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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 23,623 $ 34,706
Provision for (reversal of) credit losses 3,830 (8,200)
Depreciation and other amortization 2,521 1,621
Accretion and amortization of securities discounts and premium, net 554 713
Loss on sale of real estate owned 376
(Gain) Loss on sale of fixed assets 394 (10)
Gain on sale of securities (12)
Net change in operating leases 814 266
Compensation expense related to stock options and restricted stock grants 1,501 1,204
Gain on sale of loans held for sale (2,700) (11,187)
Loans originated and held for sale (191,448) (406,451)
Proceeds from sale of loans held for sale 198,461 446,254
Increase in cash surrender value of bank owned life insurance (945) (919)
Increase in deferred tax asset (5,766) (6,736)
Decrease in other assets 5 2,698
Increase in other liabilities 6,006 (4,531)
Net cash provided by operating activities 36,838 49,804
Investing activities    
Increase in loans, net (538,816) (246,421)
Purchase of property and equipment (13,134) (16,620)
Purchase of investment securities:    
Available for sale (10,094) (37,908)
Other investments (15,235) (1,000)
Payments and maturities, calls and repayments of investment securities:    
Available for sale 21,517 16,514
Other investments 13,806 1,812
Purchase of bank owned life insurance (7,500)
Proceeds from sale of fixed assets 95 50
Proceeds from sale of other real estate owned 1,159
Net cash used for investing activities (541,861) (289,914)
Financing activities    
Increase in deposits, net 437,626 290,260
Increase (decrease) in Federal Home Loan Bank advances and other borrowings, net 60,000 (25,000)
Proceeds from the exercise of stock options 794 2,696
Net cash provided by financing activities 498,420 267,956
Net decrease in cash and cash equivalents (6,603) 27,846
Cash and cash equivalents at beginning of the period 167,209 100,687
Cash and cash equivalents at end of the period 160,606 128,533
Supplemental information    
Interest 9,155 5,404
Income taxes 8,270 18,357
Schedule of non-cash transactions    
Foreclosure of other real estate 367
Unrealized loss on securities, net of income taxes (13,259) (1,271)
Operating leases $ 237 $ 4,803