As Reported Financials

Source Document Currency Code (in units) 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD
Source Document Currency Code 2014 Y 12/31/2015 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD

Cash flows from operating activities

Net income 4,337,769 5,778,544 6,909,144 2,288,481

Adjustments to reconcile net income to net cash from operating activities

Depreciation and amortization 204,107 238,470 235,915 279,763
Amortization of core deposit intangible NA NA 0 107,715
Stock-based compensation 526,727 693,928 859,524 947,925
Excess tax benefit related to share based compensation NA 0 (292,331) (546,563)
Income from cash surrender value officer life insurance (195,273) (225,885) (310,567) (360,203)
Net decrease in fair value of assets measured at fair value (139,228) 333,950 158,777 119,475
Gain on sale of other real estate owned (109,920) 45,839 0 (231,882)
Gain on sale of loans (7,564,284) (11,380,410) (10,707,075) (6,918,643)
Loss on disposal of premises and equipment 12,978 19,194 664 0
Loss on sale of investments and impairment on restricted stock 44,415 NA NA NA
Provision for loan losses 450,000 500,000 (1,000,000) 0
Provision (recovery) for losses on unfunded commitments 0 45,150 (30,495) 60,000
Proceeds from sale of SBA loans held for sale 91,202,711 148,605,215 139,472,372 95,810,044
Net cash disbursed on SBA loans originated for sale (119,062,094) (140,833,469) (132,325,167) (132,423,311)
Amortization of net premiums on investment securities 37,923 40,744 30,261 52,020
Amortization and impairment of servicing assets 691,862 923,936 1,069,328 1,676,831
Deferred loan premiums and origination costs, net of amortization and accretion of deferred costs, fees, premiums and discounts (3,477,265) (4,281,396) (3,665,802) (3,962,819)
Net accretion of acquisition accounting fair value adjustments NA NA 0 (417,894)
Net change in deferred tax asset (2,092,053) (175,846) (811,670) (22,496)
Decrease in accrued interest and other assets 347,412 (1,746,618) 127,534 625,532
Increase in income tax payable NA NA 627,860 2,566,200
Increase (decrease) in accrued interest and other liabilities 1,320,100 1,738,441 1,155,900 (1,103,335)
Net cash from operating activities (33,464,113) 319,787 1,504,172 (41,453,160)

Cash flows from investing activities

Purchase of FHLB, FRB and other restricted stock (2,017,150) (580,050) (292,750) (980,150)
Purchase of available for sale securities (2,350,390) NA 0 (4,742,451)
Proceeds from sales of available for sale securities 1,210,777 NA NA NA
Principal paydowns/maturities of available for sale securities 892,809 1,030,316 779,502 1,433,686
Purchase of officer life insurance (1,800,000) (1,427,161) (4,000,000) 0
Net funding of loans held for investment (31,127,349) (34,665,364) (45,302,678) (28,464,067)
Cash acquired in business combination NA NA 0 11,597,431
Proceeds from sale of OREO 240,365 892,674 0 410,135
Purchases of premises and equipment (242,762) (328,824) 0 (285,391)
Proceeds from sale of premises and equipment NA 0 68,000 0
Net cash flows from investing activities (35,193,700) (35,078,409) (48,747,926) (21,030,807)

Cash flows from financing activities

(Decrease) increase in demand deposits and savings accounts 86,107,157 124,813,476 57,269,902 (16,151,364)
Net decrease in time deposits (34,141,279) (23,648,242) (10,415,987) (14,629,383)
Repayment of FHLB Advances (101,900,000) (12,000,000) NA NA
Net proceeds of FHLB Advances 113,900,000 NA 0 70,000,000
Proceeds from other borrowed money NA 7,000,000 4,000,000 7,000,000
Repayment of other borrowed money NA (538,522) (1,162,386) (1,630,233)
Redemption of preferred stock NA 0 (4,000,000) 0
Proceeds from sale of common stock, net of expenses NA NA 0 9,963,801
Dividends paid on common and preferred stock (40,000) (40,000) (926,443) (2,216,396)
Proceeds from exercise of stock options 116,584 678,861 349,500 479,316
Net cash flows from financing activities 64,042,462 96,265,573 45,114,586 52,815,741
Net (decrease) increase in cash and cash equivalents (4,615,351) 61,506,951 (2,129,168) (9,668,226)
Beginning cash and cash equivalents 32,193,197 27,577,846 89,084,797 86,955,629
Ending cash and cash equivalents 27,577,846 89,084,797 86,955,629 77,287,403

Supplemental cash flow information

Interest paid 2,003,554 1,808,890 1,624,087 2,109,351
Taxes paid 3,978,164 5,900,763 2,807,862 6,750,284
Transfer of loans to OREO 130,445 938,513 0 810,387
Loans transferred to held for investment from held for sale 1,130,684 NA 0 1,724,797
Loans transferred to held for sale from held for investment 16,973,517 45,468,158 19,842,447 19,822,430
Net accretion of issue discount on perferred stock 5,473 5,473 913 0
Change in unrealized gains on available for sale securities net of income taxes recorded in other comprehensive income NA (18,615) (6,663) (44,561)
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.