Company Quick10K Filing
Community Bankers Trust
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 22 $172
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-15 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-K 2018-03-15 Annual: 2017-12-31
10-Q 2017-11-08 Quarter: 2017-09-30
10-Q 2017-08-08 Quarter: 2017-06-30
10-Q 2018-08-17 Quarter: 2017-03-31
10-K 2017-03-16 Annual: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-05-09 Quarter: 2016-03-31
10-K 2016-03-11 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-07 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-13 Annual: 2014-12-31
10-Q 2014-11-07 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-09 Quarter: 2014-03-31
10-K 2014-03-14 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-13 Quarter: 2013-06-30
10-Q 2013-05-14 Quarter: 2013-03-31
10-K 2013-03-26 Annual: 2012-12-31
10-Q 2012-11-14 Quarter: 2012-09-30
10-Q 2012-08-14 Quarter: 2012-06-30
10-Q 2012-05-15 Quarter: 2012-03-31
10-K 2012-03-30 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-15 Quarter: 2011-06-30
10-Q 2011-05-16 Quarter: 2011-03-31
10-K 2011-03-31 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-04-23 Annual: 2009-12-31
8-K 2020-01-22 Earnings, Other Events, Exhibits
8-K 2019-10-25 Earnings, Exhibits
8-K 2019-07-26 Earnings, Exhibits
8-K 2019-06-21 Officers
8-K 2019-05-17 Shareholder Vote
8-K 2019-04-26 Earnings, Exhibits
8-K 2019-02-28 Other Events, Exhibits
8-K 2019-01-25 Earnings, Exhibits
8-K 2018-10-26 Earnings, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-06-22 Officers
8-K 2018-05-18 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-03-13 Accountant, Exhibits
8-K 2018-01-30 Earnings, Exhibits
ESXB 2019-09-30
Part I — Financial Information
Item 1. Financial Statements
Note 1. Nature of Banking Activities and Significant Accounting Policies
Note 2. Securities
Note 3. Loans and Related Allowance for Loan Losses
Note 4. Pci Loans and Related Allowance for Loan Losses
Note 5. Other Real Estate Owned
Note 6. Deposits
Note 7. Accumulated Other Comprehensive Income (Loss)
Note 8. Fair Values of Assets and Liabilities
Note 9. Earnings per Share
Note 10. Employee Benefit Plan
Note 11. Cash Flow Hedge
Note 12. Revenue Recognition
Note 13. Leases
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 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 esxb-20190930ex31115762a.htm
EX-31.2 esxb-20190930ex31207dd89.htm
EX-32.1 esxb-20190930ex321af3f9d.htm

Community Bankers Trust Earnings 2019-09-30

ESXB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NBN 177 1,231 1,078 0 0 19 46 25 0.5 2%
CFFI 177 1,568 1,409 122 0 19 36 177 0% 4.9 1%
OVBC 174 1,035 911 0 0 10 18 104 5.9 1%
EVBN 173 1,471 1,330 11 0 0 12 113 0% 9.6 0%
ESXB 172 1,431 1,284 2 0 14 32 172 0% 5.4 1%
MFNC 170 1,331 1,173 1 0 13 29 109 0% 3.7 1%
BSVN 168 798 699 0 0 23 35 44 1.2 3%
CBNK 167 1,234 1,111 0 0 11 27 87 3.3 1%
PEBK 165 1,111 985 0 0 14 19 114 6.0 1%
HWBK 165 1,471 1,362 0 0 15 35 136 3.9 1%

10-Q 1 esxb-20190930x10q.htm 10-Q esxb_Current_Folio_10Q

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the quarterly period ended September 30, 2019

 

 

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: 001‑32590

COMMUNITY BANKERS TRUST CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Virginia

20‑2652949

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

9954 Mayland Drive, Suite 2100

 

Richmond, Virginia

23233

(Address of principal executive offices)

(Zip Code)

(804) 934‑9999

(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

    

Name of each exchange on which registered:

Common Stock, $0.01 par value

 

ESXB

 

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 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 September 30, 2019, there were 22,335,411 shares of the Company’s common stock outstanding.

