v3.21.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 21,648 $ (1,975)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Credit loss (benefit) expense (4,734) 21,733
Depreciation, amortization, and accretion (342) 1,456
Net loss on sale of premises and equipment 0 5
Share-based compensation 384 346
Net gain on sale or call of debt securities available for sale 0 (42)
Net gain on sale of foreclosed assets, net (146) (37)
Writedown of foreclosed assets 145 131
Net gain on sale of loans held for sale (3,089) (810)
Origination of loans held for sale (82,898) (50,305)
Proceeds from sales of loans held for sale 87,610 47,032
Increase in cash surrender value of bank-owned life insurance (541) (521)
Decrease (increase) in deferred income taxes, net 810 (3,655)
Change in:    
Other assets 4,871 (5,316)
Other liabilities (8,666) 13,367
Net cash provided by operating activities 15,052 21,409
Cash flows from investing activities:    
Proceeds from sales of debt securities available for sale 0 22,140
Proceeds from maturities and calls of debt securities available for sale 108,976 28,426
Purchases of debt securities available for sale (369,754) (142,632)
Net decrease in loans held for investment 128,164 27,819
Purchases of premises and equipment (349) (403)
Proceeds from sale of foreclosed assets 1,010 2,151
Proceeds from sale of premises and equipment 0 2
Net cash (used in) investing activities (131,953) (62,497)
Cash flows from financing activities:    
Deposits 247,469 131,094
Short-term borrowings (55,004) (9,860)
Payments of subordinated debt issuance costs (9) 0
Payments on finance lease liability (35) (31)
Payments of Federal Home Loan Bank borrowings (7,000) (20,000)
Payments of other long-term debt 0 (1,767)
Taxes paid relating to the release/lapse of restriction on RSUs (113) (127)
Dividends paid (3,598) (3,556)
Repurchase of common stock (1,699) (2,604)
Net cash provided by financing activities 180,011 93,149
Net increase in cash and cash equivalents 63,110 52,061
Cash and cash equivalents:    
Beginning of Period 82,659 73,484
Ending balance 145,769 125,545
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 6,835 9,993
Cash paid during the period for income taxes 0 0
Supplemental schedule of non-cash investing and financing activities:    
Transfer of loans to foreclosed assets, net 180 493
Investment securities purchased but not settled $ 7,945 $ 7,267