XML 26 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities    
Net income $ 17,556 $ 12,239
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes, net 105 382
Impairment of tax credit investments 3,982 554
Provision for loan and lease losses 613 4,508
SBA recourse provision 167 118
Depreciation, amortization and accretion, net 2,252 1,099
Share-based compensation 1,118 750
Net loss on sale of available-for-sale securities (5) 0
Gain on sale of a state tax credit (206) 0
Increase in value of bank-owned life insurance policies (894) (890)
Origination of loans for sale (39,799) (68,246)
Sale of loans originated for sale 43,009 66,912
Gain on sale of SBA loans originated for sale (993) (1,184)
Net loss on foreclosed properties, including impairment valuation (241) (30)
Loan servicing right impairment valuation 25 69
Excess tax benefit from share-based compensation (74) (43)
Payments on operating leases (1,143) 0
Net increase in accrued interest receivable and other assets (24,918) (1,242)
Net increase in accrued interest payable and other liabilities 19,710 4,827
Net cash provided by operating activities 20,756 19,883
Investing activities    
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities 21,225 26,719
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities 4,282 2,655
Proceeds from sale of available-for-sale securities 15,249 0
Purchases of available-for-sale securities (55,608) (38,486)
Purchases of held-to-maturity securities 0 (4,867)
Net increase in loans and leases (104,229) (100,185)
Investments in limited partnerships 1,250 0
Returns of investments in limited partnerships 1,499 729
Investment in historic development entities (4,505) (905)
Investment in Federal Home Loan Bank stock (4,700) (8,118)
Proceeds from the sale of Federal Home Loan Bank stock 3,625 6,898
Purchases of leasehold improvements and equipment, net (108) (720)
Net cash used in investing activities (124,520) (116,280)
Financing activities    
Net increase in deposits 53,517 14,572
Repayment of Federal Home Loan Bank advances (401,000) (698,600)
Proceeds from Federal Home Loan Bank advances 435,000 772,100
Repayment of subordinated notes payable 15,000 0
Proceeds from issuance of subordinated notes payable 15,000 0
Net (decrease) increase in long-term borrowed funds (36) 42
Cash dividends paid (3,925) (3,685)
Purchase of treasury stock (5,380) (278)
Net cash provided by financing activities 78,176 84,151
Net decrease in cash and cash equivalents (25,588) (12,246)
Cash and cash equivalents at the beginning of the period 86,546 52,539
Cash and cash equivalents at the end of the period 60,958 40,293
Cash paid during the period for:    
Interest paid on deposits and borrowings 25,828 15,214
Income taxes paid 1,303 882
Non-cash investing and financing activities:    
Transfer from loans and leases to foreclosed properties $ 596 $ 415