XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 27,687 $ 20,017
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of discounts and premiums on securities 910 1,969
Gain on sale of SBA loans (183) (633)
Proceeds from sale of SBA loans originated for sale 2,452 6,676
SBA loans originated for sale (2,663) (8,688)
Provision for (recapture of) credit losses on loans (748) (2,005)
Increase in cash surrender value of life insurance (960) (914)
Depreciation and amortization 568 508
Amortization of other intangible assets 1,317 1,487
Stock option expense, net 293 278
Amortization of restricted stock awards, net 995 896
Amortization of subordinated debt issuance costs 96 92
Gain on proceeds from company-owned life insurance (27) (462)
Effect of changes in:    
Accrued interest receivable and other assets 1,954 (1,574)
Accrued interest payable and other liabilities (5,159) 3,472
Net cash provided by operating activities 26,532 21,119
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of securities available-for-sale (250,997)  
Purchase of securities held-to-maturity (119,447) (181,805)
Maturities/paydowns/calls of securities available-for-sale 14,056 87,503
Maturities/paydowns/calls of securities held-to-maturity 53,201 56,797
Purchase of mortgage loans (74,544) (140,030)
Net change in loans 82,846 (63,944)
Changes in Federal Home Loan Bank stock and other investments (9) 1,027
Purchase of premises and equipment (522) (89)
Proceeds from redemption of company-owned life insurance 604 1,506
Net cash (used in) investing activities (294,812) (239,035)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits (145,768) 429,986
Exercise of stock options 849 784
Payment of cash dividends (15,706) (15,605)
Redemption of subordinated debt (40,000)  
Issuance of Subordinated debt, net of issuance costs 39,274  
Net cash (used-in) provided by financing activities (161,351) 415,165
Net increase in cash and cash equivalents (429,631) 197,249
Cash and cash equivalents, beginning of period 1,306,216 1,131,073
Cash and cash equivalents, end of period 876,585 1,328,322
Supplemental disclosures of cash flow information:    
Interest paid 3,321 3,464
Income taxes paid, net 12,153 $ 9,192
Supplemental schedule of non-cash activity:    
Transfer of loans held-for-sale to loan portfolio $ 480