v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 32,814 $ 29,807
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 4,247 2,259
Provision for mortgage put-back reserve, net 6 279
Reversal of provision for off balance sheet credit commitments (54) (39)
Amortization on investments, net 520 358
Depreciation and amortization 1,090 1,013
Increase in cash surrender value of bank-owned life insurance policies (761) (268)
Stock-based compensation expense 1,247 1,006
Employee compensation paid in Company stock 201 26
Deferred income tax expense (benefit) 1,264 (92)
Loss on marketable equity securities 13 0
Gain on sale of securities available for sale 0 (153)
Valuation (increase) decrease on derivatives 5 (60)
(Gain) loss on sale of foreclosed real estate (20) 28
Increase in valuation of loans held for sale carried at fair value (4,312) (17,478)
Proceeds from sales of loans held for sale 269,446 925,093
Originations of loans held for sale (256,020) (836,466)
Changes in assets and liabilities:    
Decrease in accrued interest receivable 11 306
(Increase) decrease in other assets (1,880) 1,055
Increase (decrease) in accrued interest payable 8 (295)
Decrease in other liabilities (2,473) (3,846)
Net cash provided by operating activities 45,352 102,533
Investing activities    
Purchases of securities available for sale (113,078) (169,672)
Proceeds from maturities, calls and paydowns of securities available for sale 5,368 12,231
Proceeds from sale of securities available for sale 0 66,534
(Purchases) sales of restricted investments (129) 473
Purchases of bank-owned life insurance 0 (35,000)
Decrease in SBA-PPP loans receivable, net 105,623 63,840
Increase in portfolio loans receivable, net (127,356) (130,564)
Purchases of premises and equipment, net (1,020) (239)
Proceeds from sales of foreclosed real estate 106 62
Net cash used for investing activities (130,486) (192,335)
Net increase (decrease) in:    
Noninterest-bearing deposits 18,383 224,628
Interest-bearing deposits (77,929) 44,482
Repayment of advances from Federal Reserve Bank 0 (1,954)
Dividends paid (2,242) (689)
Net proceeds from exercise of stock options 589 423
Net cash (used for) provided by financing activities (61,199) 266,890
Net (decrease) increase in cash and cash equivalents (146,333) 177,088
Cash and cash equivalents, beginning of year 183,395 146,910
Cash and cash equivalents, end of period 37,062 323,998
Noncash activities:    
Change in unrealized losses on investments (22,026) (1,066)
Cash paid during the period for:    
Taxes 8,797 12,596
Interest $ 3,882 $ 5,728