v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities:    
Net income $ 18,856 $ 14,967
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 6,840 2,081
Depreciation and amortization 3,820 2,212
Net amortization (accretion) of premium (discount) on investment securities (60) 294
Amortization of core deposit intangible 2,784 2,624
Accretion of discount on retained SBA loans (804) (941)
Deferred tax expense 111 2,765
Originations of loans held for sale (18,320) (38,692)
Proceeds from loans held for sale 18,981 43,351
Net gains on sale of loans held for sale (1,402) (3,339)
Gain on sale of investment securities (1,031) (2,134)
(Gain)/Loss on sale of other real estate owned 20 (90)
Fair value adjustment on SBA servicing asset 1,206 1,201
Stock-based compensation 766 452
Increase in cash surrender value of BOLI (268) (217)
Net change in operating assets and liabilities:    
Net change in accrued interest receivable (4,392) (235)
Net change in accrued interest payable 63 (40)
Net change in other assets 916 995
Net change in other liabilities 1,791 (1,943)
Net cash provided by operating activities 29,877 23,311
Cash Flows From Investing Activities:    
Purchases of investment securities available for sale (142,988) (32,536)
Sales of investment securities available for sale 34,023 79,920
Paydown and maturities of investment securities available for sale 86,531 24,134
Purchase of FHLB and other bank stock (95) (124)
Sale of FHLB and other bank stock 2,696 378
Purchase of loans held for investment (18,932)  
Proceeds from the sale of loans held for investment 50,208  
Net change in loans (460,669) (89,661)
Proceeds from the sale of other real estate owned 3,725 1,123
Purchase of premises and equipment (9,209) (7,410)
Net cash (paid)/received in business combination (129,461) 28,126
Net cash provided by (used in) investing activities (584,171) 3,950
Cash Flows From Financing Activities:    
Net change in deposits 219,717 3,503
Redemption of trust preferred securities   77
Proceeds from long-term borrowings 221,685 25,598
Repayment of long-term borrowings (48,398) (37,915)
Proceeds from short-term borrowings 23,753  
Repayment of short-term borrowings (13,753) (12,500)
Net change in secured borrowings (10,681) 8,697
Shares issued in offering, net   46,542
Common stock dividends (1,212)  
Purchase of treasury stock (12,245) (198)
Exercise of stock options and warrants 555 1,463
Net cash provided by financing activities 379,421 35,267
Net Change in Cash and Cash Equivalents (174,873) 62,528
Cash and Cash Equivalents at Beginning of Period 325,957 89,015
Cash and Cash Equivalents at End of Period 151,084 151,543
Supplemental Disclosures of Cash Flow Information:    
Interest paid 13,683 12,220
Income taxes paid 4,600 2,000
Supplemental disclosure of noncash investing and financing activities:    
Transfer of loans to other real estate owned and repossessed assets 394 98
Fair value of assets acquired in business combination, excluding cash 259,416 404,970
Goodwill recorded 11,456 24,843
Liabilities assumed in business combination $ 139,719 399,605
Stock issued in business combination   $ 33,479

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