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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 16,227 $ 18,693
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of investment securities 130 411
Stock dividends received on correspondent bank stock (155) (60)
Provision for loan losses 2,485 418
Net gain on mortgage loans (4,531) (13,590)
Origination of mortgage loans held for sale (377,631) (1,082,120)
Proceeds from mortgage loans 398,792 1,197,466
Gain on disposal of fixed assets (21)  
Depreciation and amortization 1,493 865
Net (accretion)/amortization of purchase accounting adjustments (571) 582
Deferred income tax (benefit)/expense, net of valuation allowance 451 102
Increase in cash surrender value of company-owned life insurance (261) (266)
Stock-based compensation 2,065 2,050
Gain on assets held for sale (4)  
Gain on sale of other real estate owned (41)  
Change in fair value of equity securities (342) 13
Change in fair value of loans accounted for under the fair value option 289  
Change in fair value of loans held for sale 1,178 10,632
Net changes in operating assets and liabilities:    
Change in accounts receivable 399 (21)
Change in accrued interest receivable and other assets (2,649) (153)
Change in accrued interest payable and other liabilities (2,236) (1,311)
Net cash provided by operating activities 35,067 133,711
Activity in available-for-sale securities:    
Maturities, prepayments, and calls 3,218 6,370
Purchases (9,000) (2,250)
Activity in held-to-maturity securities:    
Maturities, prepayments, and calls 5,990  
Purchases (31,440)  
Purchases of correspondent bank stock (12,060) (1)
Redemption of correspondent bank stock 2,016 841
Contributions to low-income housing tax credit investments (214) (2,087)
Loan and note receivable originations and principal collections, net (370,172) (66,379)
Purchases of premises and equipment (2,036) (1,844)
Purchases of loans (32,599)  
Proceeds from sale of assets held for sale 125  
Proceeds from sale of other real estate owned 232 194
Net cash used in investing activities (445,940) (65,156)
Cash flows from financing activities    
Net change in deposits (38,227) 162,389
Payments to Federal Home Loan Bank borrowings (40,000)  
Proceeds from Federal Home Loan Bank borrowings 297,432  
Payments to Federal Reserve borrowings (22,836) (174,673)
Proceeds from Federal Reserve borrowings   83,674
Payments on subordinated notes (6,575)  
Proceeds from subordinated notes, net of issuance costs   14,674
Proceeds from the exercise of stock options 179 79
Settlement of restricted stock (835) (452)
Net cash provided by financing activities 189,138 85,691
Net change in cash and cash equivalents (221,735) 154,246
Cash and cash equivalents, beginning of year 386,983 155,989
Cash and cash equivalents, end of period 165,248 310,235
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 6,298 4,167
Income tax payment, net of refunds received 4,534 3,852
Cash paid for lease liabilities 4,373 3,874
Supplemental noncash disclosures:    
Change in unrealized loss on available-for-sale securities (2,591) (283)
Lease right-of-use-asset obtained in exchange for lease liabilities 43 $ 2,262
Transfer of securities from available-for-sale to held-to-maturity 58,727  
Transfers from loans to other real estate owned $ 378