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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Cash flows from operating activities:          
Net income $ 1,280 $ 5,253 $ 21,807 $ 7,097  
Adjustments to reconcile net income to net cash from operating activities:          
Depreciation and amortization     1,304 567  
Provision for loan losses (3,000) 7,000 (1,000) 11,900  
Accretion of discount on unguaranteed loans     (1,523) (1,705)  
Origination of SBA loans held for sale     0 (23,877)  
Origination of residential loans held for sale     (1,744,630) (1,278,784)  
Net gains on sales of residential loans held for sale (22,761) (29,771) (74,604) (59,328)  
Amortization of loan servicing rights     2,343 2,641  
Stock based compensation expense     359 275  
Income from bank owned life insurance     (251) (99)  
Changes in:          
Accrued interest receivable     3,008 (3,139)  
Other assets     2,430 (15,231)  
Accrued interest payable     (1,437) 1,077  
Other liabilities     (2,023) 7,761  
Net cash from operating activities     128,685 (62,167)  
Cash flows from investing activities:          
Purchase of investment securities available for sale     (33,208) 0  
Principal payments on investment securities available for sale     361 0  
Principal payments on investment securities held to maturity     37 0  
Purchase of restricted equity securities     (465) (210)  
Purchase of PPP loans     0 (22,404)  
Proceeds from sales of PPP and SBA loans originally classified as held for investment     331,352 0  
Loan (originations) and payments, net     252,220    
Loan (originations) and payments, net       (932,390)  
Purchase of premises and equipment     (7,793) (1,441)  
Purchase of bank owned life insurance     0 (12,000)  
Net cash from investing activities     542,504 (968,445)  
Cash flows from financing activities:          
Net change in deposits     116,250 61,547  
Proceeds from issuance of subordinated debt     6,000 0  
Payments on notes payable     (341) (228)  
Net proceeds (repayments) of PPP Liquidity Facility borrowings     (736,661) 889,770  
Proceeds from issuance of preferred stock, net     727 3,723  
Redemption of subordinated debt     (6,000) 0  
Proceeds from sale of common stock, net     1,690 678  
ESOP contribution     366 260 $ 260
Dividends paid on common stock     (778) (684)  
Dividends paid on preferred stock     (797) (557)  
Net cash from financing activities     (619,544) 954,509  
Net change in cash and cash equivalents     51,645 (76,103)  
Cash and cash equivalents, beginning of period     55,379 110,580 110,580
Cash and cash equivalents, end of period 107,024 34,477 107,024 34,477 $ 55,379
Supplemental cash flow information          
Interest paid     7,321 6,861  
Income taxes paid     10,322 932  
Supplemental noncash disclosures          
Recognition of right of use asset and operating lease liability 0 455 136 1,717  
Conversion of Series B preferred stock to common stock     5,050 0  
Employee Stock          
Non-qualified stock purchase plan expense     56 30  
Loans Held For Sale          
Proceeds from sale of loans held-for-sale     1,930,527 1,268,391  
Changes in fair value, gain (loss) 1,381 (1,300) 6,168 (3,190)  
Adjustments to reconcile net income to net cash from operating activities:          
Net gains on sales of residential loans held for sale     (74,842) (59,328)  
SBA Loan          
Proceeds from sale of loans held-for-sale     0 25,228  
Changes in fair value, gain (loss) (72) (55) (151) (49)  
Adjustments to reconcile net income to net cash from operating activities:          
Net gains on sales of PPP and SBA loans 357 0 357 (1,732)  
SBA And PPP Loans          
Adjustments to reconcile net income to net cash from operating activities:          
Net gains on sales of PPP and SBA loans $ 338 $ 0 $ (13,460) $ (1,732)