XML 25 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements Of Changes Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Consolidated Statements Of Changes Of Cash Flows [Abstract]    
Net income $ 9,601 $ 4,273
Adjustments to reconcile net income to net cash from operating activities:    
Provision for loan and lease losses
Depreciation 316 248
Amortization, net (96) (41)
Deferred income tax (benefit) (187) 85
Originations of loans held for sale (726,208) (233,855)
Proceeds from sale of loans held for sale 625,509 219,521
Net gains on sales of loans (10,767) (1,927)
Write-down of premises and equipment   33
Gain on sale of foreclosed assets (12)  
Earnings on bank owned life insurance (142) (138)
Stock-based compensation expense 527 376
Net change in:    
Accrued interest receivable and other assets (3,412) (1,479)
Operating lease right-of-use asset 404  
Operating lease right-of-use liability (408)  
Accrued interest payable and other liabilities 1,337 1,094
Net cash used by operating activities (103,538) (11,810)
Available-for-sale securities:    
Maturities, prepayments and calls 3,576 3,115
Purchases (1,494) (1,475)
Loan and lease originations and payments, net (118,467) (118,317)
Loans purchased   (25,958)
Proceeds from the sale of loans 6,547  
Additions to premises and equipment (443) (612)
Purchase of FRB and FHLB Stock (532) (249)
Purchase of other investments (734) (500)
Return of investment- joint ventures 95 230
Proceeds from the sale of foreclosed assets 50  
Net cash used by investing activities (111,402) (143,766)
Cash flows from financing activities:    
Net change in deposits 166,537 160,758
Proceeds from FHLB advances and other debt 766,700 74,600
Repayments on FHLB advances and other debt (764,700) (68,600)
Net proceeds from issuance of subordinated debentures   9,612
Net change in advances by borrowers for taxes and insurance 102 338
Net proceeds from issuance of Series C preferred stock in private placement 14,000  
Net proceeds from issuance of common stock in private placement 9,641  
Exercise of warrants to common stock 1,258 716
Acquisition of treasury shares surrendered upon vesting of restricted stock for payment of taxes (23) (42)
Net cash from financing activities 193,515 177,382
Net change in cash and cash equivalents (21,425) 21,806
Beginning cash and cash equivalents 67,304 45,498
Ending cash and cash equivalents 45,879 67,304
Supplemental cash flow information:    
Interest paid 13,427 6,845
Income tax paid 2,510 968
Supplemental noncash disclosures:    
Transfers from loans to repossessed assets   38
Loans transferred from held for sale to portfolio 657  
Investment payable on limited liability corporation and limited partnership 1,170 $ 500
Transfer of other liability to operating lease right-of-use asset 184  
Initial recognition of operating right-of-use lease asset 2,368  
Initial recognition of operating right-of-use lease liability 2,368  
Loans held for sale funded with other debt $ 7,517