 

 

COMMUNITY BANKERS TRUST CORPORATION

TABLE OF CONTENTS

FORM 10‑Q

September 30, 2019

PART I — FINANCIAL INFORMATION 

 

Item 1. Financial Statements 

3

Unaudited Consolidated Balance Sheets 

3

Unaudited Consolidated Statements of Income 

4

Unaudited Consolidated Statements of Comprehensive Income 

5

Unaudited Consolidated Statements of Changes in Shareholders’ Equity 

6

Unaudited Consolidated Statements of Cash Flows 

7

Notes to Unaudited Consolidated Financial Statements 

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 

29

Item 3. Quantitative and Qualitative Disclosures About Market Risk 

44

Item 4. Controls and Procedures 

45

PART II — OTHER INFORMATION 

 

Item 1. Legal Proceedings 

45

Item 1A. Risk Factors 

45

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 

45

Item 3. Defaults upon Senior Securities 

46

Item 4. Mine Safety Disclosures 

46

Item 5. Other Information 

46

Item 6. Exhibits 

46

SIGNATURES 

47

 

 

2

 

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2019 AND DECEMBER 31, 2018

(dollars in thousands, except per share data)

 

 

 

 

 

 

 

 

    

September 30, 2019

    

December 31, 2018*

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

23,056

 

$

18,292

Interest bearing bank deposits

 

 

13,742

 

 

15,927

Total cash and cash equivalents

 

 

36,798

 

 

34,219

 

 

 

 

 

 

 

Securities available for sale, at fair value

 

 

190,159

 

 

206,726

Securities held to maturity, at cost (fair value of $39,131 and $42,253, respectively)

 

 

38,213

 

 

42,108

Equity securities, restricted, at cost

 

 

8,929

 

 

7,800

Total securities

 

 

237,301

 

 

256,634

 

 

 

 

 

 

 

Loans held for sale

 

 

 —

 

 

146

 

 

 

 

 

 

 

Loans

 

 

1,034,522

 

 

993,705

Purchased credit impaired (PCI) loans

 

 

33,958

 

 

38,285

Total loans

 

 

1,068,480

 

 

1,031,990

Allowance for loan losses (loans of $8,393 and $8,983, respectively; PCI loans of $156 and $156, respectively)

 

 

(8,549)

 

 

(9,139)

Net loans

 

 

1,059,931

 

 

1,022,851

 

 

 

 

 

 

 

Bank premises and equipment, net

 

 

29,713

 

 

31,488

Bank premises and equipment held for sale

 

 

1,589

 

 

1,252

Leased assets

 

 

6,709

 

 

 —

Other real estate owned

 

 

4,740

 

 

1,099

Bank owned life insurance

 

 

29,161

 

 

28,834

Other assets

 

 

16,739

 

 

16,627

Total assets

 

$

1,422,681

 

$

1,393,150

 

 

 

 

 

 

 

LIABILITIES

 

 

  

 

 

  

Deposits:

 

 

  

 

 

  

Noninterest bearing

 

$

183,000

 

$

165,086

Interest bearing

 

 

994,241

 

 

999,889

Total deposits

 

 

1,177,241

 

 

1,164,975

 

 

 

 

 

 

 

Federal funds purchased

 

 

71

 

 

19,440

Federal Home Loan Bank borrowings

 

 

73,667

 

 

59,447

Trust preferred capital notes

 

 

4,124

 

 

4,124

Lease liabilities

 

 

6,967

 

 

 —

Other liabilities

 

 

7,973

 

 

7,703

Total liabilities

 

 

1,270,043

 

 

1,255,689

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY

 

 

  

 

 

  

Common stock  (200,000,000 shares authorized, $0.01 par value; 22,335,411 and 22,132,304 shares issued and outstanding, respectively)

 

 

223

 

 

221

Additional paid in capital

 

 

150,264

 

 

148,763

Retained deficit

 

 

(586)

 

 

(10,244)

Accumulated other comprehensive income (loss)

 

 

2,737

 

 

(1,279)

Total shareholders’ equity

 

 

152,638

 

 

137,461

Total liabilities and shareholders’ equity

 

$

1,422,681

 

$

1,393,150


*Derived from audited consolidated financial statements

See accompanying notes to unaudited consolidated financial statements

 

