Company Quick10K Filing
C&F Financial
Price52.60 EPS5
Shares3 P/E10
MCap182 P/FCF-8
Net Debt0 EBIT33
TEV182 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-03
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-08
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-07
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-11
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-07
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-05
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-05
10-Q 2011-09-30 Filed 2011-11-08
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-03
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-03
8-K 2020-05-20 Regulation FD, Exhibits
8-K 2020-05-08 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-04-23 Earnings, Exhibits
8-K 2020-04-21 Shareholder Vote
8-K 2020-03-27 Regulation FD, Exhibits
8-K 2020-02-20 Regulation FD, Exhibits
8-K 2020-01-24 Earnings, Exhibits
8-K 2020-01-21 Officers, Exhibits
8-K 2020-01-01 Other Events, Exhibits
8-K 2019-12-19 Other Events, Exhibits
8-K 2019-11-20 Regulation FD, Exhibits
8-K 2019-11-19 Other Events
8-K 2019-10-24 Earnings, Other Events, Exhibits
8-K 2019-10-15
8-K 2019-08-21 Regulation FD, Exhibits
8-K 2019-08-13 Other Events, Exhibits
8-K 2019-08-13 Enter Agreement, Exhibits
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-06-13 Officers, Exhibits
8-K 2019-05-21 Regulation FD, Other Events, Exhibits
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-04-16 Shareholder Vote
8-K 2019-02-20 Regulation FD, Exhibits
8-K 2019-01-24 Earnings, Exhibits
8-K 2018-12-18 Officers, Regulation FD, Exhibits
8-K 2018-11-28 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-08-22 Other Events, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-05-23 Other Events, Exhibits
8-K 2018-04-17 Officers, Exhibits
8-K 2018-04-17 Earnings, Exhibits
8-K 2018-04-17 Officers, Exhibits
8-K 2018-02-21 Other Events, Exhibits
8-K 2018-02-20 Officers, Exhibits
8-K 2018-01-25 Earnings, Exhibits

CFFI 10Q Quarterly Report

Part I – Financial Information
Item 1.Financial Statements
Note 1: Summary of Significant Accounting Policies
Note 2: Business Combination
Note 3: Securities
Note 4: Loans
Note 5: Allowance for Loan Losses
Note 6: Goodwill and Other Intangible Assets
Note 7: Equity, Other Comprehensive Income and Earnings per Share
Note 8: Employee Benefit Plans
Note 9: Fair Value of Assets and Liabilities
Note 10: Business Segments
Note 11: Commitments and Contingent Liabilities
Note 12: Derivative Financial Instruments
Note 13: Other Noninterest Expenses
Item 2.Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II – Other Information
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 cffi-20200331ex3116dd1bc.htm
EX-31.2 cffi-20200331ex31294f4f3.htm
EX-32 cffi-20200331xex32.htm

C&F Financial Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.71.41.00.70.30.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

10-Q 1 cffi-20200331x10q.htm 10-Q cffi_Current Folio_10Q_Taxonomy2019

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q

 


(Mark One)

 

 

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended March 31, 2020 

 

or

 

 

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from _________ to _________

 

Commission File Number 000-23423

 


 

C&F FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 


 

 

 

Virginia

54-1680165

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

 

802 Main Street West Point, VA

23181

(Address of principal executive offices)

(Zip Code)

 

(804) 843-2360

(Registrant’s telephone number, including area code)

 

 

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 


 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value per share

CFFI

The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

 

 

Large accelerated filer

Accelerated filer

 

 

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No   

 

At May 7, 2020, the latest practicable date for determination,  3,647,673 shares of common stock, $1.00 par value, of the registrant were outstanding.

 

 


 

 

TABLE OF CONTENTS

 

 

 

 

 

 

 

PART I - Financial Information 

    

Page

 

 

 

 

 

 

Item 1. 

Financial Statements

 

 3

 

 

 

 

 

 

 

Consolidated Balance Sheets –  March 31, 2020 (unaudited) and December 31, 2019

 

 3

 

 

 

 

 

 

 

Consolidated Statements of Income (unaudited) – Three months ended March  31, 2020 and 2019

 

 4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (unaudited) – Three months ended March 31, 2020 and 2019

 

 5

 

 

 

 

 

 

 

Consolidated Statements of Equity (unaudited) – Three months ended March 31, 2020 and 2019

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (unaudited) – Three months ended March 31, 2020 and 2019

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

8

 

 

 

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 33

 

 

 

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures About Market Risk

 

 58

 

 

 

 

 

 

Item 4. 

Controls and Procedures

 

 58

 

 

 

 

 

 

PART II - Other Information 

 

 

 

 

 

 

 

 

Item 1A. 

