XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Operating activities          
Net income $ 8,520,000 $ 8,012,000 $ 21,781,000 $ 28,534,000  
Adjustments to reconcile net income to net cash from Operating activities:          
Depreciation and amortization of premises, and equipment     1,535,000 1,451,000  
Net accretion of securities, loans, deposits, and other     (2,827,000) (2,537,000)  
Unrealized loss (gain) on equity securities 56,000 0 56,000 (147,000)  
Amortization of investment in affordable housing tax credits     740,000 675,000  
Amortization of intangible assets     4,141,000 3,637,000  
Impairment loss on mortgage servicing rights     415,000 0  
Provision for loan losses 3,861,000 824,000 8,815,000 1,731,000 $ 2,390,000
Stock-based compensation     493,000 543,000  
Deferred tax benefit     (1,441,000) (438,000)  
Gain on sale of securities (52,000) (7,000) (210,000) (7,000)  
Gain on sale of loans (760,000) (813,000) (3,552,000) (6,131,000)  
Gain on sale of OREO 0 (11,000) 0 (11,000)  
Gain on sale of fixed assets     0 (6,000)  
Increase in cash surrender value of life insurance     (576,000) (580,000)  
Loans originated and purchased for sale     (82,051,000) (102,887,000)  
Proceeds from loans sold     141,226,000 347,623,000  
Other items     (8,414,000) (4,469,000)  
Net cash provided by operating activities     80,131,000 266,981,000  
Investing activities          
Increase in interest-earning deposits     0 (349,000)  
Securities available for sale:          
Purchases     (499,116,000) (112,656,000)  
Maturities, prepayments and calls     400,844,000 109,977,000  
Sales 3,800,000   11,661,000 6,136,000  
Securities held to maturity:          
Maturities, prepayments and calls     745,000 1,205,000  
Redemption of Federal Home Loan Bank stock     0 1,751,000  
Purchase of Federal Home Loan Bank stock and other equity securities, net     (95,000) (8,641,000)  
Purchase of investment in qualified affordable housing projects     (2,230,000) 0  
Net increase in loans     (356,142,000) (45,735,000)  
Proceeds from sales of OREO     0 819,000  
Net cash received in connection with acquisition     6,634,000 0  
Proceeds from sale of fixed assets     0 17,000  
Purchases of premises and equipment     (881,000) (954,000)  
Net cash used in investing activities     (438,580,000) (48,430,000)  
Financing activities          
Net increase (decrease) in demand deposits and savings accounts     112,096,000 (77,905,000)  
Net increase in time deposits     62,544,000 185,771,000  
Net decrease in short-term FHLB advances     0 (284,500,000)  
Advances of long-term FHLB debt     190,000,000 0  
Cash dividends paid     (4,782,000) (6,030,000)  
Common stock repurchased, net of repurchased costs     (5,254,000) (3,190,000)  
Exercise of stock options     712,000 2,694,000 2,800,000
Net cash provided by (used in) financing activities     355,316,000 (183,160,000)  
Net (decrease) increase in cash and cash equivalents     (3,133,000) 35,391,000  
Cash and cash equivalents at beginning of period     181,763,000 147,685,000 147,685,000
Cash and cash equivalents at end of period $ 178,630,000 $ 183,076,000 178,630,000 183,076,000 $ 181,763,000
Cash paid during the period:          
Interest paid     26,911,000 24,600,000  
Taxes paid     9,645,000 13,010,000  
Non-cash investing and financing activities:          
Transfer from loans to other real estate owned     0 974,000  
(Transfer from) transfer to loans held for sale, net     (28,685,000) 63,422,000  
Loan to facilitate OREO     1,015,000 0  
Net change in unrealized holding gain on securities available for sale     776,000 1,669,000  
Additions to servicing assets     1,125,000 2,290,000  
Acquisition:          
Assets acquired, net of cash received     183,281,000 0  
Liabilities assumed     200,210,000 0  
Cash considerations     32,885,000 0  
Goodwill     $ 10,680,000 $ 0