As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD
Source Document Currency Code 2015 Y 12/31/2016 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD

OPERATING ACTIVITIES

Net income 8,128 7,988 8,873 11,415

Items not requiring (providing) cash

Depreciation and amortization 623 761 884 1,454
Provision for loan losses 760 645 1,095 1,500
Amortization of premiums and discounts on securities 614 589 638 593
Amortization of purchase accounting adjustments NA NA 0 15
Amortization of loan fees, net (37) (26) 94 314
Deferred income taxes (100) 7 1,414 (122)
Net realized (gain) loss on sale of available-for-sale securities (18) (198) (6) 64
Net gains on sales of foreclosed assets (5) 0 (139) (10)
Benefits in excess of life insurance cash value (879) 0 (301) 0
Stock option expense 114 164 186 422
Tax benefit related to stock options exercised 5 92 52 12
Gain on sale of loans (163) (396) (333) (400)
Increase in cash surrender value (243) (273) (440) (435)

Changes in

Interest receivable (155) (283) (873) (1,055)
Other assets (181) (5) (936) (176)
Interest payable and other liabilities 818 5 10 644
Net cash provided by operating activities 9,279 9,070 10,218 14,235

Investing Activities

Net change in interest bearing time deposits NA 0 (250) 250
Purchase of available-for-sale securities (67,695) (60,190) (27,970) (42,053)
Purchase of held-to-maturity securities (85,000) NA NA NA
Proceeds from maturities of available-for-sale securities 50,343 64,466 12,900 7,180
Proceeds from sales of available-for-sale securities 3,458 4,464 1,040 8,805
Proceeds from maturities of held-to-maturity securities 490 464 901 3,108
Purchase of nonmarketable equity securities (3) (167) (5) (696)
Net change in loans (42,933) (77,377) (86,577) (114,655)
Purchase of premises and equipment (1,502) (1,310) (11,906) (5,256)
Proceeds from sale of premises and equipment 26 0 391 0
Purchase of foreclosed assets (19,375) (149,228) NA NA
Proceeds from sale of foreclosed assets 133 0 539 50
Purchase of life insurance (8,000) 0 (3,200) (3,154)
Proceeds from life insurance cash value and excess benefits NA 0 503 0
Cash paid for acquisitions NA NA 0 (678)
Net cash used in investing activities (65,787) (69,799) (113,634) (147,099)

Financing Activities

Net increase in demand deposits, money market, NOW and savings accounts 46,541 28,204 102,239 65,432
Net increase in certificates of deposit 20,257 13,515 9,892 38,202
Net increase in short-term borrowings 755 (4,694) 209 4,718
Proceeds from Federal Home Loan Bank Advances 0 10,000,000 NA NA
Proceeds from issuance of subordinated notes 5,460,000 NA NA NA
Proceeds from stock options exercised 395 770 327 604
Purchase of common stock (200,974) (303,669) NA NA
Proceeds from issuance of common stock NA NA 0 28,906
Dividends paid (2,265) (2,398) (2,677) (3,010)
Net cash provided by financing activities 70,941 45,095 109,990 134,852
Increase in Cash and Cash Equivalents 14,433 (15,634) 6,574 1,988
Cash and Cash Equivalents, Beginning of Year 22,561 36,994 21,360 27,934
Cash and Cash Equivalents, End of Year 36,994 21,360 27,934 29,922

Supplemental Cash Flows Information

Interest paid 3,300 3,985 4,898 7,320
Income taxes paid (net of refunds) 3,032 3,244 3,535 1,660

Supplemental disclosure of noncash investing and financing activities

Transfers from loans to foreclosed assets held for sale 0 251 40 0

In conjunction with Heartland's acquisition of TransCounty Title, liabilities were assumed as follows

Fair Value of Assets acquired NA NA 0 1,120
Cash received (paid) in acquisition NA NA 0 (678)
Less - Common stock issued NA NA 0 40
Liabilities assumed NA NA 0 402
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