| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||
Net income | ||||||
27,848 | 15,130 | 7,354 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
1,708 | 916 | 526 | ||||
Amortization of premiums of investment securities | ||||||
-178 | -191 | -297 | ||||
Amortization of servicing asset | ||||||
1,124 | 1,032 | 487 | ||||
Provision for loan losses | ||||||
2,800 | 1,520 | 642 | ||||
(Reversal of) provision for losses - unfunded commitments | ||||||
-200 | 53 | 563 | ||||
Gain on sale of loans | ||||||
3,674 | 1,505 | 3,596 | ||||
Loss on disposal of fixed assets | ||||||
-31 | -8 | -2 | ||||
Impairment charges of fixed assets and right-of-use assets | ||||||
1,207 | 0 | - | ||||
Loans originated for sale | ||||||
33,277 | 45,157 | 75,656 | ||||
Proceeds from loans originated for sale | ||||||
67,554 | 26,484 | 77,460 | ||||
Accretion of net discounts and deferred loan fees, net | ||||||
6,695 | 4,429 | -529 | ||||
Change in fair value of equity securities | ||||||
82 | -120 | 0 | ||||
Deferred income taxes | ||||||
2,211 | 201 | 383 | ||||
Increase in impact of change in Federal tax rate on deferred taxes assets | ||||||
0 | -226 | 1,816 | ||||
Change in fair value of equity securities | ||||||
82 | -120 | 0 | ||||
Stock-based compensation | ||||||
1,949 | 1,709 | 1,524 | ||||
Appreciation of Bank Owned Life Insurance | ||||||
107 | 46 | 0 | ||||
Net (decrease) increase in other items, net | ||||||
2,212 | -4,341 | - | ||||
Net (decrease) increase in other items, net | ||||||
- | - | 849 | ||||
Net cash provided by operating activities | ||||||
60,363 | 342 | 11,482 | ||||
INVESTING ACTIVITIES | ||||||
Cash acquired in business combination | ||||||
0 | 111,035 | 0 | ||||
Proceeds from maturities and paydown of securities available-for-sale | ||||||
4,705 | 4,099 | 4,548 | ||||
Proceeds from maturities and paydown of securities held-to-maturity | ||||||
253 | 39 | 367 | ||||
Purchase of securities available-for-sale | ||||||
995 | 2,929 | 8,476 | ||||
Proceeds from sale of securities available-for-sale | ||||||
0 | 1,237 | 4,399 | ||||
Net increase in loans | ||||||
128,713 | 103,769 | - | ||||
Purchases of loans held-for-investment | ||||||
- | - | 14,800 | ||||
Net increase in loans held-for-investment | ||||||
- | - | 34,389 | ||||
Purchase of restricted stock investments | ||||||
131 | 6,946 | 169 | ||||
Proceeds from redemption of Federal Reserve stock | ||||||
0 | 1,879 | 0 | ||||
Purchases of equity investment | ||||||
959 | 209 | 127 | ||||
Proceeds from disposal of premises and equipment | ||||||
0 | 6 | 1 | ||||
Purchases of premises and equipment | ||||||
850 | 817 | 528 | ||||
Net cash used in investing activities | ||||||
-126,690 | 3,625 | -49,174 | ||||
FINANCING ACTIVITIES | ||||||
Net increase (decrease) in deposits | ||||||
61,354 | 4,735 | 16,118 | ||||
Net increase in short-term borrowings | ||||||
-74,998 | 84,998 | 20,000 | ||||
Proceeds from long term FHLB borrowings | ||||||
60,000 | 0 | - | ||||
(Decrease) increase in senior secured notes | ||||||
1,150 | 8,100 | 350 | ||||
Cash dividends paid | ||||||
9,927 | 7,584 | 5,762 | ||||
Repurchase of shares | ||||||
9,420 | 1,100 | 170 | ||||
Proceeds from exercise of stock options | ||||||
2,600 | 1,128 | 257 | ||||
Net cash provided by financing activities | ||||||
30,752 | 90,277 | 30,793 | ||||
Net increase in cash and cash equivalents | ||||||
-35,575 | 94,244 | - | ||||
Increase (decrease) in cash and cash equivalents | ||||||
- | - | -6,899 | ||||
Supplemental Disclosures of Cash Flow Information: | ||||||
Cash paid during the period for: | ||||||
Interest paid | ||||||
12,054 | 8,657 | 5,998 | ||||
Taxes paid | ||||||
11,098 | 4,100 | 6,560 | ||||
Noncash investing and financing activities: | ||||||
Transfers of loans to (from) held for investment from (to) held for sale | ||||||
10,249 | 2,708 | -11,563 | ||||
Servicing rights asset recognized | ||||||
1,140 | 546 | 843 | ||||
Transfer of securities available-for-sale to equity securities | ||||||
0 | 2,540 | 0 | ||||
Issuance of common stock for acquisition, including stock option consideration | ||||||
0 | 133,273 | 0 | ||||