Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 31,311 $ 21,136 $ 9,978
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for loan losses 11,257 2,856 2,160
Depreciation and amortization 4,143 3,235 2,167
Net amortization (accretion) of premium (discount) on investment securities 227 400 306
Amortization of intangible assets 3,663 3,630 917
Accretion of discount on retained SBA loans (1,066) (941) (1,287)
Deferred tax expense (benefit) (1,528) 1,730 1,065
Originations of loans held for sale (18,467) (47,725) (69,424)
Proceeds from loans held for sale 22,997 51,885 74,453
Net gains on sale of loans held for sale (1,821) (4,014) (5,120)
(Gain) loss on sale of other real estate owned and repossessed assets 23 (48) 21
(Gain) loss on sale of investment securities (1,031) (4,582)  
Amortization of debt issuance costs 79    
Fair value adjustment on SBA servicing asset 772 1,545 831
Stock-based compensation 979 665 672
Increase in cash surrender value of BOLI (359) (306) (19)
Net change in operating assets and liabilities:      
Net change in accrued interest receivable (3,978) 35 (2)
Net change in accrued interest payable 45 103 103
Net change in other assets 78 520 167
Net change in other liabilities 6,208 (1,890) (2,893)
Net cash provided by (used in) operating activities 53,532 28,234 14,095
Cash flows from investing activities:      
Purchase of investment securities available for sale (893,449) (63,298)  
Sales of investment securities available for sale 35,054 171,260  
Paydown and maturities of investment securities available for sale 744,139 35,501 6,975
Purchase of equity securities 24,000    
Net sale (purchase) of FHLB and other bank stock 2,592 530 (161)
Net decrease in time deposits in other banks 490   245
Proceeds from the sale of loans held for investment 27,295   1,451
Purchase of loans held for investment (66,030)    
Net change in loans (327,420) (124,163) (113,597)
Proceeds from the sale of other real estate owned 4,037 1,445 57
Purchase of premises and equipment (10,158) (7,229) (6,617)
Net cash received in branch sale 23,287    
Net cash (paid) received in business combination (131,153) 94,453 44,887
Net cash provided by (used in) investing activities (615,316) 108,499 (66,760)
Cash flows from financing activities:      
Net change in deposits 368,059 75,306 49,502
Cash received at redemption of trust preferred securities   77  
Proceeds from long-term borrowings, net of debt issuance costs 220,901 25,598 3,025
Repayment of long-term borrowings (73,384) (41,318) (14,331)
Proceeds from short-term borrowings 23,753   32,500
Repayment of short-term borrowings (13,753) (12,500) (35,000)
Net change in secured borrowings (10,716) 4,834 2,075
Shares issued in offering, net [1]   46,535 42,058
Common Stock Dividends (1,212)    
Purchase of treasury stock (15,470) (289)  
Exercise of stock options and warrants 683 1,966 3,902
Net cash provided by (used in) financing activities 498,861 100,209 83,731
Net change in cash and cash equivalents (62,923) 236,942 31,066
Cash and cash equivalents at beginning of period 325,957 89,015 57,949
Cash and cash equivalents at end of period 263,034 325,957 89,015
Supplemental disclosures of cash flow information:      
Interest paid 17,526 16,853 10,030
Income taxes paid 7,477 3,600 2,965
Supplemental disclosure of noncash investing and financing activities:      
Transfer of loans to other real estate owned and repossessed assets 527 3,964 806
Fair value of assets acquired in business combination, excluding cash 259,416 695,222 299,090
Dividends accrued not paid 1,556    
Goodwill recorded 11,456 50,250 13,768
Goodwill measurement period adjustments (2,278)    
Liabilities assumed in business combination $ 139,719 711,592 303,287
Stock issued in business combination   $ 78,083 $ 40,692
[1] Shares issued in offering were net of expenses of $442 thousand in 2019 and $452 thousand in 2018.