v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net income $ 39,978 $ 25,823
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 3,359 11,242
Provision for mortgage put-back reserve, net 4 584
Provision for (release of) off balance sheet credit risk (40) 550
Net amortization on investments 642 297
Premises and equipment depreciation 561 844
Lease asset amortization 645 1,050
Increase in cash surrender value of BOLI (506) 0
Executive long term incentive plan expense 1,344 0
Stock-based compensation expense 1,347 983
Director and employee compensation paid in Company stock 519 268
Deferred income tax benefit (1,927) (3,170)
Valuation allowance on derivatives (49) (28)
Amortization of debt issuance cost 0 139
Gain on sale of securities available for sale (153) (20)
Loss on sales of foreclosed real estate, net 47 0
Decrease in valuation of loans held for sale carried at fair value 246 8
Proceeds from sales of loans held for sale 1,091,746 1,267,112
Originations of loans held for sale (1,000,827) (1,303,244)
Changes in assets and liabilities:    
Accrued interest receivable 233 (3,364)
Other assets (1,222) (412)
Accrued interest payable (661) (667)
Other liabilities (3,210) 7,462
Net cash provided by operating activities 132,076 5,457
Cash flows from investing activities    
Purchases of securities available for sale (169,672) (53,926)
Proceeds from maturities, calls and principal paydowns of securities available for sale 13,882 16,045
Proceeds from sale of securities available for sale 66,534 965
Sales of restricted investments 215 8
Net decrease (increase) in SBA-PPP loans receivable 92,733 (201,018)
Net increase in loans receivable (210,092) (147,319)
Net purchases of premises and equipment (24) (267)
Proceeds from sales of foreclosed real estate 3,193 0
Purchase of Bank owned life insurance (35,000) 0
Net cash used in investing activities (238,231) (385,512)
Net increase (decrease) in:    
Noninterest bearing deposits 179,091 316,782
Interest bearing deposits (34,082) 109,925
Federal Home Loan Bank advances, net 0 (10,222)
Other borrowed funds (1,954) (1,546)
Dividends paid (1,382) 0
Repurchase of common stock 0 (3,720)
Proceeds from exercise of stock options 967 922
Net cash provided by financing activities 142,640 412,141
Net increase in cash and cash equivalents 36,485 32,086
Cash and cash equivalents, beginning of year 146,910 114,824
Cash and cash equivalents, end of year 183,395 146,910
Noncash investing and financing activities:    
Loans transferred to foreclosed real estate 0 942
Change in unrealized gains (losses) on investments (3,841) 2,320
Value of restricted shares withheld for payment of taxes (44) (163)
Cash paid during the period for:    
Taxes 15,920 11,998
Interest $ 7,211 $ 13,849