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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Sep. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:                
Net income           $ 15,253 $ 9,186  
Adjustments to reconcile net income to net cash provided by operating activities:                
(Reversal of) provision for loan losses $ 477     $ 2,293   (30) 8,404  
Increase in deferred tax assets           (671) (1,888)  
Accretion on acquired loans           (1,067) (4,339)  
Gain on sale of loans (2,176)     (176)   (3,705) (1,030)  
Gain on sale of securities 22         22    
Proceeds from sale of loans           36,025 14,993  
Loans originated for sale           (43,612) (20,036)  
(Loss)/gain on sale of premises, net           (12) 25  
Gain on sale of OREO 21         (15) (28)  
Accretion on junior subordinated debentures           61 60  
Increase in cash surrender value of life insurance policies           (512) (501)  
Amortization/accretion of premiums/discounts on investment securities, net           442 543  
Depreciation and amortization           1,535 1,198  
Core deposit intangible amortization 453     453   1,359 1,379  
Stock based compensation expense 326 $ 413 $ 399 385 $ 309 1,090 1,057  
Increase in deferred loan origination fees, net           118 4,124  
Increase in interest receivable and other assets           (223) (1,854)  
Increase in salary continuation plan, net           277 265  
Decrease in interest payable and other liabilities           (944) (5,401)  
Net cash provided by operating activities           5,391 6,157  
Cash flows from investing activities:                
Proceeds from maturities of interest bearing deposits in banks           3,635 9,065  
Purchase of investment securities           (49,749) (9,920)  
Proceeds from the maturities, repayments and calls of investment securities           20,966 22,228  
Proceeds from the sales of investment securities           1,306    
Purchase of Federal Home Loan Bank stock           (648) (398)  
Purchase of Federal Reserve Bank stock           (35) (863)  
Decrease (increase) in loans, net           11,990 (141,802)  
Proceeds from sale of premises           46 431  
Proceeds from sale of OREO           423 518  
Purchase of equipment and leasehold improvements, net           (1,092) (2,869)  
Net cash paid out for acquisitions             (8,432)  
Net cash used in investing activities           (13,158) (132,042)  
Cash flows from financing activities:                
Increase in noninterest and interest bearing deposits in banks, net           506,667 175,055  
Decrease in time deposits, net           (337,313) (85,739)  
Repayment of junior subordinated debentures             (1,575)  
Proceeds from Issuance of subordinated debt, net             63,340  
Repayment of Federal Home Loan Bank borrowings           (5,000)    
Increase in other borrowings             116,000  
Repayment of other borrowings             (106,000)  
Repurchase of common stock           (11,458) (10,743)  
Net cash provided by financing activities           152,896 150,338  
Increase in cash and cash equivalents           145,129 24,453  
Cash and cash equivalents at beginning of period   $ 299,329 319,835   $ 295,382 299,329 295,382 $ 295,382
Cash and cash equivalents at end of period $ 444,458   $ 299,329 $ 319,835   444,458 319,835 $ 299,329
Cash paid during the year for:                
Interest expense           7,704 7,137  
Cash paid during the year for:                
Income taxes paid, net           5,218 5,940  
Non-cash investing and financing activities:                
Change in unrealized (loss) gain on available-for-sale securities, net of tax           (205) 1,629  
Transfer of loans to other real estate owned             212  
Recognition of ROU assets           832 760  
Recognition of lease liability           $ 833 707  
Acquisition:                
Assets acquired, net of cash received             109,429  
Liabilities assumed             120,409  
Cash consideration             13,886  
Goodwill             $ 3,372