XML 17 R8.htm IDEA: XBRL DOCUMENT v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES:    
Net income $ 33,541 $ 27,596
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,697 1,566
Amortization of premium and accretion of discount on securities, net 1,459 3,141
Amortization of restricted stock 4,391 3,422
Amortization of intangible assets 820 736
Amortization of subordinated debt costs 143 763
Provision for credit losses [1] 3,824 1,125
Swap valuation allowance 673  
Deferred tax benefit (3,582) (4,539)
Stock-based compensation and employee stock purchase plan expense 77 56
Fair value adjustment for equity security 1,157 223
Loss on securities available for sale 6,609  
Loans originated for sale [2] (49,372) (89,775)
Proceeds from sales of loans held for sale [2] 71,909 103,605
Gain on loans held for sale [2] (5,917) (3,815)
Gain on loans held for sale at lower of cost or fair value   (1,407)
Gain on OREO sold   (51)
Gain on life insurance death benefit   (455)
Increase in cash surrender value of life insurance, net (281) (310)
Increase in accrued interest receivable (1,879) (622)
Decrease in other assets 5,292 10,798
(Decrease)/increase in accrued expenses and other liabilities (358) 1,883
NET CASH PROVIDED BY OPERATING ACTIVITIES 70,203 53,940
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 201,282 189,926
Principal repayments, maturities and calls of securities held to maturity 3,570 808
Redemptions of FHLB and FRB stock 24,690  
Proceeds from sales of securities available for sale 118,972  
Purchase of securities available for sale (152,963) (402,711)
Purchase of FHLB and FRB stock (25,450)  
Proceeds from sales of loans held for sale at lower of cost or fair value   54,123
Net increase in loans, net of participations sold (348,766) (247,101)
Proceeds from sales of other real estate   101
Purchase of premises and equipment (1,084) (2,895)
Proceeds from life insurance death benefit   816
NET CASH USED IN INVESTING ACTIVITIES (179,749) (406,933)
FINANCING ACTIVITIES:    
Net increase in deposits 137,719 77,291
Net decrease in short-term borrowings   (15,000)
Repayments of Paycheck Protection Program Liquidity Facility   (93,500)
Dividends paid on common stock (1,839) (1,901)
Exercise of stock options, net of stock swaps 122 34
Restricted stock repurchased on vesting to pay taxes (2,701) (2,231)
Repayments of subordinated debt   (50,000)
Issuance of shares for employee stock purchase plan 487 424
Shares repurchased (17,621) (11,984)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES 116,167 (96,867)
Net increase/(decrease) in cash and cash equivalents 6,621 (449,860)
Cash and cash equivalents at beginning of period 146,804 653,322
Cash and cash equivalents at end of period 153,425 203,462
Cash paid during the period for:    
Interest 9,620 12,542
Income tax, net 6,224 4,056
Transfer of loans to loans held for sale   $ 45,776
Transfer of loans to other real estate owned $ 116  
[1] Commencing on January 1, 2022, the allowance calculation is based on the current expected credit loss methodology. Prior to January 1, 2022, the calculation was based on the incurred loss methodology.
[2] Includes mortgage loans originated with the intent to sell which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans which are carried at the lower of cost or fair value.