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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows used in operating activities:    
Net income $ 12,116,000 $ 4,071,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation, amortization and accretion 704,000 383,000
Deferred income taxes 85,000 9,000
Provision for loan losses 8,075,000 1,465,000
Proceeds from sale of loans held for sale, originated 652,765,000 241,112,000
Gain on sale of loans held for sale, originated (27,386,000) (7,455,000)
Loans held for sale, originated (747,771,000) (264,625,000)
Gain on sale of securities (209,000) (86,000)
Loss (gain) on disposal of premises and equipment 116,000 (2,000)
Loss on sale of other real estate owned   33,000
Non-cash equity compensation, net 352,000 160,000
Investment amortization expense, net 870,000 356,000
Amortization of subordinated debt issuance costs 37,000 25,000
Amortization of other intangibles 696,000 352,000
Earnings on life insurance (278,000) (874,000)
Decrease in goodwill 23,000  
Increase in other assets (29,709,000) (9,677,000)
Increase in accrued expenses 12,160,000 8,893,000
Net cash used in operating activities (117,354,000) (25,860,000)
Cash flows used in investing activities:    
Net decrease in federal funds sold 480,000 261,000
Purchase of securities available for sale (38,579,000) (96,743,000)
Proceeds from securities available for sale 43,452,000 15,231,000
Proceeds from securities held for investment 1,210,000 2,370,000
Purchase of insurance policies   (600,000)
Redemption of insurance policies   1,058,000
Net change in restricted equity securities (1,307,000) (2,717,000)
Net increase in loans held for investment (392,870,000) (46,650,000)
Net increase in loans held for sale, participations (15,083,000) (20,053,000)
Purchase of premises and equipment (2,785,000) (507,000)
Proceeds from sale of premises and equipment 669,000 13,000
Capital calls of SBIC funds and other investments (569,000) (665,000)
Nonincome distributions from limited liability companies 44,000 147,000
Net cash used in investing activities (405,338,000) (148,855,000)
Cash flows from financing activities:    
Net increase in deposits 193,236,000 105,254,000
Common stock dividends paid (2,436,000) (1,866,000)
Federal Home Loan Bank advances 436,900,000 257,100,000
Federal Home Loan Bank repayments (446,700,000) (200,600,000)
Federal Reserve PPPLF advances 355,484,000  
Federal Reserve PPPLF repayments (11,008,000)  
Increase in federal funds purchased 135,000  
Issuance of subordinated debt 15,000,000  
Payment of subordinated debt issuance costs (349,000)  
Issuance of common stock   22,119,000
Net cash provided by financing activities 540,262,000 182,007,000
Net increase in cash and due from banks 17,570,000 7,292,000
Cash and due from banks at beginning of period 60,026,000 15,026,000
Cash and due from banks at end of period 77,596,000 22,318,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 7,294,000 $ 6,217,000
Noncash item - transfer of held to maturity securities to available for sale $ 10,980,000