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As Reported Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in units) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

Cash flows from operating activities

Net income 10,464,434 13,155,159 15,963,814 27,217,692 26,600,483

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization 2,332,087 2,582,116 2,476,059 3,147,425 2,379,624
Provision for loan losses 1,310,984 1,584,542 955,108 1,848,695 942,758
Change in deferred loan fees net of costs (1,039) (329,541) (409,322) (456,708) (595,490)
Gain on sales or calls of securities (65,222) (1,227,915) (35,258) 0 (560,186)
Amortization of premiums and discounts 910,426 1,082,570 968,404 722,757 547,518
Origination of loans held for sale (103,508,482) (100,887,323) (95,358,878) (105,458,396) (120,463,317)
Proceeds from sale of loans held for sale 99,944,100 100,581,376 99,373,019 98,297,697 107,165,053
Income on marketable loans (2,019,313) (2,317,648) (2,319,806) (1,822,024) NA
Loss on write down of stock NA 0 0 152,496 0
Gain on sale of loans 0 0 (94,714) (556,358) NA
Write down of other real estate owned 145,165 0 0 0 NA
Loss on sales of other real estate owned 49,717 (77,943) (13,589) 52,937 0
Gain on sale of fixed assets (14,128) (27,176) (73,663) (13,266) (32,599)
Amortization of intangible assets 792,351 830,805 968,881 2,179,452 1,961,631
Deferred income taxes 2,496,521 7,509,357 1,139,576 3,716,604 286,390
Stock based compensation awards 418,419 562,672 694,593 1,192,022 1,000,138
Increase (decrease) in
Accrued interest payable 128,352 852,670 155,350 1,372,761 (391,858)
Income tax payable 3,130,242 (3,596,971) 2,138,669 (2,157,375) 0
Supplemental executive retirement plan 241,368 277,290 279,456 104,564 117,553
Other liabilities (1,531,062) 593,395 (2,305,696) (1,484,069) (1,450,261)
Decrease (increase) in
Accrued interest receivable (342,255) (463,683) (612,806) (768,227) (2,063)
Bank owned life insurance (866,588) (951,461) (969,147) (1,488,327) (1,247,119)
Annuity plan NA 0 0 (286,617) 41,699
Income tax receivable NA 0 0 (1,903,936) 4,891,076
Other assets (13,821) 624,397 1,241,258 312,670 (614,964)
Net cash provided by operating activities 14,002,256 20,356,688 24,161,308 23,922,469 20,576,066

Cash flows from investing activities

Cash and cash equivalents of acquired bank, net of cash consideration 6,344,304 0 35,566,945 21,617,611 0
Acquisition cash consideration (2,852,321) NA NA NA NA
Purchase of investment securities available for sale (51,567,606) (153,226,365) (50,360,299) (26,342,732) (104,025,115)

Proceeds from disposal of investment securities

Available for sale at maturity, call or paydowns 0 32,295,968 23,489,734 20,740,384 64,350,481
Available for sale sold 41,835,214 107,993,646 53,802,337 51,650,175 0
Annuity Plan 0 0 (5,981,809) 0 NA
Loans made, net of principal collected (129,132,289) (214,308,249) (117,568,330) (165,816,380) (62,921,587)
Purchase of bank owned life insurance NA 0 0 (8,500,000) 0
Proceeds from sale of other real estate owned 1,413,869 1,034,362 1,178,439 2,109,630 0
Change in equity securities 869,351 (3,361,001) (674,400) 166,697 263,947
Purchase of premises and equipment (2,399,547) (3,151,842) (2,735,017) (1,470,439) (1,828,077)
Proceeds from the sale of premises and equipment 14,128 27,176 73,663 13,266 32,599
Net cash used in investing activities (135,474,897) (232,696,305) (63,208,737) (105,831,788) (104,127,752)

Cash flows from financing activities

Net increase (decrease) in

Time deposits 94,563,356 17,131,785 69,431,735 335,228,313 2,269,821
Other deposits 21,602,161 72,868,781 (20,276,347) (233,451,690) 115,027,070
Short term borrowings 46,554,357 75,876,646 4,424,558 (5,527,115) NA
Short term borrowing advances NA NA NA NA 1,305,000,000
Short term borrowing repayments NA NA NA NA (1,328,806,184)
Long term borrowings (16,200,985) 28,249,249 264,363 264,361 198,052
Proceeds from stock options exercised 816,213 837,763 665,413 1,033,267 48,931
Repurchase of stock through stock repurchase program (5,320,997) 0 0 (207,514) (1,556,634)
Cash dividends paid-common stock (2,245,508) (2,603,947) (3,751,353) (6,103,796) (6,128,672)
Purchase of minority member(s) interest 0 (258,181) 0 0 NA
Net cash provided by financing activities 139,768,597 192,102,096 50,758,369 91,235,826 86,052,384
Net increase in cash and cash equivalents 18,295,956 (20,237,521) 11,710,940 9,326,507 2,500,698
Cash and cash equivalents at beginning of period 25,404,736 43,700,692 23,463,171 35,174,111 44,500,618
Cash and cash equivalents at end of period 43,700,692 23,463,171 35,174,111 44,500,618 47,001,316

Supplemental Disclosure of Cash Flow Information

Cash paid during the period for

Interest 4,735,946 6,423,846 11,343,284 19,955,772 24,023,527
Income taxes 415,220 2,725,000 4,874,478 10,405,000 5,750,804

Supplemental Disclosure of Non-Cash Flow Operating Activities

Loans transferred to other real estate owned 820,725 1,230,375 422,848 1,041,079 209,124
Loans transferred to available for sale - BYBK acquisition NA NA NA NA 0
Initial recognition of right of use asset NA NA NA NA 26,395,472
Initial recognition of right of use liability NA NA NA NA 26,692,114

Fair value of assets and liabilities from acquisition

Fair value of assets acquired 129,901,303 0 310,974,425 719,779,155 0
Other intangible assets acquired 2,715,463 0 15,297,318 11,243,714 0
Fair value of liabilities assumed (125,619,844) 0 (285,421,333) (587,403,791) 0
Total merger consideration 6,996,922 0 40,850,410 143,619,078 0

Supplemental disclosure of noncash activities

Transfer to loans from other real estate owned 820,725 NA NA NA NA
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.
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