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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 March 31, 2024

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 001-37624

 

EQUITY BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

Kansas

 

72-1532188

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

7701 East Kellogg Drive, Suite 300

Wichita, KS

 

 

67207

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: 316.612.6000

 

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

Title of each class

Class A, Common Stock, par value $0.01 per share

Trading Symbol

EQBK

Name of each exchange on which registered

New York Stock Exchange

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, 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 Act). Yes ☒ No

 

As of April 30, 2024, the registrant had 15,252,852 shares of Class A common stock, $0.01 par value per share, outstanding.

 

 


 

TABLE OF CONTENTS

 

Part I

Financial Information

5

Item 1.

Financial Statements

5

 

Consolidated Balance Sheets

5

 

Consolidated Statements of Income

6

 

Consolidated Statements of Comprehensive Income

7

 

Consolidated Statements of Stockholders’ Equity

8

 

Consolidated Statements of Cash Flows

10

 

Condensed Notes to Interim Consolidated Financial Statements

12

Item 2.

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

52

 

Overview

53

 

Critical Accounting Policies

54

 

Results of Operations

55

 

Financial Condition

60

 

Liquidity and Capital Resources

69

 

Non-GAAP Financial Measures

71

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

73

Item 4.

Controls and Procedures

75

Part II

Other Information

76

Item 1.

Legal Proceedings

76

Item 1A.

Risk Factors

76

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

76

Item 3.

Defaults Upon Senior Securities

76

Item 4.

Mine Safety Disclosures

76

Item 5.

Other Information

76

Item 6.

Exhibits

77

 

Important Notice about Information in this Quarterly Report

Unless we state otherwise or the context otherwise requires, references in this Quarterly Report to “we,” “our,” “us,” “the Company” and “Equity” refer to Equity Bancshares, Inc. and its consolidated subsidiaries, including Equity Bank, which we sometimes refer to as “Equity Bank,” “the Bank” or “our Bank.”

The information contained in this Quarterly Report is accurate only as of the date of this Quarterly Report on Form 10-Q and as of the dates specified herein.

2


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “forecast,” “goal,” “target,” “would” and “outlook,” or the negative variations of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements described under the heading “Item 1A - Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 7, 2024, and in Item 1A – Risk Factors of this Quarterly Report.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

external economic and/or market factors, such as changes in monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System, or the Federal Reserve, inflation or deflation, changes in the demand for loans, and fluctuations in consumer spending, borrowing and savings habits which may have an adverse impact on our financial condition;
losses resulting from a decline in the credit quality of the assets that we hold;
the occurrence of various events that negatively impact the real estate market, since a significant portion of our loan portfolio is secured by real estate;
inaccuracies or changes in the appraised value of real estate securing the loans we originate that could lead to losses if the real estate collateral is later foreclosed upon and sold at a price lower than the appraised value;
the loss of our largest loan and depositor relationships;
limitations on our ability to lend and to mitigate the risks associated with our lending activities as a result of our size and capital position;
differences in our qualitative factors used in our calculation of the allowance for credit losses from actual results;
inadequacies in our allowance for credit losses which could require us to take a charge to earnings and thereby adversely affect our financial condition;
interest rate fluctuations which could have an adverse effect on our profitability;
a continued economic downturn related to a pandemic, especially one affecting our core market areas;
potential fraud related to Small Business Administration (“SBA”) loan applications through the Paycheck Protection Program (“PPP”) as part of the U.S. Coronavirus Aid, Relief and Economic Security Act (“CARES Act”);
the effects of a pandemic or other widespread public health emergencies;
the costs of integrating the businesses we acquire, which may be greater than expected;
the departure of key members of our management personnel or our inability to hire qualified management personnel;
challenges arising from unsuccessful attempts to expand into new geographic markets, products, or services;
a lack of liquidity resulting from decreased loan repayment rates, lower deposit balances, or other factors;
inaccuracies in our assumptions about future events which could result in material differences between our financial projections and actual financial performance;
an inability to keep pace with the rate of technological advances due to a lack of resources to invest in new technologies;
disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems;

