| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
50,517 | 47,289 | 27,571 | 27,208 | 24,136 | ||
Adjustments to reconcile consolidated net income to net cash provided by operating activities: | ||||||
Provision for credit losses | ||||||
2,385 | -1,756 | -338 | 4,575 | 6,950 | ||
Depreciation expense | ||||||
3,203 | 3,309 | 3,400 | 3,259 | 3,643 | ||
Amortization of intangibles | ||||||
894 | 985 | 1,079 | 1,167 | 1,305 | ||
Amortization of premiums on securities | ||||||
1,194 | 1,091 | 1,294 | 1,267 | 907 | ||
Amortization of lease right-to-use assets | ||||||
1,343 | - | - | - | - | ||
Accretion of lease liabilities | ||||||
534 | - | - | - | - | ||
Gain on redemption of junior subordinated debt | ||||||
- | - | - | - | 1,025 | ||
Earnings on bank-owned life insurance | ||||||
5,011 | 1,815 | 1,580 | 1,356 | 1,357 | ||
Stock-based compensation expense | ||||||
2,402 | 1,601 | 329 | 43 | 12 | ||
Deferred income tax provision | ||||||
-1,657 | -734 | 2,932 | 601 | -1,664 | ||
Net gain on sales of assets | ||||||
652 | 660 | 1,524 | 1,922 | 783 | ||
Earnings on securities | ||||||
18 | 54 | 50 | 52 | 22 | ||
Valuation adjustments on repossessed real estate and other assets | ||||||
- | - | 341 | 65 | 115 | ||
Change in operating assets and liabilities: | ||||||
Loans held for sale | ||||||
1,185 | -1,921 | 420 | -1,408 | 573 | ||
Other assets | ||||||
-81 | -994 | 3,156 | 1,188 | -2,459 | ||
Operating lease liabilities | ||||||
1,895 | - | - | - | - | ||
Other liabilities | ||||||
3,955 | -2,850 | 5,759 | 967 | -1,269 | ||
Total adjustments | ||||||
5,573 | 2,032 | 8,019 | 8,834 | 8,698 | ||
Net cash provided by operating activities | ||||||
56,090 | 49,321 | 35,590 | 36,042 | 32,834 | ||
Cash flows from investing activities: | ||||||
Purchases of securities | ||||||
651,908 | 495,870 | 355,525 | 406,173 | 383,162 | ||
Proceeds from sales, calls and maturities of securities | ||||||
625,550 | 462,842 | 317,284 | 322,861 | 321,135 | ||
Principal repayments of securities | ||||||
30,726 | 21,962 | 20,692 | 18,595 | 10,879 | ||
Net increase in loans | ||||||
226,817 | 147,416 | 187,030 | 78,553 | 36,342 | ||
Sales of loan participations | ||||||
31,868 | 45,921 | 46,067 | 4,948 | 26,755 | ||
Purchases of loan participations | ||||||
2,314 | 35,281 | 18,491 | - | 6,771 | ||
Proceeds from sales of Small Business Administration loans | ||||||
4,423 | 1,972 | 2,173 | 3,490 | 3,593 | ||
Acquisition of MCBI, net of cash acquired | ||||||
- | - | - | - | 5,936 | ||
Net contributions to equity investments | ||||||
-3,684 | -800 | -162 | -52 | - | ||
Redemption (purchases) of bank-owned life insurance | ||||||
-4,655 | 1,700 | 15,000 | -367 | 15,000 | ||
Net purchases sales of premises and equipment | ||||||
2,488 | 1,293 | -1,985 | -1,486 | 2,790 | ||
Proceeds from sales of repossessed real estate and other assets | ||||||
141 | 1,054 | 2,574 | 1,657 | 862 | ||
Net purchase of other investments | ||||||
- | - | - | - | 1,887 | ||
Net decrease in time deposits in other banks | ||||||
- | 600 | - | -200 | - | ||
Proceeds from insurance claims | ||||||
108 | 287 | - | - | - | ||
Net cash used in investing activities | ||||||
-189,740 | -147,722 | -185,433 | -131,574 | -88,664 | ||
Cash flows from financing activities: | ||||||
Net increase in noninterest-bearing deposits | ||||||
1,803 | 73,269 | 84,364 | -28,533 | 1,186 | ||
Net decrease in interest-bearing deposits | ||||||
84,303 | 90,041 | -22,152 | 85,926 | -14,254 | ||
Net increase in Federal Home Loan Bank advances | ||||||
50,000 | - | - | - | - | ||
Net increase (decrease) in securities sold under agreements to repurchase | ||||||
-2,013 | 973 | -818 | 253 | -2,096 | ||
Purchase of trust preferred securities | ||||||
- | - | - | - | 3,075 | ||
Proceeds from note payable | ||||||
- | - | - | - | 31,000 | ||
Repayments of note payable | ||||||
- | - | 27,679 | 3,321 | - | ||
Redemption of trust preferred securities | ||||||
1,571 | 5,155 | - | - | - | ||
Proceeds from sale of stock in initial public offering | ||||||
- | - | 71,760 | - | - | ||
Offering costs for initial public offering | ||||||
- | - | 7,241 | - | - | ||
Repayment of FHLB advances | ||||||
- | - | - | - | 4,033 | ||
Dividends paid on common stock | ||||||
8,757 | 4,979 | 4,412 | 4,395 | 4,487 | ||
Payments to tax authorities for stock-based compensation | ||||||
239 | 171 | - | - | - | ||
Proceeds from exercise of stock options | ||||||
121 | 294 | 117 | 3,883 | 160 | ||
Repurchase of common stock | ||||||
3 | - | - | 11,079 | 4,418 | ||
Net cash provided by financing activities | ||||||
123,644 | 154,272 | 93,939 | 42,734 | -17 | ||
Net decrease in cash, cash equivalents and restricted cash | ||||||
-10,006 | 55,871 | -55,904 | -52,798 | -55,847 | ||