 

3

 

 

 

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(dollars and shares in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three months ended

 

Nine months ended

 

 

 

September 30, 2019

    

September 30, 2018

 

September 30, 2019

    

September 30, 2018

 

Interest and dividend income

 

 

  

 

 

  

 

 

  

 

 

  

 

Interest and fees on loans

 

$

13,187

 

$

11,893

 

$

38,246

 

$

34,122

 

Interest and fees on PCI loans

 

 

2,333

 

 

1,265

 

 

4,877

 

 

3,937

 

Interest on federal funds sold

 

 

 9

 

 

 —

 

 

14

 

 

 1

 

Interest on deposits in other banks

 

 

87

 

 

94

 

 

300

 

 

203

 

Interest and dividends on securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,489

 

 

1,364

 

 

4,483

 

 

3,816

 

Nontaxable

 

 

355

 

 

528

 

 

1,252

 

 

1,654

 

Total interest and dividend income

 

 

17,460

 

 

15,144

 

 

49,172

 

 

43,733

 

Interest expense

 

 

  

 

 

  

 

 

  

 

 

  

 

Interest on deposits

 

 

3,698

 

 

2,699

 

 

10,521

 

 

7,197

 

Interest on borrowed funds

 

 

343

 

 

465

 

 

1,107

 

 

1,442

 

Total interest expense

 

 

4,041

 

 

3,164

 

 

11,628

 

 

8,639

 

Net interest income

 

 

13,419

 

 

11,980

 

 

37,544

 

 

35,094

 

Provision for loan losses

 

 

 —

 

 

 —

 

 

125

 

 

 —

 

Net interest income after provision for loan losses

 

 

13,419

 

 

11,980

 

 

37,419

 

 

35,094

 

Noninterest income

 

 

  

 

 

  

 

 

  

 

 

  

 

Service charges and fees

 

 

758

 

 

626

 

 

2,074

 

 

1,818

 

Gain on securities transactions, net

 

 

50

 

 

68

 

 

274

 

 

82

 

Gain on sale of other loans

 

 

 —

 

 

65

 

 

 —

 

 

118

 

Income on bank owned life insurance

 

 

181

 

 

184

 

 

546

 

 

551

 

Mortgage loan income

 

 

176

 

 

97

 

 

338

 

 

288

 

Other

 

 

346

 

 

171

 

 

744

 

 

522

 

Total noninterest income

 

 

1,511

 

 

1,211

 

 

3,976

 

 

3,379

 

Noninterest expense

 

 

  

 

 

  

 

 

  

 

 

  

 

Salaries and employee benefits

 

 

5,289

 

 

5,029

 

 

15,943

 

 

15,897

 

Occupancy expenses

 

 

813

 

 

780

 

 

2,662

 

 

2,361

 

Equipment expenses

 

 

377

 

 

366

 

 

1,152

 

 

1,024

 

FDIC assessment

 

 

 4

 

 

195

 

 

316

 

 

599

 

Data processing fees

 

 

594

 

 

482

 

 

1,741

 

 

1,467

 

Other real estate expense, net

 

 

565

 

 

63

 

 

662

 

 

158

 

Other operating expenses

 

 

1,588

 

 

1,376

 

 

4,585

 

 

4,338

 

Total noninterest expense

 

 

9,230

 

 

8,291

 

 

27,061

 

 

25,844

 

Income before income taxes

 

 

5,700

 

 

4,900

 

 

14,334

 

 

12,629

 

Income tax expense

 

 

1,087

 

 

945

 

 

2,674

 

 

2,298

 

Net income

 

$

4,613

 

$

3,955

 

$

11,660

 

$

10,331

 

Net income per share — basic

 

$

0.21

 

$

0.18

 

$

0.52

 

$

0.47

 

Net income per share — diluted

 

$

0.20

 

$

0.17

 

$

0.52

 

$

0.46

 

Weighted average number of shares outstanding

 

 

  

 

 

  

 

 

  

 

 

  

 

Basic

 

 

22,303

 

 

22,115

 

 

22,224

 

 

22,095

 

Diluted

 

 

22,561

 

 

22,627

 

