XML 19 R8.htm IDEA: XBRL DOCUMENT v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income $ 21,798 $ 12,291 $ 9,139 $ 2,966
Adjustments to reconcile net income to net cash from operating activities:        
PROVISION FOR LOAN AND LEASE LOSSES 4,367     14,455
Impairment loss on assets held for sale 604     715
Depreciation and amortization of premises and equipment 1,557     1,600
Net amortization of securities 2,439     850
Net change in fair value of equity securities, net 206     619
Net gains on sales of securities available-for-sale (1,462)     (1,375)
Net losses (gains) on sales and valuation adjustments of premises and equipment (88)     134
Net gains on sales of loans (8,319)     (4,773)
Originations of U.S. government guaranteed loans (95,563)     (63,256)
Proceeds from U.S. government guaranteed loans sold 88,489     53,461
Accretion of premiums and discounts on acquired loans, net (1,968)     (3,671)
Net change in servicing assets (98)     1,671
Net losses on sales and valuation adjustments of other real estate owned 464     381
Net amortization of other acquisition accounting adjustments 1,732     1,874
Amortization of subordinated debt issuance cost 44      
Accretion of junior subordinated debentures discount 114     128
Share-based compensation expense 779     608
Deferred tax provision (benefit), net of valuation 1,705     207
Increase in cash surrender value of bank owned life insurance (249)     (148)
Changes in assets and liabilities:        
Accrued interest receivable and other assets 12,292     11,392
Accrued interest payable and other liabilities (13,843)     8,004
Net cash provided by operating activities 15,000     25,842
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchases of securities available-for-sale (487,027)     (242,685)
Proceeds from maturities and calls of securities available-for-sale 14,596     66,585
Proceeds from paydowns of securities available-for-sale 112,038     33,410
Proceeds from sales of securities available-for-sale 183,413     45,417
Proceeds from maturities and calls of securities held-to-maturity 500      
Purchases of Federal Home Loan Bank stock, net (8,550)     (2,070)
Net change in loans and leases (117,788)     (76,141)
Purchases of premises and equipment (477)     (2,040)
Proceeds from sales of premises and equipment 296      
Proceeds from sales of assets held for sale 832      
Proceeds from sales of other real estate owned 370     264
Investment in bank owned life insurance (50,000)      
Proceeds from bank owned life insurance death benefit       69
Net cash used in investing activities (351,797)     (177,191)
CASH FLOWS FROM FINANCING ACTIVITIES        
Net increase in deposits 272,526     91,278
Proceeds from short-term borrowings 4,696,000     2,836,800
Repayments of short-term borrowings (4,601,000)     (2,741,800)
Proceeds from Paycheck Protection Program Liquidity Facility (PPPFL) advances 132,410      
Repayments of PPPLF advances (116,670)      
Net increase (decrease) in securities sold under agreements to repurchase (8,922)     6,009
Dividends paid on preferred stock (196)     (196)
Dividends paid on common stock (2,293)     (1,137)
Proceeds from issuance of common stock 1,024     945
Repurchases of common stock (6,363)     (1,668)
Net cash provided by financing activities 366,516     190,231
NET INCREASE IN CASH AND CASH EQUIVALENTS 29,719     38,882
CASH AND CASH EQUIVALENTS, beginning of period 83,420   $ 119,619 80,737
CASH AND CASH EQUIVALENTS, end of period 113,139 $ 83,420   119,619
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:        
Cash paid during the period for interest 2,568     11,784
Cash paid during the period for taxes 179     51
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Common dividend declared, not paid $ 22     $ 1,162