Risk Factors

 

58

 

 

 

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

 

 59

 

 

 

 

 

 

Item 6. 

Exhibits

 

61

 

 

 

 

 

 

 

Signatures

 

 62

 

 

 

 

2

Part I – FINANCIAL INFORMATION

 

ITEM 1.FINANCIAL STATEMENTS

 

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

   March 31,    

 

December 31, 

 

 

    

2020

    

2019

  

Assets

 

 

(unaudited)

 

 

*

 

Cash and due from banks

 

$

37,006

 

$

21,148

 

Interest-bearing deposits in other banks

 

 

111,003

 

 

144,285

 

Total cash and cash equivalents

 

 

148,009

 

 

165,433

 

Securities—available for sale at fair value, amortized cost of
$230,245 and $187,759, respectively

 

 

234,424

 

 

189,733

 

Loans held for sale, at fair value

 

 

125,667

 

 

90,500

 

Loans, net of allowance for loan losses of $33,298 and $32,873, respectively

 

 

1,204,171

 

 

1,082,318

 

Restricted stock, at cost

 

 

3,209

 

 

3,257

 

Corporate premises and equipment, net

 

 

38,731

 

 

35,261

 

Other real estate owned, net of valuation allowance of $88 and $88, respectively

 

 

1,103

 

 

1,103

 

Accrued interest receivable

 

 

7,253

 

 

6,776

 

Goodwill

 

 

25,117

 

 

14,425

 

Other intangible assets, net

 

 

2,540

 

 

912

 

Bank-owned life insurance

 

 

19,749

 

 

16,044

 

Net deferred tax asset

 

 

12,737

 

 

11,219

 

Other assets

 

 

54,582

 

 

40,451

 

Total assets

 

$

1,877,292

 

$

1,657,432

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

Noninterest-bearing demand deposits

 

$

334,648

 

$

296,985

 

Savings and interest-bearing demand deposits

 

 

641,976

 

 

572,209

 

Time deposits

 

 

507,750

 

 

422,056

 

Total deposits

 

 

1,484,374

 

 

1,291,250

 

Short-term borrowings

 

 

18,391

 

 

16,360

 

Long-term borrowings

 

 

116,254

 

 

119,529

 

Trust preferred capital notes

 

 

25,289

 

 

25,281

 

Accrued interest payable

 

 

1,508

 

 

1,291

 

Other liabilities

 

 

52,232

 

 

38,442

 

Total liabilities

 

 

1,698,048

 

 

1,492,153

 

 

 

 

 

 

 

 

 

Commitments and contingent liabilities (Note 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

Common stock ($1.00 par value, 8,000,000 shares authorized, 3,648,658 and 3,438,126 shares issued and outstanding, respectively, includes 139,820 and 142,020 of unvested shares, respectively)

 

 

3,509

 

 

3,296

 

Additional paid-in capital

 

 

20,710

 

 

9,503

 

Retained earnings

 

 

156,438

 

 

154,248

 

Accumulated other comprehensive loss, net

 

 

(1,955)

 

 

(2,249)

 

Equity attributable to C&F Financial Corporation

 

 

178,702

 

 

164,798

 

Noncontrolling interest

 

 

542

 

 

481

 

Total equity

 

 

179,244

 

 

165,279

 

Total liabilities and equity

 

$

1,877,292

 

$

1,657,432

 


*     Derived from audited consolidated financial statements.

 

See notes to consolidated financial statements.

3

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

 

    

2020

    

2019

  

 

Interest income

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

22,897

 

$

20,920

 

 

Interest on interest-bearing deposits and federal funds sold

 

 

598

 

 

589

 

 

Interest and dividends on securities

 

 

 

 

 

 

 

 

U.S. government agencies and corporations

 

 

126

 

 

101

 

 

Mortgage-backed securities

 

 

520

 

 

611

 

 

Tax-exempt obligations of states and political subdivisions

 

 

496

 

 

583

 

 

Taxable obligations of states and political subdivisions

 

 

92

 

 

93

 

 

Other

 

 

49

 

 

54

 

 

Total interest income

 

 

24,778

 

 

22,951

 

 

Interest expense

 

 

 

 

 

 

 

 

Savings and interest-bearing deposits

 

 

586

 

 

602

 

 

Time deposits

 

 

2,299

 

 

1,306

 

 

Borrowings

 

 

1,001

 

 

1,111

 

 

Trust preferred capital notes

 

 

289

 

 

285

 

 

Total interest expense

 

 

4,175

 

 

3,304

 

 

Net interest income

 

 

20,603

 

 

19,647

 

 

Provision for loan losses

 

 

2,650

 

 

2,395

 

 

Net interest income after provision for loan losses

 

 

17,953

 

 

17,252

 

 

Noninterest income

 

 

 

 

 

 

 

