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Peoples State Bank

As Reported Financial Statements

As Reported Financials

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

Increase (decrease) in cash and cash equivalents

Cash flows from operating activities

Net income 7,749 8,436 7,187 10,312
Adjustments to reconcile net income to net cash provided by operating activities
Provision for depreciation and net amortization 2,477 2,448 2,417 2,477
Expense (benefit) for deferred income taxes (342) (293) 752 104
Provision for loan losses (530) 55 385 130
Deferred net loan origination costs (488) (172) (154) (168)
Proceeds from sales of loans held for sale 65,780 66,345 55,222 45,646
Originations of loans held for sale (64,742) (65,978) (53,582) (45,264)
Gain on sale of loans (1,564) (1,771) (1,235) (1,055)
Provision for (recapture of) mortgage servicing rights valuation allowance 90 (75) 103 (50)
Net (gain) loss on sale of premises and equipment 18 (17) (12) 2
Realized gain on sale of securities available for sale 0 0 (4) 0
Net loss (gain) on sale and provision for write-down of foreclosed assets 73 22 63 (76)
Increase in cash surrender value of bank-owned life insurance (401) (401) (383) (373)
Gain on life insurance death benefits received 0 (380) 0 0
Changes in operating assets and liabilities
Accrued interest receivable 2 (117) (90) (498)
Other assets 231 131 168 (199)
Accrued expenses and other liabilities 848 688 547 189
Net cash provided by operating activities 9,201 8,921 11,384 11,177

Cash flows from investing activities

Proceeds from maturities of securities available for sale 16,823 18,317 17,419 16,033
Proceeds from sale of securities available for sale 0 0 1,728 0
Proceeds from maturities of securities held to maturity 7,405 8,570 10,009 9,862
Proceeds from sale of securities held to maturity 0 0 273 0
Payment for purchase of securities available for sale (26,752) (31,354) (26,325) (29,964)
Payment for purchase of securities held to maturity (9,743) (8,909) (6,830) (925)
Net redemption (net purchase) of bank certificates of deposit (5,754) 5,706 (1,240) 1,736
Net (purchase) redemption of FHLB stock 0 695 161 (630)
Net (increase) in loans (10,318) (50,985) (24,416) (49,261)
Capital expenditures (939) (289) (895) (621)
Proceeds from sale of premises and equipment 57 19 55 0
Life insurance death benefits received 0 515 0 0
Proceeds from sale of foreclosed assets 1,439 1,030 120 939
Purchase of bank-owned life insurance (350) 0 (500) (862)
Net cash used in investing activities (28,132) (56,685) (30,441) (53,693)

Cash flows from financing activities

Net increase (decrease) in non-interest-bearing deposits 11,866 16,537 8,652 3,247
Net increase in interest-bearing deposits 31,359 4,047 6,891 26,770
Net increase in Federal Home Loan Bank advances 1,771 15,727 11,679 31,623
Net increase (decrease) in other borrowings 1,203 3,333 (12,224) 5,743
Repayment of senior subordinated notes (500) (1,000) 0 0
Dividends declared (1,337) (1,379) (1,454) (1,602)
Purchase of treasury stock (2,490) (2,554) (1,374) (900)
Net cash provided by financing activities 41,872 34,711 12,170 58,387
Net increase (decrease) in cash and cash equivalents 22,941 (13,053) (6,887) 15,871
Cash and cash equivalents at beginning 25,106 48,047 34,994 28,107
Cash and cash equivalents at end 48,047 34,994 28,107 43,978

Supplemental cash flow information

Cash paid during the year for

Interest 3,556 3,753 4,385 6,217
Income taxes 3,995 3,849 4,310 3,255

Noncash investing and financing activities

Loans charged off 809 360 178 421
Loans transferred to foreclosed assets 1,309 594 60 932
Loans originated on sale of foreclosed properties 80 547 0 206
Grants of unvested restricted stock at fair value 200 220 185 343
Vesting of restricted stock grants 216 249 184 179
Amortization of unrealized gain on securities held to maturity transferred from securities available for sale 312 188 125 54
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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