3


 

unauthorized access to nonpublic personal information of our customers, which could expose us to litigation or reputational harm;
disruptions, security breaches, or other adverse events affecting the third-party vendors who perform several of our critical processing functions;
required implementation of new accounting standards that significantly change our existing recognition practices;
additional regulatory requirements and restrictions on our business, which could impose additional costs on us;
an increase in FDIC deposit insurance assessments, which could adversely affect our earnings;
increased capital requirements imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all;
restraints on the ability of Equity Bank to pay dividends to us, which could limit our liquidity;
a failure in the internal controls we have implemented to address the risks inherent to the banking industry;
continued or increasing competition from other financial institutions, credit unions, and non-bank financial services companies, many of which are subject to different regulations than we are;
costs arising from the environmental risks associated with making loans secured by real estate;
the occurrence of adverse weather or manmade events, which could negatively affect our core markets or disrupt our operations;
the effects of new federal tax laws, or changes to existing federal tax laws;
the obligation associated with being a public company requires significant resources and management attention;
effect of pending and future litigation, including the results of the overdraft fee litigation against the Company that is described in this quarterly report;
other factors that are discussed in “Item 1A - Risk Factors.”

The foregoing factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in this Quarterly Report. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New risks and uncertainties arise from time to time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this Quarterly Report on Form 10-Q are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or verbal forward-looking statements that we or persons acting on our behalf may issue.

4


 

PART I

 

 

Item 1: Financial Statements

EQUITY BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

March 31, 2024, and December 31, 2023

(Dollar amounts in thousands)

 

See accompanying condensed notes to interim consolidated financial statements.

 

 

(Unaudited)
March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

217,611

 

 

$

363,289

 

Federal funds sold

 

 

17,407

 

 

 

15,810

 

Cash and cash equivalents

 

 

235,018

 

 

 

379,099

 

Available-for-sale securities

 

 

1,091,717

 

 

 

919,648

 

Held-to-maturity securities, fair value of $2,210 and $2,250

 

 

2,205

 

 

 

2,209

 

Loans held for sale

 

 

1,311

 

 

 

476

 

Loans, net of allowance for credit losses of $44,449 and $43,520

 

 

3,437,714

 

 

 

3,289,381

 

Other real estate owned, net

 

 

1,465

 

 

 

1,833

 

Premises and equipment, net

 

 

116,792

 

 

 

112,632

 

Bank-owned life insurance

 

 

125,693

 

 

 

124,865

 

Federal Reserve Bank and Federal Home Loan Bank stock

 

 

27,009

 

 

 

20,608

 

Interest receivable

 

 

27,082

 

 

 

25,497

 

Goodwill

 

 

53,101

 

 

 

53,101

 

Core deposit intangibles, net

 

 

17,854

 

 

 

7,222

 

Other

 

 

102,075

 

 

 

98,021

 

Total assets

 

$

5,239,036

 

 

$

5,034,592

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Demand

 

$

981,623

 

 

$

898,129

 

Total non-interest-bearing deposits

 

 

981,623

 

 

 

898,129

 

Demand, savings and money market

 

 

2,574,871

 

 

 

2,483,807

 

Time

 

 

814,532

 

 

 

763,519

 

Total interest-bearing deposits

 

 

3,389,403

 

 

 

3,247,326

 

Total deposits

 

 

4,371,026

 

 

 

4,145,455

 

Federal funds purchased and retail repurchase agreements

 

 

43,811

 

 

 

43,582

 

Federal Home Loan Bank advances

 

 

219,931

 

 

 

100,000

 

Federal Reserve Bank borrowings

 

 

 

 

 

140,000

 

Subordinated debt

 

 

97,058

 

 

 

96,921

 

Contractual obligations

 

 

18,493

 

 

 

19,315

 

Interest payable and other liabilities

 

 

31,941

 

 

 

36,459

 

Total liabilities

 

 

4,782,260

 

 

 

4,581,732

 

Commitments and contingent liabilities, see Notes 11 and 12

 

 

 

 

 

 

Stockholders’ equity, see Note 7

 

 

 

 

 

 

Common stock

 

 

208

 

 

 

207

 

Additional paid-in capital

 

 

490,533

 

 

 

489,187

 

Retained earnings

 

 

153,201

 

 

 

141,006

 

Accumulated other comprehensive income (loss)

 

 

(60,788

)

 

 

(57,920

)

Treasury stock

 

 

(126,378

)

 

 

(119,620

)

Total stockholders’ equity

 

 

456,776

 

 

 

452,860

 

Total liabilities and stockholders’ equity

 

