XML 19 R8.htm IDEA: XBRL DOCUMENT 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 $ 12,479 $ 23,499
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of discounts and premiums on securities 1,453 1,132
Gain on sale of securities available-for-sale (270) (548)
Gain on sale of SBA loans (67) (175)
Proceeds from sale of SBA loans originated for sale 916 2,528
SBA loans originated for sale (4,121) (4,906)
Provision (credit) for credit losses on loans(1) 14,384 (1,801)
Increase in cash surrender value of life insurance (916) (663)
Depreciation and amortization 475 401
Amortization of other intangible assets 1,822 1,107
Stock option expense, net 287 321
Amortization of restricted stock awards, net 811 574
Amortization of subordinated debt issuance costs 92 92
Effect of changes in:    
Accrued interest receivable and other assets (23,437) (186)
Accrued interest payable and other liabilities 21,963 (3,767)
Net cash provided by operating activities 25,871 17,608
CASH FLOWS FROM INVESTING ACTIVITIES:    
Maturities/paydowns/calls of securities available-for-sale 30,810 24,868
Maturities/paydowns/calls of securities held-to-maturity 42,408 25,007
Proceeds from sales of securities available-for-sale 56,598 59,878
Net change in loans (152,881) 9,222
Changes in Federal Home Loan Bank stock and other investments (3,667) (10)
Purchase of premises and equipment (1,725) (239)
Net cash provided (used in) by investing activities (28,457) 118,726
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 485,458 (15,059)
Net change in short-term borrowings (328)  
Exercise of stock options 1,490 566
Payment of cash dividends (15,504) (10,397)
Net cash used in financing activities 471,116 (24,890)
Net increase in cash and cash equivalents 468,530 111,444
Cash and cash equivalents, beginning of period 457,370 164,568
Cash and cash equivalents, end of period 925,900 276,012
Supplemental disclosures of cash flow information:    
Interest paid 4,584 4,733
Income taxes paid (net of refunds) $ (524)  
Income taxes paid (net of refunds)   10,891
Supplemental schedule of non-cash activity:    
Recording of right to use assets in exchange for lease obligations   $ 9,566