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 $ 19,876 $ 17,966
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes, net (1,695) (1,359)
Impairment of tax credit investments (351) 0
Provision for loan and lease losses (4,582) (3,026)
Derivative Credit Valuation Adjustment 0 (376)
Depreciation, amortization and accretion, net 2,025 1,845
Loss on disposal of equipment 0 56
Share-based compensation 1,254 1,138
Net gain on sale of securities 0 (29)
Increase in bank-owned life insurance policies (698) (699)
Originations of loans for sale (61,278) (48,137)
Sale of SBA loans originated for sale 64,129 53,054
Gain on sale of loans originated for sale (1,537) (2,281)
Net loss on foreclosed properties, including impairment valuation 20 1
Loan servicing right impairment valuation 0 (78)
Excess tax benefit (expense) from share-based compensation 183 (16)
Proceeds from Equity Method Investment, Distribution 314 0
Payments on operating lease liabilities (817) (788)
Payments received on operating leases 90 82
Net increase in accrued interest receivable and other assets (13,814) (1,152)
Net increase (decrease) in accrued interest payable and other liabilities 13,658 (1,230)
Net cash provided by operating activities 16,777 14,971
Investing activities    
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities 20,185 31,315
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities 5,761 3,969
Proceeds from sale of available-for-sale securities 0 14,955
Purchases of available-for-sale securities (43,231) (35,559)
Proceeds from sale of foreclosed properties 37 0
Net (increase) decrease in loans and leases (46,359) 2,444
Investments in limited partnerships (363) 0
Returns of investments in limited partnerships 0 60
Distribution from historic development entities 282 57
Investment in low-income housing (5,937) (1,307)
Investment in Federal Home Loan Bank stock (23,370) (6,314)
Proceeds from the sale of Federal Home Loan Bank stock 13,746 6,440
Purchases of leasehold improvements and equipment, net (469) (135)
Proceeds from sale of leasehold improvements and equipment 0 12
Purchases of bank-owned life insurance policies (25) 0
Proceeds from (Repurchase of) Trust Preferred Securities 315 0
Net cash used in investing activities (79,428) 15,937
Financing activities    
Net (decrease) increase in deposits (88,592) 305,191
Proceeds from Federal Home Loan Bank advances 1,413,844 510,300
Repayment of Federal Home Loan Bank advances (1,228,543) (517,000)
Repayment of subordinated notes payable (9,090) 0
Proceeds from Issuance of Subordinated Long-term Debt 20,000 0
Repayments of Other Long-term Debt 10,076 0
Net (decrease) increase in long-term borrowed funds (3,020) 7,653
Cash dividends paid (3,348) (3,097)
Preferred stock dividend (246) 0
Proceeds from issuance of common stock under ESPP 75 81
Proceeds from issuance of preferred stock 11,992 0
Purchase of treasury stock (1,971) (968)
Net cash provided by financing activities 101,025 302,160
Net increase in cash and cash equivalents 38,374 333,068
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 95,484 389,977
Cash paid during the period for:    
Interest paid on deposits and borrowings 5,707 7,469
Income taxes paid (31) 7,658
Right-of-use assets obtained in exchange for operating lease liabilities 0 316
Transfer from loans and leases to foreclosed properties $ 17 $ 149