| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
16,111 | 14,386 | 9,841 | 11,046 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | ||||||
1,323 | 1,300 | 1,369 | 1,445 | |||
Amortization of core deposit intangibles | ||||||
146 | 220 | 234 | 233 | |||
Stock-based compensation expense | ||||||
713 | 815 | 613 | 366 | |||
Provision for Loan and Lease Losses | ||||||
1,383 | 412 | 1,416 | 3,925 | |||
Discount on acquired SBA/USDA retained loans | ||||||
- | - | - | 133 | |||
Net securities premium amortization | ||||||
-1,735 | -1,327 | -871 | -608 | |||
Debt Securities, Available-for-sale, Realized Gain (Loss) | ||||||
1,174 | -71 | 208 | 926 | |||
Originations of loans held for sale | ||||||
272,714 | 90,361 | 64,184 | 78,950 | |||
Proceeds from Sale of Loans Held-for-sale | ||||||
270,363 | 91,091 | 69,753 | 74,995 | |||
Net gain on sales of loans | ||||||
7,835 | 2,341 | 1,844 | 2,249 | |||
Accretion on acquired purchase credit impaired loans | ||||||
2,313 | 3,794 | 5,340 | 8,412 | |||
Gain on sale of other real estate owned and repossessed assets | ||||||
0 | 44 | 237 | 35 | |||
Increase in cash surrender value of life insurance | ||||||
301 | 324 | 328 | 181 | |||
Amortization of debt issuance costs | ||||||
62 | 47 | 58 | 53 | |||
Excess tax benefits | ||||||
18 | 108 | 27 | 0 | |||
Net increase in accrued interest receivable and other assets | ||||||
9,544 | -382 | 1,546 | 4,660 | |||
Net increase in accrued interest payable and other liabilities | ||||||
6,151 | 4,810 | 1,667 | 2,812 | |||
Net cash used by operating activities | ||||||
4,124 | 18,137 | 12,162 | 203 | |||
Cash flows from investing activities | ||||||
Net increase in loans | ||||||
97,660 | 88,069 | 75,780 | - | |||
Net increase in loans | ||||||
- | - | - | 89,466 | |||
Principal payments on securities available-for-sale | ||||||
16,521 | 9,368 | 8,850 | 12,900 | |||
Purchases of securities available-for-sale | ||||||
56,810 | 68,694 | 74,225 | 91,041 | |||
Purchases of Bank Owned Life Insurance | ||||||
- | - | - | 7,520 | |||
Purchases of FHLB Stock | ||||||
3,150 | 22 | 2,475 | 1,536 | |||
Additions to premises and equipment | ||||||
2,019 | 1,159 | 913 | 3,066 | |||
Proceeds from: | ||||||
Proceeds from Sale of Debt Securities, Available-for-sale | ||||||
69,846 | 3,625 | 14,803 | 93,427 | |||
Sale of other real estate owned and repossessed assets | ||||||
0 | 822 | 885 | 116 | |||
Payments to Acquire Businesses, Net of Cash Acquired | ||||||
- | - | - | -2,458 | |||
Net cash used in investing activities | ||||||
-73,272 | -144,129 | -128,855 | -83,728 | |||
Cash flows from financing activities | ||||||
Net increase in deposits | ||||||
793 | 14,253 | 195,458 | 46,170 | |||
Change in short-term borrowings | ||||||
32,278 | - | 31,820 | - | |||
Change in short-term borrowings | ||||||
- | 61,810 | - | - | |||
Change in short-term borrowings | ||||||
- | - | - | 40,543 | |||
Issuances of long-term FHLB advances | ||||||
145,000 | 0 | 0 | - | |||
Repayment of long-term FHLB advances | ||||||
0 | 10,000 | 4,506 | 408 | |||
Net proceeds from issuance of subordinated debt | ||||||
29,487 | 0 | 0 | - | |||
Change in secured borrowing | ||||||
71 | 69 | - | - | |||
Change in secured borrowing | ||||||
- | - | 1,514 | - | |||
Proceeds from Issuance of Common Stock | ||||||
0 | 29,030 | 0 | 0 | |||
Change in secured borrowing | ||||||
- | - | - | 0 | |||
Payments for Repurchase of Common Stock | ||||||
2,165 | 0 | 0 | - | |||
Payments of Ordinary Dividends, Common Stock | ||||||
1,160 | 662 | 0 | 0 | |||
Proceeds from exercised stock options | ||||||
219 | 1,279 | 605 | 300 | |||
Payment, Tax Withholding, Share-based Payment Arrangement | ||||||
43 | 14 | 13 | 0 | |||
Net cash provided by financing activities | ||||||
139,782 | 95,627 | 161,238 | 86,605 | |||
Net change in cash and cash equivalents | ||||||
70,634 | -30,365 | 44,545 | - | |||
Net change in cash and cash equivalents | ||||||
- | - | - | 3,080 | |||
Supplemental disclosure of cash flow information: | ||||||
Interest paid | ||||||
19,493 | 12,634 | 7,427 | 5,864 | |||
Taxes paid | ||||||
2,916 | 2,120 | 4,625 | - | |||
Income taxes paid | ||||||
- | - | - | 1,200 | |||
Transfer from loans held for sale to loans held for investment | ||||||
2,186 | 544 | 1,587 | 0 | |||
Transfer from loans to other real estate owned | ||||||
921 | 108 | 385 | 258 | |||
Transfer from premises and equipment to other assets | ||||||
0 | 18 | 1,793 | 0 | |||
Assets acquired—Bank of Michigan | ||||||
- | - | - | 114,442 | |||
Liabilities assumed—Bank of Michigan | ||||||
- | - | - | 102,762 | |||