v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities:    
Net income $ 11,768 $ 9,637
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 4,009 1,181
Depreciation and amortization 2,232 1,353
Net amortization (accretion) of premium (discount) on investment securities (146) 180
Amortization of core deposit intangible 1,865 1,609
Accretion of discount on retained SBA loans (565) (831)
Deferred tax expense 620 269
Originations of loans held for sale (13,828) (24,774)
Proceeds from loans held for sale 10,945 28,422
Net gains on sale of loans held for sale (790) (2,188)
Gain on sale of investment securities   (2,134)
(Gain)/Loss on sale of other real estate owned 1 (53)
Fair value adjustment on SBA servicing asset 429 915
Stock-based compensation 558 268
Increase in cash surrender value of BOLI (177) (128)
Net change in operating assets and liabilities:    
Net change in accrued interest receivable (4,968) (955)
Net change in accrued interest payable (233) 92
Net change in other assets 73 811
Net change in other liabilities 484 (2,306)
Net cash provided by operating activities 12,277 11,368
Cash Flows From Investing Activities:    
Purchases of investment securities available for sale (33,995) (32,536)
Sales of investment securities available for sale   79,920
Paydown and maturities of investment securities available for sale 41,451 21,135
Purchase of FHLB and other bank stock (82) 297
Sale of FHLB and other bank stock 2,696  
Proceeds from the sale of loans held for investment 50,208  
Net change in loans (453,767) (20,047)
Proceeds from the sale of other real estate owned 34 884
Purchase of premises and equipment (4,043) (4,224)
Net cash (paid)/received in business combination (129,461) 28,565
Net cash provided by (used in) investing activities (526,959) 73,994
Cash Flows From Financing Activities:    
Net change in deposits 347,192 (11,698)
Redemption of trust preferred securities   77
Proceeds from long-term borrowings 105,780 23,174
Repayment of long-term borrowings (26,429) (10,565)
Proceeds from short-term borrowings 23,753  
Repayment of short-term borrowings (13,753) (12,500)
Net change in secured borrowings (1,415) (995)
Purchase of treasury stock (11,489)  
Exercise of stock options and warrants 430 1,288
Net cash provided by financing activities 424,069 (11,219)
Net Change in Cash and Cash Equivalents (90,613) 74,143
Cash and Cash Equivalents at Beginning of Period 325,957 89,015
Cash and Cash Equivalents at End of Period 235,344 163,158
Supplemental Disclosures of Cash Flow Information:    
Interest paid 9,712 7,264
Income taxes paid 2,000 1,000
Supplemental disclosure of noncash investing and financing activities:    
Transfer of loans to other real estate owned and repossessed assets 125 15
Fair value of assets acquired in business combination, excluding cash 259,416 405,561
Goodwill recorded 11,456 25,636
Liabilities assumed in business combination $ 141,412 400,197
Stock issued in business combination   $ 33,480

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