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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 18,693 $ 19,660
Adjustments to reconcile net income to net cash used in operating activities:    
Net amortization of investment securities 411 346
Stock dividends received on correspondent bank stock (60) (12)
Provision for loan losses 418 3,987
Net gain on mortgage loans (13,590) (24,958)
Origination of mortgage loans held for sale (1,066,612) (917,524)
Proceeds from mortgage loans 1,195,896 889,208
Depreciation and amortization 877 832
Provision for other real estate owned   100
Deferred income tax expense/(benefits), net of valuation allowance 210 (1,699)
Increase in cash surrender value of company-owned life insurance (266) (273)
Loss on assets held for sale   553
Stock-based compensation 2,050 1,879
Net changes in operating assets and liabilities:    
Change in accounts receivable (21) 492
Change in accrued interest receivable and other assets (248) (5,531)
Change in accrued interest payable and other liabilities (1,311) 3,394
Net cash provided by/(used in) operating activities 136,447 (29,546)
Activity in available-for-sale securities:    
Maturities, prepayments, and calls 6,370 20,890
Purchases (2,250) (2,000)
Purchases of correspondent bank stock (1) (698)
Redemption of correspondent bank stock 841  
Contributions to low-income housing tax credit investments (2,087)  
Loan and note receivable originations and principal collections, net (69,115) (388,048)
Purchases of premises and equipment (1,844) (708)
Proceeds from sale of premises and equipment   10
Proceeds from sale of other real estate owned 194  
Net cash paid on acquisitions   (61,316)
Net cash used in investing activities (67,892) (431,870)
Cash flows from financing activities    
Net change in deposits 162,389 413,808
Payments to Federal Home Loan Bank borrowings   (27,000)
Proceeds from Federal Home Loan Bank borrowings   35,000
Payments to Federal Reserve borrowings (174,673) (238)
Proceeds from Federal Reserve borrowings 83,674 204,313
Proceeds from subordinated notes, net of issuance costs 14,674 7,881
Proceeds from the exercise of stock options 79  
Repurchase of common stock   (370)
Settlement of restricted stock (452) (258)
Net cash provided by financing activities 85,691 633,136
Net change in cash and cash equivalents 154,246 171,720
Cash and cash equivalents, beginning of year 155,989 78,638
Cash and cash equivalents, end of period 310,235 250,358
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 4,167 5,699
Income tax payment, net of refunds received 3,852 6,417
Cash paid for amounts included in the measurement of lease liabilities 3,874 4,267
Supplemental noncash disclosures:    
Reclass of held for sale assets, net of liabilities   10
Change in unrealized (loss)/gain on available-for-sale securities (283) 1,305
Lease right-of-use-asset obtained in exchange for lease liabilities $ 2,262 $ 649