$

5,239,036

 

 

$

5,034,592

 

 

5


 

EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

For the Three Months ended March 31, 2024, and 2023

(Dollar amounts in thousands, except per share data)

 

 

(Unaudited)
Three Months Ended
March 31,

 

 

 

2024

 

 

2023

 

Interest and dividend income

 

 

 

 

 

 

Loans, including fees

 

$

58,829

 

 

$

48,381

 

Securities, taxable

 

 

9,877

 

 

 

5,947

 

Securities, nontaxable

 

 

391

 

 

 

669

 

Federal funds sold and other

 

 

2,670

 

 

 

1,126

 

Total interest and dividend income

 

 

71,767

 

 

 

56,123

 

Interest expense

 

 

 

 

 

 

Deposits

 

 

22,855

 

 

 

13,821

 

Federal funds purchased and retail repurchase agreements

 

 

326

 

 

 

195

 

Federal Home Loan Bank advances

 

 

1,144

 

 

 

1,018

 

Federal Reserve Bank borrowings

 

 

1,361

 

 

 

135

 

Subordinated debt

 

 

1,899

 

 

 

1,844

 

Total interest expense

 

 

27,585

 

 

 

17,013

 

Net interest income

 

 

44,182

 

 

 

39,110

 

Provision (reversal) for credit losses

 

 

1,000

 

 

 

(366

)

Net interest income after provision (reversal) for credit losses

 

 

43,182

 

 

 

39,476

 

Non-interest income

 

 

 

 

 

 

Service charges and fees

 

 

2,569

 

 

 

2,545

 

Debit card income

 

 

2,447

 

 

 

2,554

 

Mortgage banking

 

 

188

 

 

 

88

 

Increase in value of bank-owned life insurance

 

 

828

 

 

 

1,583

 

Net gain on acquisition and branch sales

 

 

1,239

 

 

 

 

Net gain (loss) from securities transactions

 

 

43

 

 

 

32

 

Other

 

 

4,417

 

 

 

1,798

 

Total non-interest income

 

 

11,731

 

 

 

8,600

 

Non-interest expense

 

 

 

 

 

 

Salaries and employee benefits

 

 

18,097

 

 

 

16,692

 

Net occupancy and equipment

 

 

3,535

 

 

 

2,879

 

Data processing

 

 

4,828

 

 

 

3,916

 

Professional fees

 

 

1,392

 

 

 

1,384

 

Advertising and business development

 

 

1,238

 

 

 

1,159

 

Telecommunications

 

 

655

 

 

 

485

 

FDIC insurance

 

 

571

 

 

 

360

 

Courier and postage

 

 

606

 

 

 

458

 

Free nationwide ATM cost

 

 

494

 

 

 

525

 

Amortization of core deposit intangibles

 

 

899

 

 

 

918

 

Loan expense

 

 

109

 

 

 

117

 

Other real estate owned

 

 

(84

)

 

 

119

 

Merger expenses

 

 

1,556

 

 

 

 

Other

 

 

3,256

 

 

 

4,217

 

Total non-interest expense

 

 

37,152

 

 

 

33,229

 

Income (loss) before income tax

 

 

17,761

 

 

 

14,847

 

Provision (benefit) for income taxes

 

 

3,693

 

 

 

2,524

 

Net income (loss) and net income (loss) allocable to common stockholders

 

$

14,068

 

 

$

12,323

 

Basic earnings (loss) per share

 

$

0.91

 

 

$

0.78

 

Diluted earnings (loss) per share

 

$

0.90

 

 

$

0.77

 

 

 

See accompanying condensed notes to interim consolidated financial statements.

6


 

EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months ended March 31, 2024, and 2023

(Dollar amounts in thousands)

 

 

(Unaudited)
Three Months Ended
March 31,

 

 

 

2024

 

 

2023

 

Net income

 

$

14,068

 

 

$

12,323

 

Other comprehensive income (loss):

 

 

 

 

 

 

Unrealized holding gains (losses) arising during the period on
   available-for-sale securities

 

 

(6,180

)

 

 

16,018

 

Reclassification for net (gains) losses included in net income

 

 

252

 

 

 

 

Unrealized holding gains (losses) arising during the period on cash flow hedges

 

 

2,134

 

 

 

799

 

Total other comprehensive income (loss)

 

 

(3,794

)

 

 

16,817

 

Tax effect

 

 

926

 

 

 

(4,544

)

Other comprehensive income (loss), net of tax

 

 

(2,868

)

 

 

12,273

 

Comprehensive income (loss)

 

$

11,200

 

 

$

24,596

 

See accompanying condensed notes to interim consolidated financial statements.

