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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net income $ 16,828 $ 12,035
Items not requiring (providing) cash    
Depreciation and amortization 1,241 1,375
Provision for Credit Losses [1] (625) 7,500
Accretion of discounts and amortization of premiums on securities 1,116 1,310
Equity based compensation 1,115 649
Deferred income taxes 3,358 1,824
Net increase in bank owned life insurance 388 416
Net recognized gains (losses) on equity securities 103 39
Net realized (gains) losses on available-for-sale securities 26 (10)
Changes in    
Interest receivable (910) (751)
Other assets 14,115 (28,730)
Other liabilities (21,779) (4,937)
Net cash provided by (used in) operating activities 14,485 (9,735)
Investing Activities    
Net change in loans (94,437) (74,947)
Purchases of available-for-sale securities (49,138) (74,575)
Proceeds from maturities of available-for-sale securities 11,582 33,329
Proceeds from the sale of foreclosed assets 237 0
Purchase of premises and equipment (962) (118)
Proceeds from the sale of premises and equipment and related insurance claims 13 0
Proceeds from sale of restricted equity securities 1,544 1,626
Net cash used in investing activities (131,161) (114,685)
Financing Activities    
Net increase in demand deposits, savings, NOW and money market accounts 50,403 468,521
Net decrease in time deposits (112,320) (111,691)
Net increase (decrease) in fed funds purchased and repurchase agreements 0 988
Repayment of Federal Home Loan Bank advances (10,000) (10,000)
Issuance of common shares, net of issuance cost 170 0
Proceeds from employee stock purchase plan 172 0
Repurchase of common stock (16,762) (1,052)
Acquisition of common stock for tax withholding obligations (793) (404)
Net decrease in employee receivables 6 35
Net cash provided by (used in) financing activities (89,124) 346,397
Increase (Decrease) in Cash and Cash Equivalents (205,800) 221,977
Cash and Cash Equivalents, Beginning of Period 482,727 408,810
Cash and Cash Equivalents, End of Period 276,927 630,787
Supplemental Cash Flows Information    
Interest paid 4,784 7,287
Income taxes paid $ 0 $ 130
[1]
For the three-months ended March 31, 2021, this line represents the provision for loan
 
losses. See further discussion of this
change in
“Note 1: Nature of Operations and Summary of Significant Accounting Policies”
in the Notes to Condensed
Consolidated Financial Statements (unaudited).