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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 34,496 $ 21,888
Adjustments to reconcile net income to net cash provided (used) by operating activities    
Deferred income taxes (3,620) 149
Provision for loan losses 9,500 5,515
Depreciation and amortization 6,657 6,500
Amortization and accretion of premiums/discounts on investment securities 1,140 832
Amortization of operating lease right-of-use assets (18) 3
Stock-based compensation 1,334 1,330
Increase in value of bank-owned life insurance (595) (601)
Realized loss (gain) on sale of branch   (1,544)
Realized loss (gain) on sale of fixed assets   (541)
Realized loss (gain) on derivative instruments (3,282) (3,086)
Realized loss (gain) on loans sold (37,220) (12,885)
Realized loss (gain) on sale of foreclosed assets (26) (120)
Realized loss (gain) on sale of investment securities (2,722) (379)
Realized loss (gain) on servicing rights 574 (213)
Net change in:    
Securities held for trading   1,539
Loans held for sale (27,325) (38,294)
Accrued interest receivable (1,648) 151
Other assets (2,842) 6,122
Accrued expenses and other liabilities 5,754 15,566
Net cash provided (used) by operating activities (19,843) 1,932
Investing Activities    
Proceeds from sales or calls of investment securities available-for-sale 74,630 32,565
Proceeds from maturities of investment securities available-for-sale 39,208 27,818
Purchases of investment securities available-for-sale (285,830) (80,450)
Net (increase) decrease in equity securities 2,808 490
Net (increase) decrease in loans (339,758) 14,213
Proceeds from sale of branch   10,379
Proceeds from sale of fixed assets   875
Purchases of premises and equipment (2,761) (2,450)
Proceeds from sales of foreclosed assets 555 1,006
Net cash provided (used) by investing activities (511,148) 4,446
Financing Activities    
Net increase (decrease) in deposits 491,054 53,241
Net increase (decrease) in short-term borrowings   (93,460)
Repayments of long-term debt (156) (181)
Cash dividends paid on common stock (7,790) (6,312)
Repurchase of common stock (372) (1,947)
Proceeds from the issuance of common stock in initial public offering net of issuance costs   62,804
Net cash provided (used) by financing activities 482,736 14,145
Net change in cash and cash equivalents (48,255) 20,523
Cash and cash equivalents at beginning of period 144,006 40,651
Cash and cash equivalents at end of period 95,751 61,174
Cash paid for:    
Interest 9,838 13,162
Income taxes 11,041 5,550
Non-cash information    
Loan collateral transferred to foreclosed assets 531 766
Unrealized gain (loss) on investment securities available-for-sale 8,607 6,686
Initial recognition of operating lease right-of-use assets   10,475
Initial recognition of operating lease liabilities   10,996
Right-of-use assets obtained in exchange for new operating leases $ 1,531  
ESOP repurchase obligation termination   $ 34,494