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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities:    
Net income $ 10,673 $ 10,350
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization, and accretion 2,156 1,108
Provision for credit losses 3,000 200
Increase in cash surrender value of life insurance (525) (459)
Stock-based compensation expense 1,299 1,108
Asset (gains) losses, net 654 (172)
Gain on sale of loans held for sale, net (3,017) (1,102)
Proceeds from sale of loans held for sale 103,950 37,338
Origination of loans held for sale (102,715) (36,747)
Net change in:    
Accrued interest receivable and other assets (5,567) (1,748)
Accrued interest payable and other liabilities 2,257 421
Net cash provided by (used in) operating activities 12,165 10,297
Cash Flows From Investing Activities:    
Net (increase) decrease in loans (32,238) (21,728)
Net (increase) decrease in certificates of deposit in other banks 501 1
Purchases of securities AFS (74,759) (19,064)
Proceeds from sales of securities AFS 0 8,076
Proceeds from calls and maturities of securities AFS 17,931 10,636
Purchases of other investments (3,673) (63)
Net (increase) decrease in premises and equipment (4,961) (2,368)
Net cash provided by (used in) investing activities (97,199) (24,510)
Cash Flows From Financing Activities:    
Net increase (decrease) in deposits 69,143 (75,652)
Net increase in short-term borrowings 75,000 0
Proceeds from long-term borrowings 20,000 0
Repayments of long-term borrowings (5,000) (64)
Purchase and retirement of common stock (15,197) (5,682)
Proceeds from issuance of common stock 215 148
Proceeds from exercise of stock options 851 698
Distribution to noncontrolling interest (77) 0
Net cash provided by (used in) financing activities 144,935 (80,552)
Net increase (decrease) in cash and cash equivalents 59,901 (94,765)
Cash and cash equivalents:    
Beginning 182,059 249,526
Ending [1] 241,960 154,761
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 6,077 5,466
Cash paid for taxes 0 0
Capitalized mortgage servicing rights $ 559 $ 319
[1] Cash and cash equivalents at March 31, 2020 include restricted cash of $1.9 million pledged as collateral on interest rate swaps and no reserve balance was required with the Federal Reserve Bank. At March 31, 2019, cash and cash equivalents include $9.0 million for the reserve balance required with the Federal Reserve Bank.