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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net income $ 27,165 $ 10,894
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes, net 1,218 (2,291)
Impairment of Tax Credit Investments 0 2,066
Provision for loan and lease losses (5,295) 12,487
SBA Recourse Provision (Benefit) 45 53
Derivative Credit Valuation Adjustment (376) 0
Depreciation, amortization and accretion, net 2,696 2,509
Gain (Loss) on Disposition of Property Plant Equipment (68) 0
Share-based compensation 1,716 1,432
Net (gain) loss on sale of securities (29) 4
Increase in bank-owned life insurance policies (1,056) (1,037)
Originations of loans for sale (57,710) (56,923)
Sale of SBA loans originated for sale 63,805 48,676
Gain on sale of loans originated for sale (3,002) (1,598)
Net loss (gain) on foreclosed properties 7 329
Loan servicing right impairment valuation (78) (3)
Excess tax benefit (expense) from share-based compensation 27 (35)
Payments on operating lease liabilities (1,187) (1,166)
Payments received on operating leases 126 84
Net increase in accrued interest receivable and other assets (4,834) (52,492)
Net (decrease) increase in accrued interest payable and other liabilities 1,455 42,429
Net cash provided by operating activities 24,761 5,418
Investing activities    
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities 40,789 40,353
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities 5,146 3,759
Proceeds from sale of available-for-sale securities 14,955 839
Purchases of available-for-sale securities (69,503) (43,751)
Proceeds from sale of foreclosed properties 0 2,057
Net decrease (increase) in loans and leases 23,969 (456,933)
Payments to Acquire Limited Partnership Interests (672) (750)
Returns of investments in limited partnerships 60 0
Investment in historic development entities 0 (259)
Distribution from historic development entities 57 30
Investment in low-income housing (1,307) 0
Investment in Federal Home Loan Bank and Federal Reserve Bank stock (6,314) (13,422)
Proceeds from the sale of Federal Home Loan Bank stock 7,540 6,222
Purchases of leasehold improvements and equipment, net (224) (204)
Purchases of bank-owned life insurance policies 0 (8,000)
Net cash provided (used) in investing activities 14,496 (470,059)
Financing activities    
Net increase in deposits 48,766 290,996
Proceeds from Federal Home Loan Bank advances 624,300 979,200
Repayment of Federal Home Loan Bank advances (661,000) (845,444)
Loss on early extinguishment of debt 0 744
Proceeds from the Federal Reserve Paycheck Protection Program Lending Facility 0 29,605
Net increase in long-term borrowed funds 11,633 41
Cash dividends paid (4,644) (4,239)
Proceeds from issuance of common stock under ESPP 119 0
Purchase of treasury stock (4,716) (1,636)
Net cash provided by financing activities 14,458 449,267
Net increase (decrease) in cash and cash equivalents 53,715 (15,374)
Cash and cash equivalents at the beginning of the period 56,909 67,102
Cash and cash equivalents at the end of the period 110,624 51,728
Cash paid during the period for:    
Interest paid on deposits and borrowings 10,876 15,223
Income taxes paid 9,958 3,436
Increase in right-of-use exchange for operating lease liability 316 190
Transfer from loans and leases to foreclosed properties $ 145 $ 80