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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities:    
Net income $ 20,655 $ 22,649
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 434 346
Provision for loan losses 5,796 2,050
Increase in value of bank-owned life insurance (443) (450)
Gain on sale of SBA loans 0 (116)
SBA loans originated for sale 0 (898)
Proceeds from sale of SBA loans originated for sale 0 1,285
Net loss on sale of OREO and valuation adjustments 348 147
Stock based compensation 195 135
Net changes in:    
Increase in accrued interest receivable and other assets (4,468) (468)
(Decrease) increase in accrued interest payable and other accrued liabilities (27) 550
Net cash provided by operating activities 22,490 25,230
Cash Flows from Investing Activities:    
Repayments and maturities of investment securities available for sale 5,036 4,004
Net increase in loans (153,881) (137,387)
Purchases of bank premises and equipment (240) (302)
Proceeds from sale of OREO, net 3,812 1,450
Purchases of restricted stock (102) (232)
Net cash used in investing activities (145,375) (132,467)
Cash Flows from Financing Activities:    
Cash dividends (5,541) (4,759)
Earnings distribution to non-controlling interest (594) 0
Proceeds from exercise of stock options 0 48
Increase in other borrowings 93,801 0
Net proceeds from issuing subordinated debt 29,052 0
Net increase (decrease) in noninterest-bearing deposits 162,568 (30,973)
Net increase in interest-bearing deposits 94,714 140,148
Other 0 (18)
Net cash provided by financing activities 374,000 104,446
Net increase in cash and cash equivalents 251,115 (2,791)
Cash and Cash Equivalents, January 1, 191,607 154,471
Cash and Cash Equivalents, September 30 442,722 151,680
Supplemental Disclosure of Cash Flow Information:    
Interest paid 17,524 15,734
Income taxes paid 7,460 7,608
Non-cash Investing and Financing Items    
Loans transferred to OREO 0 2,323
Establishment of lease liability and right-of-use asset $ 0 $ 2,785