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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 10,006 $ 12,276
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of investment securities 126 278
Stock dividends received on correspondent bank stock (33) (43)
Provision for loan losses 729 12
Net gain on mortgage loans (3,646) (9,110)
Origination of mortgage loans held for sale (293,170) (810,517)
Proceeds from mortgage loans 301,580 938,152
Gain on disposal of fixed assets (50)  
Depreciation and amortization 1,191 573
Deferred income tax (benefit)/expense, net of valuation allowance (2,310) 384
Increase in cash surrender value of company-owned life insurance (173) (177)
Stock-based compensation 1,407 1,325
Change in fair value of equity securities (267) 10
Change in fair value of loans accounted for under the fair value option 155  
Net changes in operating assets and liabilities:    
Change in accounts receivable 364 40
Change in accrued interest receivable and other assets (1,104) 809
Change in accrued interest payable and other liabilities (3,070) (4,054)
Net cash provided by operating activities 11,735 129,948
Activity in available-for-sale securities:    
Maturities, prepayments, and calls 3,218 10,877
Purchases (9,000)  
Activity in held-to-maturity securities:    
Maturities, prepayments, and calls 3,124  
Purchases (28,439)  
Purchases of correspondent bank stock (2,978) (1)
Redemption of correspondent bank stock 1,243 543
Contributions to low-income housing tax credit investments (214)  
Loan and note receivable originations and principal collections, net (173,985) (37,237)
Purchases of premises and equipment (1,150) (1,104)
Purchases of loans (24,732)  
Proceeds from sale of other real estate owned   194
Net cash used in investing activities (232,913) (26,728)
Cash flows from financing activities    
Net change in deposits (35,676) 59,143
Proceeds from Federal Home Loan Bank borrowings 70,000  
Payments to Federal Reserve borrowings (21,406) (112,475)
Proceeds from Federal Reserve borrowings   83,674
Payments on subordinated notes (6,575)  
Proceeds from subordinated notes, net of issuance costs   (56)
Proceeds from the exercise of stock options 146  
Settlement of restricted stock (688) (406)
Net cash provided by financing activities 5,801 29,880
Net change in cash and cash equivalents (215,377) 133,100
Cash and cash equivalents, beginning of year 386,983 155,989
Cash and cash equivalents, end of period 171,606 289,089
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 2,925 2,912
Income tax payment, net of refunds received 4,118 2,488
Cash paid for lease liabilities 2,934 2,581
Supplemental noncash disclosures:    
Change in unrealized loss on available-for-sale securities (2,591) $ (241)
Transfer of securities from available-for-sale to held-to-maturity 58,727  
Security purchase settled in subsequent period (3,000)  
Transfers from loans to other real estate owned $ 378