 

Gains on sales of loans

 

 

3,676

 

 

2,136

 

 

Mortgage banking fee income

 

 

1,305

 

 

769

 

 

Interchange income

 

 

1,089

 

 

958

 

 

Service charges on deposit accounts

 

 

1,002

 

 

918

 

 

Wealth management services income, net

 

 

585

 

 

449

 

 

Other service charges and fees

 

 

375

 

 

299

 

 

Net gains on sales, maturities and calls of available for sale securities

 

 

 4

 

 

 4

 

 

Other

 

 

993

 

 

1,570

 

 

Total noninterest income

 

 

9,029

 

 

7,103

 

 

Noninterest expenses

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

10,817

 

 

11,907

 

 

Occupancy

 

 

2,327

 

 

2,190

 

 

Other

 

 

9,222

 

 

5,580

 

 

Total noninterest expenses

 

 

22,366

 

 

19,677

 

 

Income before income taxes

 

 

4,616

 

 

4,678

 

 

Income tax expense

 

 

977

 

 

907

 

 

Net income

 

 

3,639

 

 

3,771

 

 

Less net income attributable to noncontrolling interest

 

 

61

 

 

 —

 

 

Net income attributable to C&F Financial Corporation

 

$

3,578

 

$

3,771

 

 

Net income per share - basic and diluted

 

$

0.98

 

$

1.08

 

 

 

See notes to consolidated financial statements.

4

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

    

2020

    

2019

  

Net income

 

$

3,639

 

$

3,771

 

Other comprehensive income:

 

 

 

 

 

 

 

Defined benefit plan:

 

 

 

 

 

 

 

Reclassification of recognized net actuarial losses into net income1

 

 

42

 

 

42

 

Related income tax effects

 

 

(9)

 

 

(9)

 

Amortization of prior service credit into net income1

 

 

(17)

 

 

(17)

 

Related income tax effects

 

 

 4

 

 

 4

 

Defined benefit plan, net of tax

 

 

20

 

 

20

 

 

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

 

Unrealized holding losses arising during the period

 

 

(1,974)

 

 

(108)

 

Related income tax effects

 

 

508

 

 

28

 

Amortization of hedging gains into net income2

 

 

(3)

 

 

 —

 

Related income tax effects

 

 

 1

 

 

 —

 

Cash flow hedges, net of tax

 

 

(1,468)

 

 

(80)

 

 

 

 

 

 

 

 

 

Securities available for sale:

 

 

 

 

 

 

 

Unrealized holding gains arising during the period

 

 

2,209

 

 

1,826

 

Related income tax effects

 

 

(464)

 

 

(383)

 

Reclassification of net realized gains into net income3

 

 

(4)

 

 

(4)

 

Related income tax effects

 

 

 1

 

 

 1

 

Securities available for sale, net of tax

 

 

1,742

 

 

1,440

 

Other comprehensive income, net of tax

 

 

294

 

 

1,380

 

Comprehensive income

 

 

3,933

 

 

5,151

 

Less comprehensive income attributable to noncontrolling interest

 

 

61

 

 

 —

 

Comprehensive income attributable to C&F Financial Corporation

 

$

3,872

 

$

5,151

 


1

These items are included in the computation of net periodic benefit cost and are included in “Noninterest income – Other” on the Consolidated Statements of Income. See “Note 8: Employee Benefit Plans,” for additional information.

2

These items are included in “Interest expense – Trust preferred capital notes” on the Consolidated Statements of Income.

3

These items are included in “Net gains on sales, maturities and calls of available for sale securities” on the Consolidated Statements of Income.

See notes to consolidated financial statements.

5

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

FOR THE THREE MONTHS ENDED MARCH  31, 2020 AND 2019

(Unaudited)

(Dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to C&F Financial Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

   

 

 

   

Additional

   

 

 

   

Other

   

 

 

 

 

 

 

 

Common

 

Paid - In

 

Retained

 

Comprehensive

 

Noncontrolling

 

Total

 

 

 

Stock

 

Capital

 

Earnings

 

Loss, Net

 

Interest

 

Equity

 

Balance December 31, 2019

 

$

3,296

 

$

9,503

 

$

154,248

 

$

(2,249)

 

$

481

 

$

165,279

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 —

 

 

 —

 

 

3,578

 

 

 —

 

 

61

 

 

3,639

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

294

 

 

 —

 

 

294

 

Share-based compensation

 

 

 —

 

 

389

 

 

 —

 

 

 —

 

 

 —

 

 

389

 

Restricted stock vested

 

 

16

 

 

(16)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Acquisition of Peoples Bankshares, Incorporated

 

 

210

 

 

11,402

 

 

 —

 

 

 —

 

 

 —

 

 

11,612

 

Common stock issued

 

