Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 2,350 $ 14,672
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,317 2,622
Share-based compensation expense 769 712
Credit loss expense 15,739 1,117
Gain on sales of securities   (725)
Gain on sales of SBA loans (1,154) (926)
Origination of SBA loans held for sale (12,197) (13,223)
Proceeds from sales of SBA loans 19,366 16,608
Change in bank-owned life insurance (276) (280)
Change in prepaid expenses and other assets (4,905) 1,671
Change in income tax assets 4,098  
Change in accrued expenses and other liabilities (1,846) 185
Net cash provided by operating activities 24,262 22,433
Cash flows from investing activities:    
Purchases of securities available for sale (26,423) (130,550)
Proceeds from matured, called and repayment of securities 49,987 20,544
Proceeds from sales of securities available for sale   69,187
Purchases of premises and equipment (1,244) (1,444)
Proceeds from disposition of premises and equipment 44  
Change in loans receivable, excluding purchases 38,884 24,201
Net cash provided by (used in) investing activities 61,248 (18,062)
Cash flows from financing activities:    
Change in deposits (116,894) 72,940
Change in overnight borrowings 135,000 (55,000)
Proceeds from borrowings 75,000  
Proceeds from exercise of stock options   8
Cash paid for surrender of vested shares due to employee tax liability (171) (425)
Repurchase of common stock (2,196)  
Cash dividends paid (7,380) (7,440)
Net cash provided by financing activities 83,359 10,083
Net increase in cash and due from banks 168,869 14,454
Cash and due from banks at beginning of year 121,678 155,376
Cash and due from banks at end of period 290,546 169,830
Supplemental disclosures of cash flow information:    
Interest expense paid 16,472 14,304
Income taxes paid 93 88
Non-cash activities:    
Income tax (expense) benefit related to items of other comprehensive income (3,439) (1,697)
Change in unrealized (gain) loss in accumulated other comprehensive income (11,924) (5,894)
Change in right-of-use asset obtained in exchange for lease liability $ 1,287 $ 40,909