 

22,475

 

 

22,576

 

 

See accompanying notes to unaudited consolidated financial statements

4

 

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

    

September 30, 2019

 

September 30, 2018

 

September 30, 2019

 

September 30, 2018

 

Net income

 

$

4,613

 

$

3,955

 

$

11,660

 

$

10,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gain (loss) on investment securities

 

 

1,215

 

 

(1,240)

 

 

5,818

 

 

(4,393)

 

Tax related to unrealized (gain) loss on investment securities

 

 

(267)

 

 

272

 

 

(1,279)

 

 

965

 

Reclassification adjustment for gain on securities sold

 

 

(50)

 

 

(68)

 

 

(274)

 

 

(82)

 

Tax related to realized gain on securities sold

 

 

11

 

 

15

 

 

60

 

 

18

 

Cash flow hedge:

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized (loss) gain on cash flow hedge

 

 

(156)

 

 

(35)

 

 

(395)

 

 

177

 

Tax related to cash flow hedge

 

 

34

 

 

 8

 

 

86

 

 

(39)

 

Total other comprehensive income (loss)

 

 

787

 

 

(1,048)

 

 

4,016

 

 

(3,354)

 

Total comprehensive income

 

$

5,400

 

$

2,907

 

$

15,676

 

$

6,977

 

 

See accompanying notes to unaudited consolidated financial statements

5

 

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(dollars and shares in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

 

 

 

 

Common Stock

 

Paid in

 

Retained

 

Comprehensive

 

 

 

 

    

Shares

    

Amount

    

Capital

    

Deficit

    

Income (Loss)

    

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance June 30, 2019

 

22,258

 

$

223

 

$

149,752

 

$

(4,529)

 

$

1,950

 

$

147,396

Issuance of common stock

 

 7

 

 

 —

 

 

54

 

 

 —

 

 

 —

 

 

54

Exercise and issuance of employee stock options

 

70

 

 

 —

 

 

458

 

 

 —

 

 

 —

 

 

458

Net income

 

 —

 

 

 —

 

 

 —

 

 

4,613

 

 

 —

 

 

4,613

Dividends paid on common stock ($0.03 per share)

 

 —

 

 

 —

 

 

 —

 

 

(670)

 

 

 —

 

 

(670)

Other comprehensive income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

787

 

 

787

Balance September 30, 2019

 

22,335

 

$

223

 

$

150,264

 

$

(586)

 

$

2,737

 

$

152,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2019

 

22,132

 

$

221

 

$

148,763

 

$

(10,244)

 

$

(1,279)

 

$

137,461

Issuance of common stock

 

21

 

 

 —

 

 

161

 

 

 —

 

 

 —

 

 

161

Exercise and issuance of employee stock options

 

182

 

 

 2

 

 

1,340

 

 

 —

 

 

 —

 

 

1,342

Net income

 

 —

 

 

 —

 

 

 —

 

 

11,660

 

 

 —

 

 

11,660

Dividends paid on common stock ($0.09 per share)

 

 —

 

 

 —

 

 

 —

 

 

(2,002)

 

 

 —

 

 

(2,002)

Other comprehensive income

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

4,016

 

 

4,016

Balance September 30, 2019

 

22,335

 

$

223

 

$

150,264

 

$

(586)

 

$

2,737

 

$

152,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance June 30, 2018

 

22,111

 

$

221

 

$

148,242

 

$

(17,556)

 

$

(2,263)

 

$

128,644

Issuance of common stock

 

 6

 

 

 —

 

 

48

 

 

 —

 

 

 —

 

 

48

Exercise and issuance of employee stock options

 

 4

 

 

 —

 

 

204

 

 

 —

 

 

 —

 

 

204

Net income

 

 —

 

 

 —

 

 

 —

 

 

3,955

 

 

 —

 

 

3,955

Other comprehensive loss

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(1,048)

 

 

(1,048)

Balance September 30, 2018

 

22,121

 

$

221

 

$

148,494

 

$

(13,601)

 

$

(3,311)

 

$

131,803

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance January 1, 2018

 

22,073

 

$

221

 

$

147,671

 

$

(23,932)

 

$

43

 

