XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Consolidated Statements Of Cash Flows [Abstract]    
Net income $ 22,260 $ 6,578
Adjustments to reconcile net income to net cash from operating activities:    
Provision for loan and lease losses 8,875
Depreciation 278 231
Amortization, net (924) (8)
Deferred income tax (benefit) (1,677) 8
Originations of loans held for sale (1,295,005) (411,257)
Proceeds from sale of loans held for sale 1,220,968 352,538
Net gains on sales of loans (45,556) (6,935)
Gain on sale of foreclosed assets   (12)
Earnings on bank owned life insurance (108) (106)
Stock-based compensation expense 590 390
Net change in:    
Accrued interest receivable and other assets (22,684) (3,176)
Operating lease right-of-use asset 292 310
Operating lease right-of-use liability (318) (306)
Accrued interest payable and other liabilities 11,221 1,222
Net cash used by operating activities (101,788) (60,523)
Cash flows from investing activities    
Available-for-sale securities: Maturities, prepayments and calls 4,085 2,558
Available-for-sale securities: Purchases (5,552) (1,494)
Loan and lease originations and payments, net (216,349) (80,283)
Proceeds from the sale of loans 1,439 1,137
Additions to premises and equipment (224) (419)
Purchase of FRB and FHLB Stock (1,369) (493)
Purchase of other investments (1,000) (734)
Return of investment- joint ventures 337 95
Proceeds from the sale of foreclosed assets   50
Net cash used by investing activities (218,633) (79,583)
Cash flows from financing activities:    
Net change in deposits 227,645 106,161
Proceeds from FHLB advances and other debt 450,637 577,500
Repayments on FHLB advances and other debt (309,925) (574,500)
Net change in advances by borrowers for taxes and insurance (392) (318)
Proceeds from exercise of stock options 36  
Exercise of warrants to common stock   1,258
Acquisition of treasury shares surrendered upon vesting of restricted stock for payment of taxes (27)  
Purchase of treasury shares (648)  
Net cash from financing activities 367,326 110,101
Net change in cash and cash equivalents 46,905 (30,005)
Beginning cash and cash equivalents 45,879 67,304
Ending cash and cash equivalents 92,784 37,299
Supplemental cash flow information:    
Interest paid 10,411 2,574
Income tax paid 7,800 1,780
Supplemental noncash disclosures:    
Loans transferred from held for sale to portfolio 1,404 657
Investment payable on limited liability corporation and limited partnership 500 1,170
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, net of repayments $ 54,792