v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 16,659 $ 2,350
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,850 2,317
Share-based compensation expense 598 769
Credit loss expense 2,109 15,739
Gain on sales of securities (99)  
Gain on sales of SBA loans (4,125) (1,154)
Origination of SBA loans held for sale (146,670) (12,197)
Proceeds from sales of SBA loans 126,690 19,366
Change in bank-owned life insurance (256) (276)
Change in prepaid expenses and other assets 4,945 (4,905)
Change in income tax assets 3,554 4,098
Change in accrued expenses and other liabilities (652) (1,846)
Net cash provided by (used in) operating activities 6,602 24,262
Cash flows from investing activities:    
Purchases of securities available for sale (116,026) (26,423)
Proceeds from matured, called and repayment of securities 67,729 49,987
Proceeds from sales of securities available for sale 8,035  
Purchases of loans receivable (298)  
Purchases of premises and equipment (1,011) (1,244)
Proceeds from disposition of premises and equipment   44
Proceeds from sales of other real estate owned ("OREO") 589  
Change in loans receivable, excluding purchases 58,271 38,884
Net cash provided by (used in) investing activities 17,289 61,248
Cash flows from financing activities:    
Change in deposits 234,815 (116,894)
Change in overnight borrowings   135,000
Proceeds from borrowings   75,000
Cash paid for surrender of vested shares due to employee tax liability (95) (171)
Repurchase of common stock (946) (2,196)
Cash dividends paid (3,069) (7,380)
Net cash provided by (used in) financing activities 230,705 83,359
Net increase (decrease) in cash and due from banks 254,596 168,869
Cash and due from banks at beginning of year 391,849 121,678
Cash and due from banks at end of period 646,445 290,546
Supplemental disclosures of cash flow information:    
Interest expense paid 8,267 16,472
Income taxes paid 125 93
Non-cash activities:    
Transfer of loans receivable to other real estate owned 1  
Income tax benefit (expense) related to items of other comprehensive income $ 3,515 (3,439)
Change in right-of-use asset obtained in exchange for lease liability   $ 1,287

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