$

124,003

Issuance of common stock

 

13

 

 

 —

 

 

122

 

 

 —

 

 

 —

 

 

122

Exercise and issuance of employee stock options

 

35

 

 

 —

 

 

701

 

 

 —

 

 

 —

 

 

701

Net income

 

 —

 

 

 —

 

 

 —

 

 

10,331

 

 

 —

 

 

10,331

Other comprehensive loss

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(3,354)

 

 

(3,354)

Balance September 30, 2018

 

22,121

 

$

221

 

$

148,494

 

$

(13,601)

 

$

(3,311)

 

$

131,803

 

See accompanying notes to unaudited consolidated financial statements

6

 

COMMUNITY BANKERS TRUST CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(dollars in thousands)

 

 

 

 

 

 

 

 

 

    

September 30, 2019

    

September 30, 2018

 

Operating activities:

 

 

 

 

 

 

 

Net income

 

$

11,660

 

$

10,331

 

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

 

 

 

 

 

 

 

Depreciation

 

 

1,552

 

 

1,461

 

Leased asset amortization

 

 

699

 

 

 —

 

Stock-based compensation expense

 

 

804

 

 

709

 

Tax benefit of exercised stock options

 

 

(150)

 

 

(43)

 

Amortization of purchased loan premium

 

 

236

 

 

195

 

Deferred tax expense

 

 

 —

 

 

 —

 

Provision for loan losses

 

 

125

 

 

 —

 

Amortization of security premiums and accretion of discounts, net

 

 

905

 

 

1,215

 

Net gain on sale of securities

 

 

(274)

 

 

(82)

 

Net (gain) loss on sale and valuation of other real estate owned

 

 

 (81)

 

 

21

 

Net gain on sale of loans

 

 

 —

 

 

(118)

 

Originations of mortgages held for sale

 

 

(13,227)

 

 

(872)

 

Proceeds from sales of mortgages held for sale

 

 

13,373

 

 

872

 

Increase in bank owned life insurance investment

 

 

(327)

 

 

(551)

 

Changes in assets and liabilities:

 

 

 

 

 

  

 

Increase in other assets

 

 

(661)

 

 

(912)

 

(Decrease) increase in accrued expenses and other liabilities

 

 

(117)

 

 

763

 

Net cash provided by operating activities

 

 

14,517

 

 

12,989

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

  

 

 

  

 

Proceeds from sales/calls/maturities/paydowns of available for sale securities

 

 

75,128

 

 

31,397

 

Proceeds from calls/maturities/paydowns of held to maturity securities

 

 

3,835

 

 

2,504

 

Proceeds from sales of restricted equity securities

 

 

866

 

 

1,828

 

Purchase of available for sale securities

 

 

(53,589)

 

 

(32,691)

 

Purchase of restricted equity securities

 

 

(1,995)

 

 

(419)

 

Proceeds from sale of other real estate owned

 

 

638

 

 

1,434

 

Net increase in loans

 

 

(42,707)

 

 

(21,782)

 

Principal recoveries of loans previously charged off

 

 

363

 

 

418

 

Purchase of premises and equipment, net

 

 

(121)

 

 

(4,297)

 

Purchase small business investment company fund investment

 

 

(875)

 

 

(420)

 

Proceeds from sale of loans

 

 

705

 

 

5,635

 

Net cash used in investing activities

 

 

(17,752)

 

 

(16,393)

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

  

 

 

  

 

Net increase in deposits

 

 

12,267

 

 

38,124

 

Net (decrease) increase in federal funds purchased

 

 

(19,369)

 

 

5,151

 

Net increase (decrease) in short-term Federal Home Loan Bank borrowings

 

 

5,000

 

 

(26,500)

 

Proceeds from long-term Federal Home Loan Bank borrowings

 

 

10,137

 

 

 —

 

Payments on long-term Federal Home Loan Bank borrowings

 

 

(917)

 

 

(11,109)

 

Proceeds from issuance of common stock

 

 

698

 

 

115

 

Cash dividends paid

 

 

(2,002)

 

 

 —

 

Net cash provided by financing activities

 

 

5,814

 

 

5,781

 

 

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

 

2,579

 

 

2,377