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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:    
Net income $ 14,012 $ 14,784
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 243 202
Provision for loan losses 3,396 1,150
Increase in value of bank-owned life insurance (293) (297)
Gain on sale of SBA loans 0 (40)
SBA loans originated for sale 0 (823)
Proceeds from sale of SBA loans originated for sale 0 459
Net loss on sale of OREO and valuation adjustments 153 343
Net accretion of purchase premiums and discounts on securities 24 15
Stock based compensation 125 94
Net changes in:    
Decrease in accrued interest receivable and other assets (8,442) (1,429)
Increase in accrued interest payable and other accrued liabilities 2,117 1,432
Net cash provided by operating activities 11,335 15,890
Cash Flows from Investing Activities:    
Repayments and maturities of investment securities available for sale 2,943 2,565
Net increase in loans (123,463) (67,962)
Purchases of bank premises and equipment (205) (251)
Proceeds from sale of OREO, net 802 590
Purchases of restricted stock (102) (232)
Net cash used in investing activities (120,025) (65,290)
Cash Flows from Financing Activities:    
Cash dividends (3,638) (3,028)
Earnings distribution to non-controlling interest (594) 0
Proceeds from exercise of stock options 0 48
Increase in other borrowings 72,896 0
Net increase (decrease) in noninterest-bearing deposits 97,081 (19,150)
Net increase in interest-bearing deposits 72,261 84,864
Other 0 (12)
Net cash provided by financing activities 238,006 62,722
Net increase in cash and cash equivalents 129,316 13,322
Cash and Cash Equivalents, January 1, 191,607 154,471
Cash and Cash Equivalents, June 30 320,923 167,793
Supplemental Disclosure of Cash Flow Information:    
Interest paid 12,416 10,056
Income taxes paid 5,900 5,404
Non-cash Investing and Financing Items    
Loans transferred to OREO 0 45
Establishment of lease liability and right-of-use asset $ 0 $ 2,785