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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income (loss) $ 953,000 $ (1,015,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Goodwill impairment 5,011,000 0
Provision for loan losses 2,800,000 750,000
Write down of other real estate owned 31,000 240,000
Depreciation and amortization 6,081,000 4,700,000
Stock based compensation 1,538,000 2,005,000
Net gain on sale of investment securities (2,760,000) (1,103,000)
Amortization of premiums on investment securities 5,573,000 2,257,000
Accretion of discounts on retained SBA loans (655,000) (1,083,000)
Fair value adjustments on SBA servicing assets 301,000 1,106,000
Proceeds from sales of SBA loans originated for sale 22,999,000 37,916,000
SBA loans originated for sale (19,294,000) (32,395,000)
Gains on sales of SBA loans originated for sale (1,567,000) (2,593,000)
Proceeds from sales of mortgage loans originated for sale 289,521,000 246,816,000
Mortgage loans originated for sale (312,150,000) (239,045,000)
Fair value adjustment for mortgage loans originated for sale (1,338,000) 285,000
Gains on sales of mortgage loans originated for sale (7,590,000) (6,215,000)
Amortization of debt issuance costs 5,000 4,000
Non-cash expense related to leases 448,000 924,000
Increase in accrued interest receivable and other assets (8,149,000) (4,524,000)
Increase in accrued interest payable and other liabilities 6,004,000 2,996,000
Net cash (used in) provided by operating activities (12,238,000) 12,026,000
Cash flows from investing activities    
Purchase of investment securities available for sale (166,622,000) (150,734,000)
Purchase of investment securities held to maturity (208,230,000) 0
Proceeds from the sale of securities available for sale 125,222,000 54,742,000
Proceeds from the paydown, maturity, or call of securities available for sale 144,057,000 41,571,000
Proceeds from the paydown, maturity, or call of securities held to maturity 160,964,000 73,890,000
Net (purchase) redemption of restricted stock (1,043,000) 3,383,000
Net increase in loans (880,763,000) (133,667,000)
Net proceeds from sale of other real estate owned 586,000 401,000
Premises and equipment expenditures (13,159,000) (28,612,000)
Net cash used in investing activities (838,988,000) (139,026,000)
Cash flows from financing activities    
Net proceeds from issuance of preferred stock 48,325,000 0
Net proceeds from exercise of stock options 33,000 261,000
Net increase in demand, money market and savings deposits 926,726,000 284,219,000
Net (decrease) increase in time deposits (20,283,000) 62,946,000
Net increase (repayment) of short-term borrowings 646,267,000 (91,422,000)
Net cash provided by financing activities 1,601,068,000 256,004,000
Net increase in cash and cash equivalents 749,842,000 129,004,000
Cash and cash equivalents, beginning of year 168,319,000 72,473,000
Cash and cash equivalents, end of period 918,161,000 201,477,000
Supplemental disclosures    
Interest paid 17,238,000 18,982,000
Non-cash transfers from loans to other real estate owned $ 0 $ 1,071,000