XML 38 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income $ 6,019 $ 5,696
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 1,644 2,271
Increase in cash surrender value of bank-owned life insurance (236) (234)
Provision for loan losses 1,461 1,285
Share-based compensation expense 555 478
Gain on sale of available-for-sale securities (41) 0
Loans originated for sale (215,385) (75,239)
Proceeds from sale of loans 225,547 81,048
Gain on loans sold (6,144) (1,369)
(Increase) decrease in fair value of loans held-for-sale (316) 182
Loss (gain) on derivatives 1,163 (314)
Net change in servicing asset 66 0
Amortization of operating lease right-of-use assets 152 176
Net change in accrued income and other assets (40,631) (20,833)
Net change in accrued expenses and other liabilities 311 1,570
Net cash used in operating activities (25,835) (5,283)
Investing Activities    
Net loan activity, excluding purchases (1,305) (73,783)
Maturities and calls of securities available-for-sale 30,851 13,840
Proceeds from sale of securities available-for-sale 795 0
Purchase of securities available-for-sale (95,835) (46,562)
Purchase of securities held-to-maturity 0 (8,500)
Purchase of premises and equipment (4,856) (1,564)
Loans purchased (97,306) (79,343)
Net proceeds from sale of portfolio loans 193,533 35,673
Net cash provided by (used in) investing activities 25,877 (160,239)
Financing Activities    
Net increase in deposits 24,543 139,757
Cash dividends paid (585) (613)
Repurchase of common stock 0 (1,746)
Proceeds from advances from Federal Home Loan Bank 110,000 165,000
Repayment of advances from Federal Home Loan Bank (110,000) (195,000)
Other, net (93) (94)
Net cash provided by financing activities 23,865 107,304
Net Increase (Decrease) in Cash and Cash Equivalents 23,907 (58,218)
Cash and Cash Equivalents, Beginning of Period 327,361 188,712
Cash and Cash Equivalents, End of Period 351,268 130,494
Supplemental Disclosures    
Initial recognition of right-of-use asset 0 2,096
Initial recognition of operating lease liabilities 0 2,096
Cash paid during the period for interest 21,699 18,314
Loans transferred to held-for-sale from portfolio 192,768 35,599
Cash dividends declared, paid in subsequent period 585 606
Transfer of available-for-sale municipal securities to held-to-maturity municipal securities $ 4,479 $ 0