XML 23 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net income $ 20,610 $ 24,534
Adjustments to reconcile net income to net cash used in operating activities:    
Net amortization of investment securities 131 442
Stock dividends received on correspondent bank stock (76) (17)
Provision for loan losses 1,230 4,682
Net gain on mortgage loans (16,060) (29,276)
Origination of mortgage loans held for sale (1,263,346) (1,331,989)
Proceeds from mortgage loans 1,417,808 1,238,881
Depreciation and amortization 1,273 1,117
Provision for other real estate owned   176
Deferred income tax benefits, net of valuation allowance (668) (1,300)
Increase in cash surrender value of company-owned life insurance (354) (363)
Loss on assets held for sale   553
Stock-based compensation 2,903 2,544
Gain on equity interests (489)  
Loss/(Gain) on sale of assets 27 (43)
Net changes in operating assets and liabilities:    
Change in accounts receivable (247) 355
Change in accrued interest receivable and other assets 1,254 (4,473)
Change in accrued interest payable and other liabilities 1,852 858
Net cash provided by/(used in) operating activities 165,848 (93,319)
Activity in available-for-sale securities:    
Maturities, prepayments, and calls 16,241 28,639
Purchases (17,667) (6,000)
Purchases of correspondent bank stock (1) (1,950)
Redemption of correspondent bank stock 973  
Contributions to low-income housing tax credit investments (2,087)  
Loan and note receivable originations and principal collections, net (162,900) (414,486)
Purchases of premises and equipment (2,108) (1,205)
Proceeds from sale of premises and equipment   10
Proceeds from sale of other real estate owned 194 288
Net cash received/(paid) on acquisitions 120,997 (61,316)
Net cash used in investing activities (46,358) (456,020)
Cash flows from financing activities    
Net change in deposits 206,566 470,046
Payments to Federal Home Loan Bank borrowings   (30,000)
Proceeds from Federal Home Loan Bank borrowings   35,000
Payments to Federal Reserve borrowings (194,608) (69,750)
Proceeds from Federal Reserve borrowings 83,674 204,313
Proceeds from subordinated notes, net of issuance costs 14,667 17,719
Proceeds from the exercise of stock options 1,706  
Repurchase of common stock   (377)
Settlement of restricted stock (501) (261)
Net cash provided by financing activities 111,504 626,690
Net change in cash and cash equivalents 230,994 77,351
Cash and cash equivalents, beginning of year 155,989 78,638
Cash and cash equivalents, end of period 386,983 155,989
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 5,514 7,078
Income tax payment, net of refunds received 6,336 11,763
Cash paid for amounts included in the measurement of lease liabilities $ 5,287 5,659
Supplemental noncash disclosures:    
Common stock issued for Teton acquisition 39,818  
Reclass of held for sale assets, net of liabilities   (2,990)
Contingent asset resulting from sale of held for sale assets   3,062
Change in unrealized (loss)/gain on available-for-sale securities $ (620) 1,113
Lease right-of-use-asset obtained in exchange for lease liabilities $ 2,262 $ 3,600