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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income (loss) $ 7,068,000 $ (593,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for loan losses 3,000,000 950,000
Depreciation and amortization 2,294,000 1,875,000
Stock based compensation 497,000 577,000
Gain on sale of investment securities 0 (841,000)
Fair value adjustment on equity securities (40,000) 0
Amortization of premiums on investment securities 1,828,000 1,583,000
Accretion of discounts on retained SBA loans (229,000) (220,000)
Fair value adjustments on SBA servicing assets 187,000 41,000
Proceeds from sales of SBA loans originated for sale 7,443,000 10,745,000
SBA loans originated for sale (4,251,000) (8,474,000)
Gains on sales of SBA loans originated for sale (761,000) (649,000)
Proceeds from sales of mortgage loans originated for sale 167,758,000 50,258,000
Mortgage loans originated for sale (141,393,000) (55,072,000)
Fair value adjustment for mortgage loans originated for sale 1,766,000 556,000
Gains on mortgage loans originated for sale (4,521,000) (1,734,000)
Amortization of debt issuance costs 2,000 2,000
Non-cash expense related to leases 108,000 183,000
Increase in accrued interest receivable and other assets (2,434,000) (4,865,000)
Net (decrease) increase in accrued interest payable and other liabilities (6,327,000) 8,894,000
Net cash provided by operating activities 31,995,000 3,216,000
Cash flows from investing activities    
Purchase of investment securities available for sale (134,750,000) (16,906,000)
Purchase of investment securities held to maturity (202,977,000) 0
Proceeds from the sale of securities available for sale 0 26,869,000
Proceeds from the paydown, maturity, or call of securities available for sale 26,382,000 34,703,000
Proceeds from the paydown, maturity or call of securities held to maturity 69,306,000 32,823,000
Net increase in loans (60,133,000) (133,621,000)
Net proceeds from sale of other real estate owned 0 586,000
Premises and equipment expenditures (1,991,000) (4,812,000)
Net cash used in investing activities (304,163,000) (60,358,000)
Cash flows from financing activities    
Net proceeds from exercise of stock options 43,503 23,780
Net increase (decrease) in demand, money market and savings deposits 349,818,000 (53,736,000)
Decrease in time deposits (470,000) (948,000)
Decrease in other borrowings (22,752,000) 0
Preferred stock dividends paid (875,000) 0
Net cash provided by (used in) financing activities 325,765,000 (54,660,000)
Net increase (decrease) in cash and cash equivalents 53,597,000 (111,802,000)
Cash and cash equivalents, beginning of year 775,300,000 168,319,000
Cash and cash equivalents, end of period 828,897,000 56,517,000
Supplemental disclosures    
Interest paid 4,881,000 6,632,000
Income taxes paid $ 4,770,000 $ 0