As Reported Financial Statements

NASDAQ: CVLY
$ 31.17$ -0.19 0.61 %

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 Q2 YTD 6/30/2018 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 Q2 YTD 6/30/2018 USD

Cash flows from operating activities

Net income 11,769 11,135 13,102 12,004 10,137

Adjustments to reconcile net income to net cash provided by operations

Depreciation/amortization 1,772 2,266 2,343 2,357 1,183
Net amortization of premiums on securities 978 1,042 912 667 234
Amortization of deferred loan origination fees and costs (774) (835) (1,049) (1,640) (916)
Provision for loan losses 1,600 3,500 3,000 4,175 500
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) (482)
Originations of mortgage loans held for sale NA (31,821) (42,260) (39,687) (20,064)
Originations of SBA loans held for sale (21,894) 0 (1,400) (5,316) (8,546)
Proceeds from sales of mortgage loans held for sale NA 32,388 42,191 40,203 20,390
Proceeds from sales of SBA loans held for sale 22,396 0 1,117 5,416 7,948
Gain on sales of mortgage loans held for sale NA NA NA NA (485)
Gain on sales of SBA loans held for sale (452) (667) (970) (1,434) (516)
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) 1
Stock-based compensation 288 358 525 752 332
Decrease in interest receivable (119) (301) (445) (520) 96
Decrease (increase) in other assets (442) (160) 1,203 (1,593) 441
Increase (decrease) in interest payable 86 (9) (18) 176 125
Increase in other liabilities 969 (1,232) 2,349 (984) 3,506
Net cash provided by operating activities 15,345 14,002 18,479 16,689 13,873

Cash flows from investing activities

Purchases of securities, available-for-sale (37,736) (57,136) (47,665) (13,546) (6,578)
Maturities, repayments and calls of securities, available-for-sale 40,682 46,108 48,999 43,900 12,053
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 (increase) decrease in restricted investment in bank stock NA NA NA NA (211)
Net increase in loans made to customers (61,940) (127,056) (147,541) (127,509) (65,350)
Purchases of premises and equipment (5,649) (5,957) (2,314) (2,157) (1,075)
Investment in bank owned life insurance (1,186) (7) (6,994) (4,007) 0
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 2,970 289 576 454 114
Net cash used in investing activities (48,923) (98,976) (143,738) (96,558) (61,047)

Cash flows from financing activities

Net increase in demand and savings deposits 44,599 87,651 140,938 100,994 50,277
Net increase in time deposits (14,929) (69,020) 29,090 19,336 8,040
Net decrease in short-term borrowings 1,821 32,326 (17,873) (36,142) (7,531)
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) (2,764)
Redemption of preferred stock (13,000) 0 (12,000) 0 NA
Issuance of stock 13,982 33,614 853 751 649
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 53,671
Net increase (decrease) in cash and cash equivalents 16,032 26,391 16,547 5,492 6,497
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 86,021
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.