v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities:    
Net income $ 32,952 $ 18,856
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 2,741 6,840
Depreciation and amortization 3,286 3,820
Net amortization (accretion) of premium (discount) on investment securities 1,651 (60)
Amortization of core deposit intangible 2,333 2,784
Accretion of discount on retained SBA loans (742) (804)
Deferred tax expense 41 111
Originations of loans held for sale (6,772) (18,320)
Proceeds from loans held for sale 2,209 18,981
Net gains on sale of loans held for sale (155) (1,402)
Gain on sale of investment securities (5) (1,031)
(Gain) loss on sale of other real estate owned (15) 20
Gain on sale of premises and equipment (124)  
Fair value adjustment on SBA servicing asset 680 1,206
Fair value adjustment on equity investments 446  
Stock-based compensation 814 766
Increase in cash surrender value of BOLI (376) (268)
Net change in operating assets and liabilities:    
Net change in accrued interest receivable 3,364 (4,392)
Net change in accrued interest payable (524) 63
Net change in other assets (8,747) 916
Net change in other liabilities 4,269 1,791
Net cash provided by operating activities 37,326 29,877
Cash Flows From Investing Activities:    
Purchases of investment securities available for sale (754,780) (142,988)
Sales of investment securities available for sale 6,914 34,023
Paydown and maturities of investment securities available for sale 532,127 86,531
Stock dividends of FHLB, other bank stock, and mutual fund (297) (95)
Sale of FHLB and other bank stock   2,696
Purchase of loans held for investment   (18,932)
Proceeds from the sale of loans held for investment 45,193 50,208
Net change in loans 85,161 (460,669)
Proceeds from the sale of other real estate owned 288 3,725
Purchase of premises and equipment (922) (9,209)
Proceeds from the sale of premises and equipment 1,092  
Net cash received from branch sale 60  
Net cash (paid) in business combination   (129,461)
Purchase of BOLI (20,000)  
Net cash used in investing activities (105,164) (584,171)
Cash Flows From Financing Activities:    
Net change in deposits 216,398 219,717
Proceeds from long-term borrowings 51,000 221,685
Repayment of long-term borrowings (209,774) (48,398)
Proceeds from short-term borrowings   23,753
Repayment of short-term borrowings (10,000) (13,753)
Net change in secured borrowings (3,986) (10,681)
Common stock dividends (5,135) (1,212)
Purchase of treasury stock (1,096) (12,245)
Exercise of stock options and warrants 2,728 555
Net cash (used in) provided by financing activities 40,135 379,421
Net Change in Cash and Cash Equivalents (27,703) (174,873)
Cash and Cash Equivalents at Beginning of Period 263,034 325,957
Cash and Cash Equivalents at End of Period 235,331 151,084
Supplemental Disclosures of Cash Flow Information:    
Interest paid 9,566 13,683
Income taxes paid 10,300 4,600
Supplemental disclosure of noncash investing and financing activities:    
Transfer of loans to other real estate owned and repossessed assets $ 140 394
Fair value of assets acquired in business combination, excluding cash   259,416
Goodwill recorded   11,456
Liabilities assumed in business combination   $ 139,719

Source