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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 8,737 $ 8,917
Adjustments reconciling net income to net cash provided by (used in) operating activities:    
Provision for loan losses 1,150 500
Depreciation, amortization, and accretion 6,766 3,231
Equity method investment income 264 0
Share-based compensation expense 813 17
Net change in servicing asset (347) (485)
Gain on sales of securities, available-for-sale (24) (137)
Gain on sales of SBA loans (3,589) (2,735)
Gain on sales of other real estate owned 0 (36)
Donation of other real estate owned 35 0
Writedown on other real estate owned 0 80
Gain on sales of premises & equipment (62) 0
Originations of loans held for sale (202,031) (207,531)
Proceeds from sales of loans held for sale 205,244 231,742
Change in bank-owned life insurance (694) (258)
Deferred tax benefit (971) (518)
Change in other assets (4,583) 2,261
Change in other liabilities (464) (760)
Net cash provided by operating activities 10,244 34,288
Investing Activities    
Purchases of investment securities, available-for-sale (137,038) (166,995)
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale 36,330 53,620
Proceeds from sales of investment securities, available-for-sale 3,061 17,559
Proceeds from maturities, calls and paydowns of securities, held-to-maturity 5,233 0
Change in loans, net (115,354) 36,671
Purchase of premises and equipment (872) (1,764)
Proceeds from sales of premises and equipment 71 0
Proceeds from sales of other real estate owned 0 837
Proceeds from bank-owned life insurance 1,008 0
Redemption of other investments 1,356 0
Redemption (purchase) of Federal Home Loan Bank Stock (576) 593
Net cash used in investing activities (206,781) (59,479)
Financing Activities    
Change in noninterest-bearing customer deposits 20,402 66,678
Change in interest-bearing customer deposits (63,499) 30,509
Issuance of common stock, net of stock issuance cost 59,468 0
Dividends paid for common stock (3,365) (1,947)
Increase in federal funds purchased 23,766 0
Issuance of Subordinated Debt 39,097 0
Repayment on Paycheck Protection Program Liquidity Fund 0 (106,789)
Repayments on Federal Home Loan Bank Advances (27,500) 0
Proceeds from Federal Home Loan Bank Advances 40,000 0
Repayments on Other borrowings (12,563) (500)
Forfeiture of restricted stock (19) 0
Net cash provided by (used in) financing activities 75,787 (12,049)
Net decrease in cash and cash equivalents (120,750) (37,240)
Cash and cash equivalents at beginning of period 197,232 183,506
Cash and cash equivalents at end of period 76,482 146,266
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 3,142 2,377
Cash paid during the period for income taxes 3,223 3,600
Noncash Investing and Financing Activities    
Goodwill adjustment 1,176 0
Acquisition of real estate through foreclosure 0 145
Carrying amount of Securities AFS transferred to HTM, net of $10.4 million unrealized loss $ 320,116 $ 0