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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 42,052 $ 31,311 $ 21,136
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for loan losses 3,711 11,257 2,856
Depreciation and amortization 4,356 4,143 3,235
Net amortization of premium on investment securities 2,228 227 400
Amortization of intangible assets 3,067 3,663 3,630
Accretion of discount on retained SBA loans (1,022) (1,066) (941)
Deferred tax expense (benefit) 1,224 (1,528) 1,730
Originations of loans held for sale (12,143) (18,467) (47,725)
Proceeds from loans held for sale 11,109 22,997 51,885
Net gains on sale of loans held for sale (967) (1,821) (4,014)
(Gain) loss on sale of other real estate owned and repossessed assets (15) 23 (48)
(Gain) on sale of investment securities (5) (1,031) (4,582)
(Gain) on sale of premises and equipment (18)    
Stock dividends on equity investments at fair value (335)    
Stock dividends on FHLB stock (27)    
Amortization of debt issuance costs 156 79  
Fair value adjustment on SBA servicing asset 895 772 1,545
Fair value adjustment on equity investments 669    
Stock-based compensation 1,134 979 665
Increase in cash surrender value of BOLI (675) (359) (306)
Net change in operating assets and liabilities:      
Net change in accrued interest receivable 3,037 (3,978) 35
Net change in accrued interest payable (519) 45 103
Net change in other assets (2,928) 78 520
Net change in other liabilities (573) 6,208 (1,890)
Net cash provided by operating activities 54,411 53,532 28,234
Cash flows from investing activities:      
Purchase of investment securities available for sale (754,780) (893,449) (63,298)
Sales of investment securities available for sale 6,914 35,054 171,260
Paydown and maturities of investment securities available for sale 549,190 744,139 35,501
Purchase of equity securities   (24,000)  
Net sale of FHLB and other bank stock 2,005 2,592 530
Net decrease in time deposits in other banks   490  
Proceeds from the sale of loans held for investment 45,193 27,295  
Purchase of loans held for investment   (66,030)  
Net change in loans 14,902 (327,420) (124,163)
Proceeds from the sale of other real estate owned 288 4,037 1,445
Purchase of premises and equipment (1,985) (10,158) (7,229)
Proceeds from the sale of premises and equipment 2,201    
Net cash received in branch sale 60 23,287  
Net cash (paid) received in business combination   (131,153) 94,453
Purchase of BOLI (20,000)    
Net cash provided by (used in) investing activities (156,012) (615,316) 108,499
Cash flows from financing activities:      
Net change in deposits 328,213 368,059 75,306
Cash received at redemption of trust preferred securities     77
Proceeds from long-term borrowings 51,000 220,901 25,598
Repayment of long-term borrowings (214,253) (73,384) (41,318)
Proceeds from short-term borrowings   23,753  
Repayment of short-term borrowings (10,000) (13,753) (12,500)
Net change in secured borrowings (3,986) (10,716) 4,834
Shares issued in offering, net [1]     46,535
Common Stock Dividends (8,766) (1,212)  
Purchase of treasury stock (1,096) (15,470) (289)
Exercise of stock options and warrants 3,243 683 1,966
Net cash provided by financing activities 144,355 498,861 100,209
Net change in cash and cash equivalents 42,754 (62,923) 236,942
Cash and cash equivalents at beginning of year 263,034 325,957 89,015
Cash and cash equivalents at end of year 305,788 263,034 325,957
Supplemental disclosures of cash flow information:      
Interest paid 11,930 17,526 16,853
Income taxes paid 12,300 7,477 3,600
Supplemental disclosure of noncash investing and financing activities:      
Transfer of loans to other real estate owned and repossessed assets 328 527 3,964
Fair value of assets acquired in business combination, excluding cash   259,416 695,222
Carrying value of assets disposed in branch sale 5,227 114  
Dividends accrued not paid   1,556  
Goodwill recorded   11,456 50,250
Goodwill measurement period adjustments   (2,278)  
Liabilities assumed in business combination   139,719 711,592
Liabilities assigned in branch sale $ 5,117 $ 24,199  
Stock issued in business combination     $ 78,083
[1] Shares issued in offering were net of expenses of $442 thousand in 2019 and $452 thousand in 2018.

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