 

 1

 

 

36

 

 

 —

 

 

 —

 

 

 —

 

 

37

 

Common stock purchased

 

 

(14)

 

 

(604)

 

 

 —

 

 

 —

 

 

 —

 

 

(618)

 

Cash dividends declared ($0.38 per share)

 

 

 —

 

 

 —

 

 

(1,388)

 

 

 —

 

 

 —

 

 

(1,388)

 

Balance March 31, 2020

 

$

3,509

 

$

20,710

 

$

156,438

 

$

(1,955)

 

$

542

 

$

179,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to C&F Financial Corporation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

   

 

 

   

Additional

   

 

 

   

Other

   

 

 

 

 

 

 

 

Common

 

Paid - In

 

Retained

 

Comprehensive

 

Noncontrolling

 

Total

 

 

 

Stock

 

Capital

 

Earnings

 

Loss, Net

 

Interest

 

Equity

 

Balance December 31, 2018

 

$

3,358

 

$

12,752

 

$

140,520

 

$

(4,672)

 

$

 —

 

$

151,958

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 —

 

 

 —

 

 

3,771

 

 

 —

 

 

 —

 

 

3,771

 

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

1,380

 

 

 —

 

 

1,380

 

Issuance of noncontrolling interest

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

490

 

 

490

 

Share-based compensation

 

 

 —

 

 

457

 

 

 —

 

 

 —

 

 

 —

 

 

457

 

Restricted stock vested

 

 

15

 

 

(15)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

Common stock issued

 

 

 1

 

 

35

 

 

 —

 

 

 —

 

 

 —

 

 

36

 

Common stock purchased

 

 

(37)

 

 

(1,867)

 

 

 —

 

 

 —

 

 

 —

 

 

(1,904)

 

Cash dividends declared ($0.37 per share)

 

 

 —

 

 

 —

 

 

(1,288)

 

 

 —

 

 

 —

 

 

(1,288)

 

Balance March 31, 2019

 

$

3,337

 

$

11,362

 

$

143,003

 

$

(3,292)

 

$

490

 

$

154,900

 

 

See notes to consolidated financial statements.

 

 

 

6

C&F FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 

 

 

    

2020

    

2019

  

Operating activities:

 

 

 

 

 

 

 

Net income

 

$

3,639

 

$

3,771

 

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

Depreciation

 

 

885

 

 

916

 

Provision for loan losses

 

 

2,650

 

 

2,395

 

Share-based compensation

 

 

389

 

 

457

 

Pension expense

 

 

172

 

 

141

 

Accretion of certain acquisition-related discounts, net

 

 

(1,259)

 

 

(365)

 

Amortization of intangible assets

 

 

83

 

 

78

 

Net realized gains on sales, maturities and calls of securities available for sale

 

 

(4)

 

 

(4)

 

Accretion of discounts and amortization of premiums on securities, net

 

 

370

 

 

410

 

Income from bank-owned life insurance

 

 

(103)

 

 

(83)

 

Proceeds from sales of loans held for sale

 

 

227,422

 

 

146,701

 

Origination of loans held for sale

 

 

(253,868)

 

 

(138,705)

 

Gains on sales of loans held for sale

 

 

(3,676)

 

 

(2,136)

 

Other losses (gains), net

 

 

257

 

 

(10)

 

Change in other assets and liabilities:

 

 

 

 

 

 

 

Accrued interest receivable

 

 

(47)

 

 

169

 

Other assets

 

 

4,455

 

 

3,508

 

Accrued interest payable

 

 

(43)

 

 

246

 

Other liabilities

 

 

(3,100)

 

 

(3,322)

 

Net cash (used in) provided by operating activities

 

 

(21,778)

 

 

14,167

 

Investing activities:

 

 

 

 

 

 

 

Acquisition of Peoples Bankshares, Incorporated

 

 

19,101

 

 

 —

 

Disposition of assets related to business combination

 

 

8,004

 

 

 —

 

Proceeds from sales, maturities and calls of securities available for sale and payments on mortgage-backed securities

 

 

39,063

 

 

15,657

 

Purchases of securities available for sale

 

 

(64,746)

 

 

(8,338)

 

Repayments on loans held for investment by non-bank affiliates

 

 

32,448

 

 

30,599

 

Purchases of loans held for investment by non-bank affiliates

 

 

(29,305)

 

 

(36,854)

 

Net increase in retail banking loans held for investment

 

 

(4,911)

 

 

(9,250)

 

Proceeds from sales of other real estate owned

 

 

281

 

 

 —

 

Purchases of corporate premises and equipment

 

 

(1,548)

 

 

(753)

 

Changes in collateral posted with other financial institutions, net

 

 

(8,270)

 

 

(2,370)

 

Other investing activities, net