recognized

-

-

-

-

-

-

-

-

-

-

-

221

293

Transfer of securities available-for-sale to equity securities

-

-

-

-

-

0

0

0

2,540

0

0

0

0

Initial recognition of operating lease right-of-use assets

0

-

0

0

6,022

-

-

-

-

-

-

-

-

Initial recognition of operating lease liabilities

0

-

0

0

6,141

-

-

-

-

-

-

-

-