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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income $ 12,276 $ 10,030
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 547 552
Deferred income tax expense/(benefits), net of valuation allowance 384 (1,314)
Stock-based compensation 1,325 1,241
Provision for loan losses 12 2,491
Net amortization of investment securities 278 231
Stock dividends received on correspondent bank stock (43) (12)
Increase in cash surrender value of company-owned life insurance (177) (182)
Net gain on mortgage loans (9,110) (12,654)
Origination of mortgage loans held for sale (810,517) (541,222)
Proceeds from mortgage loans 938,152 526,355
Loss on assets held for sale   553
Recognition of capitalized subordinated notes issuance costs (30) (116)
Net changes in operating assets and liabilities:    
Accounts receivable 40 633
Accrued interest receivable and other assets 809 (2,444)
Accrued interest payable and other liabilities (4,054) 6,588
Net cash provided by/(used in) operating activities 129,892 (9,270)
Activity in available-for-sale securities:    
Maturities, prepayments, and calls 10,877 12,662
Purchases of correspondent bank stock (1) (698)
Redemption of correspondent bank stock 543  
Purchases of premises and equipment (1,104) (523)
Proceeds from sale of other real estate owned 194  
Net cash paid on acquisitions   (61,316)
Loan and note receivable originations and principal collections, net (37,237) (304,658)
Net cash used in investing activities (26,728) (354,533)
Cash flows from financing activities    
Net change in deposits 59,143 257,068
Proceeds from subordinated notes   8,000
Repurchase of common stock   (370)
Settlement of restricted stock (406) (170)
Payments to Federal Reserve borrowings (112,475)  
Proceeds from Federal Reserve borrowings 83,674 204,313
Payments to Federal Home Loan Bank borrowings   (27,000)
Proceeds from Federal Home Loan Bank borrowings   35,000
Net cash provided by financing activities 29,936 476,841
Net change in cash and cash equivalents 133,100 113,038
Cash and cash equivalents, beginning of year 155,989 78,638
Cash and cash equivalents, end of period 289,089 191,676
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 2,912 4,349
Income tax payment, net of refunds received 2,488 1,122
Cash paid for amounts included in the measurement of lease liabilities 2,581 2,893
Supplemental noncash disclosures:    
Change in unrealized gain on available-for-sale securities $ (241) $ 1,334