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Peoples State Bank

As Reported Financial Statements

As Reported Financials

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

Increase (decrease) in cash and cash equivalents

Cash flows from operating activities

Net income 6,440 7,749 8,436 7,187
Adjustments to reconcile net income to net cash provided by operating activities
Provision for depreciation and net amortization 2,262 2,477 2,448 2,417
Expense (benefit) for deferred income taxes (93) (342) (293) 752
Provision (credit) for loan losses 560 (530) 55 385
Deferred net loan origination costs (417) (488) (172) (154)
Proceeds from sales of loans held for sale 41,591 65,780 66,345 55,222
Originations of loans held for sale (40,882) (64,742) (65,978) (53,582)
Gain on sale of loans (1,047) (1,564) (1,771) (1,235)
Provision for (recapture of) mortgage servicing rights valuation allowance 19 90 (75) 103
Net (gain) loss on sale of premises and equipment 57 18 (17) (12)
Realized gain on sale of securities available for sale (3) 0 0 (4)
Net loss on sale and provision for write-down of foreclosed assets 65 73 22 63
Increase in cash surrender value of bank-owned life insurance (404) (401) (401) (383)
Gain on life insurance death benefits received 0 0 (380) 0
Changes in operating assets and liabilities
Accrued interest receivable 50 2 (117) (90)
Other assets 80 231 131 168
Accrued expenses and other liabilities 757 848 688 547
Net cash provided by operating activities 9,035 9,201 8,921 11,384

Cash flows from investing activities

Proceeds from maturities of securities available for sale 15,606 16,823 18,317 17,419
Proceeds from sale of securities available for sale 1,774 0 0 1,728
Proceeds from maturities of securities held to maturity 5,225 7,405 8,570 10,009
Proceeds from sale of securities held to maturity NA 0 0 273
Payment for purchase of securities available for sale (29,710) (26,752) (31,354) (26,325)
Payment for purchase of securities held to maturity (3,965) (9,743) (8,909) (6,830)
Cash acquired on branch acquisition 17,741 NA NA NA
Net redemption (net purchase) of bank certificates of deposit (1,188) (5,754) 5,706 (1,240)
Net redemption of FHLB stock 0 0 695 161
Net (increase) decrease in loans 4,339 (10,318) (50,985) (24,416)
Capital expenditures (595) (939) (289) (895)
Proceeds from sale of premises and equipment 7 57 19 55
Life insurance death benefits received 0 0 515 0
Proceeds from sale of foreclosed assets 782 1,439 1,030 120
Purchase of bank-owned life insurance 0 (350) 0 (500)
Net cash used in investing activities 10,016 (28,132) (56,685) (30,441)

Cash flows from financing activities

Net increase in non-interest-bearing deposits 8,269 11,866 16,537 8,652
Net increase in interest-bearing deposits (3,612) 31,359 4,047 6,891
Net increase in Federal Home Loan Bank advances (17,778) 1,771 15,727 11,679
Net increase (decrease) in other borrowings (10,117) 1,203 3,333 (12,224)
Repayment of senior subordinated notes 0 (500) (1,000) 0
Dividends declared (1,316) (1,337) (1,379) (1,454)
Purchase of treasury stock (913) (2,490) (2,554) (1,374)
Net cash provided by (used in) financing activities (25,467) 41,872 34,711 12,170
Net increase (decrease) in cash and cash equivalents (6,416) 22,941 (13,053) (6,887)
Cash and cash equivalents at beginning 31,522 25,106 48,047 34,994
Cash and cash equivalents at end 25,106 48,047 34,994 28,107

Supplemental cash flow information

Cash paid during the year for

Interest 4,632 3,556 3,753 4,385
Income taxes 2,560 3,995 3,849 4,310

Noncash investing and financing activities

Loans charged off 969 809 360 178
Loans transferred to foreclosed assets 801 1,309 594 60
Loans originated on sale of foreclosed properties 43 80 547 0
Grants of unvested restricted stock at fair value 200 200 220 185
Vesting of restricted stock grants 203 216 249 184
Amortization of unrealized gain on securities held to maturity transferred from securities available for sale 330 312 188 125
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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