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Consolidated Statements of Cash Flows – (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 29,408 $ 18,772
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of premiums and discounts on investment securities 252 162
Provision (credit) for loan losses 1,165 (182)
(Credit) provision for deferred income taxes (441) 1,827
Change in fair value of marketable equity securities 217 40
Depreciation and amortization 2,476 2,694
Amortization of debt issuance costs 104 116
Change in valuation allowance of right-of-use asset 0 (280)
Increase in cash surrender value of bank-owned life insurance (796) (753)
Gains and fees from sales of loans (1,224) (2,251)
Stock-based compensation 1,892 1,418
Amortization of intangibles 0 28
(Gain) loss on sale of premises and equipment (51) 195
Net change in:    
Deferred loan fees 2,382 (420)
Accrued interest receivable (2,040) (332)
Other assets 19,104 8,062
Accrued expenses and other liabilities 12,528 1,056
Net cash provided by operating activities 64,976 30,152
Cash flows from investing activities    
Proceeds from principal repayments on available for sale securities 6,289 12,778
Proceeds from principal repayments on held to maturity securities 5,010 4,713
Purchases of marketable equity securities (22) (18)
Purchases of available for sale securities (22,572) (12,649)
Purchases of held to maturity securities (4,990) (4,736)
Purchases of bank-owned life insurance 0 (5,500)
Net increase in loans (436,869) (220,065)
Proceeds from sales of loans not originated for sale 46,281 19,373
Purchases of premises and equipment, net (4,347) (4,080)
(Purchase) reduction of Federal Home Loan Bank stock (2,225) 4,228
Net cash used in investing activities (413,445) (205,956)
Cash flows from financing activities    
Net change in time certificates of deposit 313,739 (210,083)
Net change in other deposits (151,034) 265,590
Net change in FHLB advances 40,000 (95,000)
Issuance of subordinated debt 34,352 0
Repayment of subordinated debt 0 (10,000)
Proceeds from exercise of options 48 53
Dividends paid on common stock (4,656) (3,619)
Repurchase of common stock (5,540) (3,221)
Net cash provided by (used in) financing activities 226,909 (56,280)
Net decrease in cash and cash equivalents (121,560) (232,084)
Cash and cash equivalents:    
Beginning of year 344,682 409,598
End of period 223,122 177,514
Cash paid for:    
Interest 9,864 3,707
Income taxes 8,567 4,024
Noncash investing and financing activities:    
Net change in unrealized gains or losses on available for sale securities (11,130) (743)
Net change in unrealized gains or losses on interest rate swaps 21,739 8,671
Establishment of right-of-use asset and lease liability 0 11,885
Transfer of loans from held-for-investment to held-for-sale $ 45,058 $ 17,122