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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 27,858 $ 22,289 $ 13,045
Adjustments to reconcile net income to cash provided by operating activities:      
Provision for loan losses 2,300 1,900 2,000
Depreciation and other amortization 1,888 1,755 1,460
Accretion and amortization of securities discounts and premiums, net 432 437 582
Gain on sale of investment securities available for sale (727) (7) (4)
Net change in operating leases 585
Compensation expense related to stock options and restricted stock grants 1,698 1,502 1,258
Gain on sale of loans held for sale (10,219) (5,144) (5,752)
Loans originated and held for sale (380,632) (204,429) (192,347)
Proceeds from sale of loans held for sale 373,046 212,122 194,110
Increase in cash surrender value of bank owned life insurance (1,001) (878) (811)
(Increase) decrease in deferred tax asset (420) (115) 2,904
(Increase) decrease in other assets, net (600) 325 (1,183)
Increase in other liabilities, net 4,074 1,946 1,931
Net cash provided by operating activities 18,282 31,703 17,193
Increase (decrease) in cash realized from:      
Increase in loans, net (267,613) (291,923) (225,047)
Purchase of property and equipment (8,431) (1,943) (5,381)
Purchase of investment securities:      
Available for sale (39,930) (23,181) (21,972)
Other investments (4,675) (46) (3,086)
Available for sale 19,212 9,025 9,644
Other investments 1,848 387 4,366
Proceeds from sale of investment securities:      
Proceeds from sale of investment securities available for sale 29,006 5,841 8,813
Purchase of life insurance policies (5,000) (6,850)
Proceeds from sale of other real estate owned 132 498
Net cash used for investing activities (275,583) (301,708) (239,015)
Increase (decrease) in cash realized from:      
Increase in deposits, net 227,988 267,013 289,972
Increase (decrease) in Federal Home Loan Bank advances and other borrowings 60,000 (17,200) (48,000)
Increase of subordinated debt 22,487
Issuance of common stock 24,758
Proceeds from the exercise of stock options 1,769 900 705
Net cash provided by financing activities 312,244 250,713 267,435
Net increase (decrease) in cash and cash equivalents 54,943 (19,292) 45,613
Cash and cash equivalents, beginning of year 72,873 92,165 46,552
Cash and cash equivalents, end of year 127,816 72,873 92,165
Cash paid for      
Interest 25,156 15,410 9,987
Income taxes 7,883 5,451 8,390
Schedule of non-cash transactions      
Foreclosure of other real estate 288
Unrealized (gain) loss on securities, net of income taxes (1,193) 455 (51)
Right-of-use assets obtained in exchange for lease obligations:      
Operating leases $ 21,459