 

7


 

EQUITY BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

For the Three Months ended March 31, 2024, and 2023

(Unaudited)

(Dollar amounts in thousands, except share and per share data)

 

 

Common Stock

 

 

Additional

 

 

 

 

 

Accumulated
Other

 

 

 

 

 

Total

 

 

 

Shares
Outstanding

 

 

Amount

 

 

Paid-In
Capital

 

 

Retained
Earnings

 

 

Comprehensive
Income (Loss)

 

 

Treasury
Stock

 

 

Stockholders’
Equity

 

Balance at January 1, 2023

 

 

15,930,112

 

 

$

205

 

 

$

484,989

 

 

$

140,095

 

 

$

(113,511

)

 

$

(101,720

)

 

$

410,058

 

Net income

 

 

 

 

 

 

 

 

 

 

 

12,323

 

 

 

 

 

 

 

 

 

12,323

 

Other comprehensive income (loss),
   net of tax effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,273

 

 

 

 

 

 

12,273

 

Cash dividends - common stock, $0.10 per share

 

 

 

 

 

 

 

 

 

 

 

(1,573

)

 

 

 

 

 

 

 

 

(1,573

)

Dividend equivalents - restricted stock units, $0.10 per share

 

 

 

 

 

 

 

 

 

 

 

(35

)

 

 

 

 

 

 

 

 

(35

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,212

 

 

 

 

 

 

 

 

 

 

 

 

1,212

 

Common stock issued under
   stock-based incentive plan

 

 

102,687

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued under
   employee stock purchase plan

 

 

17,508

 

 

 

 

 

 

458

 

 

 

 

 

 

 

 

 

 

 

 

458

 

Treasury stock purchase

 

 

(320,050

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,593

)

 

 

(9,593

)

Balance at March 31, 2023

 

 

15,730,257

 

 

$

206

 

 

$

486,658

 

 

$

150,810

 

 

$

(101,238

)

 

$

(111,313

)

 

$

425,123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2024

 

 

15,443,651

 

 

$

207

 

 

$

489,187

 

 

$

141,006

 

 

$

(57,920

)

 

$

(119,620

)

 

$

452,860

 

Net income

 

 

 

 

 

 

 

 

 

 

 

14,068

 

 

 

 

 

 

 

 

 

14,068

 

Other comprehensive income (loss),
   net of tax effects

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,868

)

 

 

 

 

 

(2,868

)

Cash dividends - common stock, $0.12 per share

 

 

 

 

 

 

 

 

 

 

 

(1,843

)

 

 

 

 

 

 

 

 

(1,843

)

Dividend equivalents-
   restricted stock units and restricted stock awards, $
0.12 per share

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

(30

)

Stock-based compensation

 

 

 

 

 

 

 

 

950

 

 

 

 

 

 

 

 

 

 

 

 

950

 

Common stock issued upon
   exercise of stock options

 

 

1,250

 

 

 

 

 

 

29

 

 

 

 

 

 

 

 

 

 

 

 

29

 

Common stock issued under
   stock-based incentive plan

 

 

91,005

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Common stock issued under
   employee stock purchase plan

 

 

16,884

 

 

 

 

 

 

368

 

 

 

 

 

 

 

 

 

 

 

 

368

 

Treasury stock purchases

 

 

(209,591

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,758

)

 

 

(6,758

)

Balance at March 31, 2024

 

 

15,343,199

 

 

$

208

 

 

$

490,533

 

 

$

153,201

 

 

$

(60,788

)

 

$

(126,378

)

 

$

456,776

 

 

8


 

See accompanying condensed notes to interim consolidated financial statements.

