XML 26 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 20,136 $ 24,297
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 11,617 1,038
Depreciation, amortization and accretion, net 5,714 5,435
Change in cash surrender value of bank owned life insurance (859) (877)
Stock-based compensation expense 404 264
Operating lease payments (1,375) (1,340)
Gains on investment securities, net (818) (272)
Gain on sales of repossessed assets, net (482) 63
Loss on sale of premises and equipment (26) 0
Gains on sale of loans held for sale, net (1,756) (508)
(Increase) decrease in accrued interest receivable (1,265) 1,231
(Decrease) increase in accrued interest payable (211) 823
Origination of loans held for sale (90,495) (28,750)
Proceeds from sale of loans held for sale 88,090 29,049
(Increase) decrease in other assets (2,163) 1,658
Decrease in other liabilities (1,282) (141)
Net cash provided by operating activities 25,229 31,970
Cash flows from investing activities:    
Proceeds from maturities of certificates of deposit investments 1,715 984
Purchases of certificates of deposit investments (980) 0
Proceeds from sales of securities available-for-sale 1,566 20,052
Proceeds from maturities of securities available-for-sale 182,410 42,222
Proceeds from maturities of securities held-to-maturity 45,000 0
Purchases of securities available-for-sale (184,751) (108,684)
Net (increase) decrease in loans (506,945) 95,687
Purchases of premises and equipment (1,282) (2,543)
Proceeds from sales of other real property owned 1,731 508
Net cash (used in) provided by investing activities (461,536) 48,226
Cash flows from financing activities:    
Net increase in deposits 468,461 23,804
Decrease in federal funds purchased (5,000) 0
Increase (decrease) in repurchase agreements 142,179 (40,066)
Proceeds from FHLB advances 19,000 0
Repayment of FHLB advances (29,000) (24,000)
Proceeds from short-term debt 5,000  
Repayment of short-term debt (5,000)  
Repayment of long-term debt 0 (7,724)
Proceeds from issuance of common stock 390 334
Dividends paid on common stock (6,316) (5,528)
Net cash provided by (used in) financing activities 589,714 (53,180)
Increase in cash and cash equivalents 153,407 27,016
Cash and cash equivalents at beginning of period 85,080 141,400
Cash and cash equivalents at end of period 238,487 168,416
Cash paid during the period for:    
Interest 9,160 11,399
Income taxes (8,616) 6,987
Supplemental disclosures of noncash investing and financing activities    
Loans transferred to other real estate 205 1,630
Initial recognition of right-of-use assets 0 14,116
Initial recognition of lease liabilities 0 14,116
Dividends reinvested in common stock 336 473
Net tax benefit related to option and deferred compensation plans $ 22 $ 56