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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net income $ 13,991 $ 14,500
Adjustments reconciling net income to net cash provided by operating activities:    
Provision for loan losses 2,470 650
Depreciation, amortization, and accretion 9,322 5,592
Equity method investment income 357 0
Share-based compensation expense 1,317 299
Net change in servicing asset (582) (656)
(Gain)/Loss on sales of securities, available-for-sale 72 (137)
Gain on sales of SBA loans (4,805) (4,548)
Loss on sales of other real estate owned 0 54
Donation of other real estate owned 35 0
Writedown on other real estate owned 0 21
Gain on sales of premises & equipment (65) 0
Originations of loans held for sale (269,586) (294,759)
Proceeds from sales of loans held for sale 288,596 324,996
Change in bank-owned life insurance (1,006) (538)
Deferred tax benefit (990) (2,794)
Change in other assets (4,529) 1,924
Change in other liabilities 867 (3,426)
Net cash provided by operating activities 35,464 41,178
Investing Activities    
Purchases of investment securities, available-for-sale (157,391) (230,868)
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale 45,014 75,830
Proceeds from sales of investment securities, available-for-sale 47,175 17,559
Proceeds from maturities, calls and paydowns of securities, held-to-maturity 8,432 0
Change in loans, net (249,384) 56,679
Purchase of premises and equipment (1,449) (2,924)
Proceeds from sales of premises and equipment 71 0
Proceeds from sales of other real estate owned 0 807
Proceeds from bank-owned life insurance 1,008 585
Redemption (purchase of) other investments 2,506 (9,582)
Redemption (purchase) of Federal Home Loan Bank Stock (1,701) 2,307
Net cash and cash equivalents received from acquisition 0 34,087
Net cash used in investing activities (305,719) (55,520)
Financing Activities    
Change in noninterest-bearing customer deposits 5,771 72,982
Change in interest-bearing customer deposits 29,283 45,738
Issuance of common stock, net of stock issuance cost 59,468 0
Dividends paid for common stock (5,262) (3,348)
Issuance of Subordinated Debt 39,097 0
Repayment on Paycheck Protection Program Liquidity Fund 0 (106,789)
Repayments on Federal Home Loan Bank Advances (137,500) 0
Proceeds from Federal Home Loan Bank Advances 180,000 0
Repayments on Other borrowings (12,563) (750)
Tax withholding related to vesting of restricted stock (231) 0
Net cash provided by financing activities 158,063 7,833
Net decrease in cash and cash equivalents (112,192) (6,509)
Cash and cash equivalents at beginning of period 197,232 183,506
Cash and cash equivalents at end of period 85,040 176,997
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 5,053 3,189
Cash paid during the period for income taxes 3,625 4,923
Noncash Investing and Financing Activities    
Goodwill adjustment (3,983) 0
Acquisition of real estate through foreclosure 0 145
Carrying amount of Securities AFS transferred to HTM, net of $34.0 million unrealized loss $ 510,956 $ 0