| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
17,318 | 14,493 | 5,260 | - | |||
Net income | ||||||
- | - | - | 5,912 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Increase in deferred tax asset | ||||||
1,375 | 740 | 3,491 | 1,699 | |||
Accretion on acquired loans | ||||||
-4,313 | -2,944 | -3,000 | -1,891 | |||
Gain on sale of loans | ||||||
2,999 | 2,061 | 2,173 | 0 | |||
Proceeds from sale of loans | ||||||
38,410 | 28,959 | 24,784 | 0 | |||
Loans originated for sale | ||||||
52,462 | 37,773 | 25,558 | 0 | |||
Gain on sale of premises | ||||||
187 | - | - | - | |||
Loss on impairment of building held for sale | ||||||
- | 600 | - | 0 | |||
Accretion on junior subordinated debentures | ||||||
81 | 59 | 40 | 0 | |||
Increase in cash surrender value of life insurance policies securities | ||||||
642 | 301 | 231 | 214 | |||
Provision for loan losses | ||||||
2,224 | 1,842 | 462 | 598 | |||
Gain on sale of OREO | ||||||
112 | 70 | 252 | -179 | |||
Amortization/accretion of premium/discount on investment securities | ||||||
-507 | -441 | -369 | -190 | |||
Depreciation and amortization | ||||||
1,207 | 935 | 762 | 498 | |||
Core deposit intangible amortization | ||||||
1,624 | 1,171 | 850 | - | |||
Core deposit intangible amortization | ||||||
- | - | - | 398 | |||
Stock based compensation expense | ||||||
1,154 | 1,180 | 423 | 334 | |||
Increase (decrease) in deferred loan origination fees, net | ||||||
-85 | 103 | -158 | 30 | |||
Increase in interest receivable and other assets | ||||||
12,041 | 848 | -990 | 212 | |||
Increase in salary continuation plan, net | ||||||
320 | -708 | 126 | -37 | |||
(Decrease) increase in interest payable and other liabilities | ||||||
15,407 | 625 | 2,827 | -1,106 | |||
Net cash used in operating activities | ||||||
6,956 | 6,237 | 9,328 | 6,318 | |||
Cash flows from investing activities: | ||||||
Proceeds from maturities of interest bearing deposits in banks | ||||||
2,241 | 1,491 | 2,522 | - | |||
Maturity of interest bearing deposits in banks | ||||||
- | - | - | 1,690 | |||
Purchase of investment securities | ||||||
16,858 | 41,353 | 1,180 | 0 | |||
Proceeds from the maturity and repayment of investment securities | ||||||
29,498 | 37,377 | 7,651 | 9,564 | |||
Redemption of Federal Home Loan Bank stock | ||||||
236 | 236 | -319 | 151 | |||
Net cash (paid out) received from acquisition | ||||||
- | - | - | 0 | |||
Purchase of Federal Reserve Bank stock ("FRB") | ||||||
1,858 | 921 | 1,576 | - | |||
Purchase of Federal Reserve Bank stock | ||||||
- | - | - | -75 | |||
(Increase) decrease in loans, net | ||||||
48,454 | -4,267 | -295 | 43,687 | |||
Purchase of equipment and leasehold improvements | ||||||
1,399 | 1,013 | 368 | 214 | |||
Proceeds from sale of premises | ||||||
4,961 | - | - | - | |||
Proceeds from sale of OREO | ||||||
457 | 729 | 1,754 | 0 | |||
Purchase of Bank owned life insurance | ||||||
- | - | 4,003 | 8 | |||
Proceed from death benefit on BOLI investment | ||||||
- | 1,382 | - | 0 | |||
Net cash received from (paid out) for acquisition | ||||||
-32,575 | 12,974 | -84,996 | - | |||
Net cash (used in) provided by investing activities | ||||||
927 | -11,251 | 90,410 | -32,731 | |||
Cash flows from financing activities: | ||||||
Decrease in noninterest and interest bearing deposits, net | ||||||
13,435 | 69,144 | 7,812 | 13,098 | |||
Decrease in time deposits, net | ||||||
-38,560 | -51,163 | 23,538 | 34,357 | |||
Repurchase of common stock | ||||||
10,957 | - | 24 | 901 | |||
Exercise of stock options | ||||||
- | - | - | 371 | |||
(Decrease) increase in long-term borrowings | ||||||
- | -6,000 | 6,000 | 0 | |||
Decrease in short-term borrowings | ||||||
- | - | -15,895 | 0 | |||
Proceeds from initial public offering, net | ||||||
- | 66,761 | - | 0 | |||
Net cash provided by (used in) financing activities | ||||||
-36,082 | 78,742 | 21,431 | 46,925 | |||
(Decrease) increase in cash and cash equivalents | ||||||
-28,199 | 73,728 | 121,169 | - | |||
Increase in cash and cash equivalents | ||||||
- | - | - | 20,512 | |||
Supplemental disclosure of cash flow information: | ||||||
Cash paid during the year for: | ||||||
Interest expense | ||||||
7,454 | 4,939 | 4,178 | 3,055 | |||
Income tax, net of refunds | ||||||
5,054 | 5,402 | 3,838 | 2,845 | |||
Non-cash investing and financing activities: | ||||||
Change in unrealized gain on available-for-sale securities, net of tax | ||||||
1,354 | -316 | 89 | -33 | |||
Transfer of loans to other real estate owned | ||||||
- | 394 | 275 | 954 | |||
Recognition of ROU assets | ||||||
17,181 | - | - | - | |||
Recognition of lease liability | ||||||
17,201 | - | - | - | |||
Acquisition: | ||||||
Assets acquired, net of cash received | ||||||
463,091 | 143,542 | 444,826 | 0 | |||
Liabilities assumed | ||||||
471,940 | 138,526 | 505,364 | 0 | |||
Cash consideration | ||||||
57,998 | 23,523 | 19,156 | 0 | |||
Common stock issued | ||||||
44,598 | - | 34,824 | 0 | |||
Goodwill | ||||||
20,872 | 4,229 | 10,365 | 0 | |||