v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities:    
Net income $ 4,074 $ 3,810
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 1,171 849
Depreciation and amortization 1,104 582
Net amortization (accretion) of premium (discount) on investment securities (86) 45
Amortization of core deposit intangible 946 603
Accretion of discount on retained SBA loans (333) (450)
Deferred tax expense 1,017 740
Originations of loans held for sale (9,380) (12,453)
Proceeds from loans held for sale 6,109 10,933
Net gains on sale of loans held for sale (464) (804)
Gain on sale of investment securities   (1,081)
Gain on sale of other real estate owned   (21)
Fair value adjustment on SBA servicing asset 405 416
Stock-based compensation 377 117
Increase in cash surrender value of BOLI (89) (41)
Net change in operating assets and liabilities:    
Net change in accrued interest receivable (94) (73)
Net change in accrued interest payable (40) 35
Net change in other assets (30) (188)
Net change in other liabilities (286) (1,097)
Net cash provided by operating activities 4,401 1,922
Cash Flows From Investing Activities:    
Sales of investment securities available for sale   45,243
Paydown and maturities of investment securities available for sale 2,386 4,531
Purchase of FHLB and other bank stock (46) (37)
Sale of FHLB and other bank stock 2,696  
Proceeds from the sale of loans held for investment 50,208  
Net change in loans (39,375) (23,442)
Proceeds from the sale of other real estate owned   336
Purchase of premises and equipment (2,353) (1,942)
Net cash paid in business combination [1] (129,461)  
Net cash provided by (used in) investing activities (115,945) 24,689
Cash Flows From Financing Activities:    
Net change in deposits 9,508 20,604
Redemption of trust preferred securities   78
Proceeds from long-term borrowings 10,950 1,818
Repayment of long-term borrowings (11,654) (4,058)
Proceeds from short-term borrowings 10,000  
Repayment of short-term borrowings   (12,500)
Net change in secured borrowings (1,160) (9)
Purchase of treasury stock (4,805)  
Exercise of stock options and warrants 401 1,103
Net cash provided by financing activities 13,240 7,036
Net Change in Cash and Cash Equivalents (98,304) 33,647
Cash and Cash Equivalents at Beginning of Period 325,957 89,015
Cash and Cash Equivalents at End of Period 227,653 122,662
Supplemental Disclosures of Cash Flow Information:    
Interest paid 5,016 3,415
Supplemental disclosure of noncash investing and financing activities:    
Transfer of loans to other real estate owned and repossessed assets 78 $ 51
Fair value of assets acquired in business combination, excluding cash 270,873  
Goodwill recorded 12,499  
Liabilities assumed in business combination $ 139,721  
[1] Total cash paid was $131.6 million; however, $2.1 million was accrued and paid subsequent to March 31, 2020.

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