9


 

EQUITY BANCSHARES, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

For the Three Months ended March 31, 2024, and 2023

 

(Dollar amounts in thousands)

 

 

 

(Unaudited)
March 31,

 

 

 

2024

 

 

2023

 

Cash flows from operating activities

 

 

 

 

 

 

Net income

 

$

14,068

 

 

$

12,323

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

 

 

 

Stock-based compensation

 

 

950

 

 

 

1,212

 

Depreciation

 

 

1,325

 

 

 

1,087

 

Amortization of operating lease right-of-use asset

 

 

92

 

 

 

166

 

Amortization of cloud computing implementation costs

 

 

35

 

 

 

47

 

Provision (reversal) for credit losses

 

 

1,000

 

 

 

(366

)

Net amortization (accretion) of purchase valuation adjustments

 

 

(436

)

 

 

(163

)

Amortization (accretion) of premiums and discounts on securities

 

 

(821

)

 

 

1,172

 

Amortization of intangible assets

 

 

935

 

 

 

954

 

Deferred income taxes

 

 

(1,633

)

 

 

(255

)

Federal Home Loan Bank stock dividends

 

 

(142

)

 

 

(140

)

Loss (gain) on sales and valuation adjustments on other real estate owned

 

 

(109

)

 

 

34

 

Net loss (gain) on sales and settlements of securities

 

 

252

 

 

 

 

Change in unrealized (gains) losses on equity securities

 

 

(1

)

 

 

(32

)

Loss (gain) on disposal of premises and equipment

 

 

(7

)

 

 

(15

)

Loss (gain) on sales of foreclosed assets

 

 

7

 

 

 

(3

)

Loss (gain) on sales of loans

 

 

565

 

 

 

(62

)

Originations of loans held for sale

 

 

(8,234

)

 

 

(3,391

)

Proceeds from the sale of loans held for sale

 

 

10,511

 

 

 

3,154

 

Increase in the value of bank-owned life insurance

 

 

(828

)

 

 

(1,583

)

Change in fair value of derivatives recognized in earnings

 

 

57

 

 

 

176

 

Gain on acquisition

 

 

(1,239

)

 

 

 

Payments on operating lease payable

 

 

(136

)

 

 

(262

)

Net change in:

 

 

 

 

 

 

Interest receivable

 

 

493

 

 

 

169

 

Other assets

 

 

1,936

 

 

 

4,216

 

Interest payable and other liabilities

 

 

(6,001

)

 

 

694

 

Net cash provided by operating activities

 

 

12,639

 

 

 

19,132

 

Cash flows (to) from investing activities

 

 

 

 

 

 

Purchases of available-for-sale securities

 

 

(120,451

)

 

 

(1,840

)

Proceeds from sales, calls, pay-downs and maturities of available-for-sale securities

 

 

107,651

 

 

 

17,828

 

Proceeds from calls, pay-downs and maturities of held-to-maturity securities

 

 

5

 

 

 

4

 

Net change in loans

 

 

(30,566

)

 

 

(18,019

)

Purchase of USDA guaranteed loans

 

 

(4,180

)

 

 

(802

)

Purchase of premises and equipment

 

 

(2,012

)

 

 

(4,408

)

Proceeds from sale of premises and equipment

 

 

7

 

 

 

39

 

Proceeds from sale of foreclosed assets

 

 

228

 

 

 

38

 

Net redemptions (purchases) of Federal Home Loan Bank and Federal Reserve
    Bank stock

 

 

(6,259

)

 

 

(11,524

)

Net redemptions (purchases) of correspondent and miscellaneous other stock

 

 

(622

)

 

 

(1,526

)

Proceeds from sale of other real estate owned

 

 

574

 

 

 

172

 

Proceeds from bank-owned life insurance death benefits

 

 

 

 

 

1,794

 

Purchase of Net Assets of Rockhold BanCorp, Net of cash acquired

 

 

60,914

 

 

 

 

Net cash (used in) provided by investing activities

 

 

5,289

 

 

 

(18,244

)

Cash flows (to) from financing activities

 

 

 

 

 

 

Net increase (decrease) in deposits

 

 

(124,244

)

 

 

45,095

 

Net change in federal funds purchased and retail repurchase agreements

 

 

(8,589

)

 

 

(1,380

)

Net borrowings (repayments) on Federal Home Loan Bank line of credit

 

 

119,931

 

 

 

(127,642

)

Proceeds from Federal Home Loan Bank term advances

 

 

300,000

 

 

 

466,091

 

Principal repayments on Federal Home Loan Bank term advances

 

 

(300,000

)

 

 

(366,091

)

Proceeds from Federal Reserve Bank borrowings

 

 

 

 

 

141,000

 

10