XML 34 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities      
Net income $ 29,540 $ 25,866 $ 15,001
Adjustments to reconcile net income to net cash provided (used) by operating activities      
Deferred income taxes 337 (20) 9,745
Provision for loan losses 7,312 8,610 3,280
Provision for foreclosed asset losses   245 425
Depreciation and amortization 8,768 8,729 9,856
Amortization and accretion of premiums/discounts on investment securities 1,127 1,570 2,069
Stock-based compensation 1,750 1,847 938
Increase in value of bank-owned life insurance (803) (804) (820)
Realized loss (gain) on sale of branch (1,544)    
Realized loss (gain) on sale of fixed assets (541) (11) 154
Realized loss (gain) on forward sale derivatives (7) 15 97
Realized loss (gain) on rate lock commitments 12 (14) (70)
Realized loss (gain) on sale of foreclosed assets (122) (114) 38
Realized loss (gain) on sale of investment securities (357) (129)  
Realized loss (gain) on servicing rights (209) (577) (743)
Net change in:      
Securities held for trading 1,539 406 14
Loans held for sale (32,360) 3,452 17,125
Accrued interest receivable 12 (828) (898)
Other assets 2,511 4,478 (1,693)
Accrued expenses and other liabilities 2,283 832 (6,628)
Net cash provided (used) by operating activities 19,248 53,553 47,890
Investing Activities      
Proceeds from sales of investment securities available-for-sale 32,565 6,488  
Proceeds from maturities of investment securities available-for-sale 37,109 35,082 42,257
Purchases of investment securities available-for-sale (123,226) (29,556) (38,226)
Net (increase) decrease in equity securities 357 2,280 313
Net (increase) decrease in loans (21,898) (163,156) (210,286)
Payment to FDIC for termination of loss share agreements   (3,000)  
Proceeds from sale of branch 10,379    
Proceeds from sale of fixed assets 875 11 2,390
Purchases of premises and equipment (2,901) (3,753) (2,946)
Proceeds from sales of foreclosed assets 1,146 896 1,405
Net cash provided (used) by investing activities (65,594) (154,708) (205,093)
Financing Activities      
Net increase (decrease) in deposits 191,444 (35,669) 49,754
Net increase (decrease) in short-term borrowings (93,460) 63,460 29,271
Repayments of long-term debt (230) (171) (168)
Cash dividends paid on common stock (8,909) (7,456) (6,729)
Repurchase of common stock (1,948) (356) (294)
Proceeds from the issuance of common stock in initial public offering net of issuance costs 62,804    
Net cash provided (used) by financing activities 149,701 19,808 71,834
Net change in cash and cash equivalents 103,355 (81,347) (85,369)
Cash and cash equivalents at beginning of period 40,651 121,998 207,367
Cash and cash equivalents at end of period 144,006 40,651 121,998
Cash paid for:      
Interest 18,431 12,315 8,026
Income taxes 7,219 5,347 13,074
Non-cash information      
Loan collateral transferred to foreclosed assets 828 748 433
Unrealized gain (loss) on investment securities available-for-sale 5,537 (2,541) 807
Initial recognition of operating lease right-of-use assets 10,485    
Initial recognition of operating lease liabilities 11,006    
Change in fair value of ESOP shares $ (34,494) 3,003 $ 1,014
Loans transferred to held for sale   32,031  
Deposits transferred to held for sale   $ (24,197)