As Reported Financial Statements

NASDAQ: CVLY
$ 23.77$ -0.23 0.96 %

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 2018 Q3 YTD 9/30/2018 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 2018 Q3 YTD 9/30/2018 USD

Cash flows from operating activities

Net income 11,769 11,135 13,102 12,004 15,197

Adjustments to reconcile net income to net cash provided by operations

Depreciation/amortization 1,772 2,266 2,343 2,357 1,780
Net amortization of premiums on securities 978 1,042 912 667 335
Amortization of deferred loan origination fees and costs (774) (835) (1,049) (1,640) (1,264)
Provision for loan losses 1,600 3,500 3,000 4,175 1,800
Recovery of foreclosed real estate 60 (622) (31) (47) 0
Deferred income tax expense (benefit) 77 32 (1,021) 3,287 NA
Amortization of investment in real estate partnership 208 NA NA NA NA
Increase in bank owned life insurance (714) (694) (861) (1,028) (730)
Originations of mortgage loans held for sale NA (31,821) (42,260) (39,687) (28,746)
Originations of SBA loans held for sale (21,894) 0 (1,400) (5,316) (12,292)
Proceeds from sales of mortgage loans held for sale NA 32,388 42,191 40,203 29,744
Proceeds from sales of SBA loans held for sale 22,396 0 1,117 5,416 10,352
Gain on sales of mortgage loans held for sale NA NA NA NA (718)
Gain on sales of SBA loans held for sale (452) (667) (970) (1,434) (718)
Gain on disposal of premises and equipment 5 105 4 (9) (11)
Gain on sales of securities, available-for-sale (518) (492) (194) (79) 0
Loss (gain) on sales of foreclosed real estate 50 9 (18) (11) 3
Stock-based compensation 288 358 525 752 457
(Increase) decrease in interest receivable (119) (301) (445) (520) (174)
Decrease (increase) in other assets (442) (160) 1,203 (1,593) 355
Increase in interest payable 86 (9) (18) 176 239
Increase (decrease) in other liabilities 969 (1,232) 2,349 (984) 1,830
Net cash provided by operating activities 15,345 14,002 18,479 16,689 17,439

Cash flows from investing activities

Purchases of securities, available-for-sale (37,736) (57,136) (47,665) (13,546) (10,946)
Maturities, repayments and calls of securities, available-for-sale 40,682 46,108 48,999 43,900 20,616
Sales of securities, available-for-sale 12,911 9,614 12,903 5,692 0
Redemption (purchase) of restricted investment in bank stock 943 (1,229) (1,898) 615 NA
Proceeds from acquisition, net 0 21,091 0 0 NA
Proceeds from acquired receivables of sold investment settlements 0 15,256 0 0 NA
Net decrease (increase) in restricted investment in bank stock NA NA NA NA 189
Net increase in loans made to customers (61,940) (127,056) (147,541) (127,509) (94,963)
Purchases of premises and equipment (5,649) (5,957) (2,314) (2,157) (2,231)
Investment in bank owned life insurance (1,186) (7) (6,994) (4,007) (7)
Proceeds from sales of fixed assets 0 51 0 0 NA
Proceeds from bank owned life insurance 82 0 196 0 NA
Proceeds from sales of foreclosed real estate 2,970 289 576 454 155
Net cash used in investing activities (48,923) (98,976) (143,738) (96,558) (87,187)

Cash flows from financing activities

Net increase in demand and savings deposits 44,599 87,651 140,938 100,994 69,510
Net increase (decrease) in time deposits (14,929) (69,020) 29,090 19,336 16,242
Net decrease in short-term borrowings 1,821 32,326 (17,873) (36,142) (11,871)
Proceeds from issuance of long-term debt 20,000 35,000 40,000 20,000 30,000
Repayment of long-term debt (87) (5,096) (35,000) (15,000) (25,000)
Tax benefit on vested restricted stock 52 13 0 0 NA
Cash dividends paid to preferred shareholders (207) (120) (46) 0 NA
Cash dividends paid to shareholders (2,611) (2,991) (4,144) (4,559) (4,151)
Redemption of preferred stock (13,000) 0 (12,000) 0 NA
Issuance of stock 13,982 33,614 853 751 842
Cash paid in lieu of fractional shares (10) (12) (12) (19) NA
Net cash provided by financing activities 49,610 111,365 141,806 85,361 75,572
Net increase (decrease) in cash and cash equivalents 16,032 26,391 16,547 5,492 5,824
Cash and cash equivalents at beginning of year 15,062 31,094 57,485 74,032 79,524
Cash and cash equivalents at end of period 31,094 57,485 74,032 79,524 85,348
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.