| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
30,134 | 25,554 | 12,369 | 5,013 | 4,269 | ||
Adjustments to reconcile net income to net cash: | ||||||
Depreciation and amortization | ||||||
1,613 | 1,355 | 978 | 785 | 696 | ||
Net amortization of premiums on securities | ||||||
-543 | -306 | -321 | -355 | -492 | ||
Amortization of subordinated debt issuance costs | ||||||
56 | 56 | 46 | - | - | ||
Gain on sale of securities | ||||||
- | - | - | 40 | - | ||
Provision (credit) for loan losses | ||||||
4,223 | 3,138 | 7,059 | 8,060 | 2,015 | ||
Employee and non-employee stock-based compensation | ||||||
3,067 | 2,151 | 412 | - | - | ||
Net change in deferred loan fees | ||||||
-2,837 | -1,063 | 90 | 15 | 1,006 | ||
Stock-based compensation expense | ||||||
- | - | - | 2,328 | 447 | ||
Deferred income tax benefit | ||||||
-1,865 | -1,531 | 790 | - | - | ||
Loss on call of securities | ||||||
- | -37 | - | - | - | ||
Gain on sale of loans | ||||||
86 | 50 | - | - | - | ||
Dividends earned on CRA fund | ||||||
50 | - | - | - | - | ||
Unrealized gain/loss of equity securities | ||||||
64 | - | - | - | - | ||
Net change in: | ||||||
Accrued interest receivable | ||||||
3,355 | 1,086 | 1,686 | 434 | 628 | ||
Accounts payable, accrued expenses and other liabilities | ||||||
5,117 | -3,239 | 10,777 | -1,215 | 1,542 | ||
Prepaid third-party debit cardholder balances | ||||||
-3,009 | 1,195 | -2,018 | -6,635 | 2,919 | ||
Accrued interest payable | ||||||
-53 | 533 | 522 | -93 | -6 | ||
Accounts receivable, net | ||||||
148 | -1,081 | 1,181 | 4,550 | -245 | ||
Receivable from prepaid card programs, net | ||||||
1,860 | -1,361 | 2,013 | 187 | -3,703 | ||
Prepaid expenses and other assets | ||||||
2,161 | 2,474 | -1,151 | 1,171 | 2,952 | ||
Net cash provided by operating activities | ||||||
40,957 | 27,060 | 31,473 | - | - | ||
Cash flows from investing activities: | ||||||
Loan originations, purchases and payments, net of recoveries | ||||||
777,181 | 279,794 | - | - | - | ||
Loans purchased | ||||||
51,784 | 190,788 | 46,756 | - | - | ||
Deferred income tax benefit | ||||||
- | - | - | -913 | -455 | ||
Net cash provided by operating activities | ||||||
- | - | - | 14,558 | 5,443 | ||
Loan originations, purchases and payments, net of recoveries | ||||||
- | - | 330,362 | 240,420 | 184,597 | ||
Proceeds from the sale of loans held for sale | ||||||
21,502 | 26,732 | 7,871 | - | - | ||
Redemptions of other investments | ||||||
12,354 | 4,255 | 7,203 | - | - | ||
Purchases of other investments | ||||||
- | - | 8,292 | - | - | ||
Purchases of other investments | ||||||
11,007 | 12,865 | - | 182 | 5,368 | ||
Purchase of securities available for sale | ||||||
226,858 | 7,687 | - | - | - | ||
Purchases of securities available for sale | ||||||
- | - | 1,470 | 1,546 | - | ||
Proceeds from sales of securities available for sale | ||||||
1,065 | 1,463 | - | - | - | ||
Proceeds from sales and calls of securities available for sale | ||||||
- | - | - | 2,771 | - | ||
Proceeds from paydowns and maturities of securities available for sale | ||||||
23,136 | 5,252 | 6,359 | 8,378 | 9,491 | ||
Purchase of securities held to maturity | ||||||
- | - | - | 2,684 | 5,151 | ||
Proceeds from paydowns and maturities of securities held to maturity | ||||||
820 | 826 | 1,034 | 1,198 | 283 | ||
Purchase of premises and equipment, net | ||||||
6,836 | 1,964 | - | - | - | ||
Purchase of premises and equipment, net | ||||||
- | - | 2,211 | 1,180 | 1,732 | ||
Net cash used in investing activities | ||||||
- | - | - | -233,665 | -187,074 | ||
Net cash used in investing activities | ||||||
-1,014,789 | -454,570 | -366,624 | - | - | ||
Cash flows from financing activities: | ||||||
Redemption of preferred stock, net | ||||||
- | - | - | 2,672 | - | ||
Payment of preferred stock dividend | ||||||
- | - | - | 3,420 | - | ||
Proceeds from issuance of subordinated debt, net of issuance cost | ||||||
- | - | 24,443 | - | - | ||
Proceeds from FHLB advances | ||||||
1,028,000 | 293,240 | 326,864 | 120,000 | 97,426 | ||
Repayments of FHLB advances | ||||||
1,069,000 | 150,438 | 363,084 | 137,729 | 65,202 | ||
Proceeds from issuance of common stock, net | ||||||
- | - | 114,773 | 28,368 | 12,606 | ||
Proceeds from issuance of preferred stock, net | ||||||
- | - | - | 5,503 | - | ||
Purchase and retirement of treasury preferred stock | ||||||
- | - | - | 1,400 | - | ||
Proceeds from exercise of stock options, net of redemptions | ||||||
- | 360 | 135 | - | - | ||
Redemption of common stock for tax withholdings for restricted stock vesting | ||||||
-89 | -132 | -255 | - | - | ||
Payments of secured borrowings | ||||||
42,972 | - | - | - | - | ||
Net increase in deposits | ||||||
1,130,220 | 256,199 | 410,575 | 227,741 | 156,793 | ||
Net cash provided by financing activities | ||||||
- | - | - | 236,391 | 201,623 | ||
Net cash provided by financing activities | ||||||
1,132,103 | 399,229 | 513,451 | - | - | ||
Increase in cash and cash equivalents | ||||||
158,271 | -28,281 | 178,300 | - | - | ||
Increase in cash and cash equivalents | ||||||
- | - | - | 17,284 | 19,992 | ||
Supplemental information: | ||||||
Cash paid for: | ||||||
Interest | ||||||
32,223 | 12,184 | 8,149 | 6,182 | 5,025 | ||
Income Taxes | ||||||
15,185 | 13,794 | 8,787 | 5,270 | 3,265 | ||
Non-cash item: | ||||||
Transfer of loans held for investment to held for sale | ||||||
21,502 | 26,682 | 7,871 | - | - | ||
Transfer of loans held for investment to held for sale | ||||||
- | - | - | 26,095 | - | ||