CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Cash flows from operating activities |
|
|
| Net income |
$ 60,555
|
$ 39,466
|
| Adjustments to reconcile net income to net cash: |
|
|
| Net Depreciation amortization and accretion |
5,063
|
4,603
|
| Provision for loan losses |
3,816
|
9,488
|
| Stock based compensation |
4,821
|
3,312
|
| Net change in deferred loan fees |
2,332
|
296
|
| Deferred income tax (benefit) expense |
(120)
|
290
|
| (Gain) loss on sale of securities |
(609)
|
(3,286)
|
| (Gain) loss on sale of loans |
|
190
|
| Dividends earned on CRA fund |
(22)
|
(41)
|
| Unrealized (gain) loss on equity securities |
62
|
(48)
|
| Net change in: |
|
|
| Accrued interest receivable |
(1,946)
|
(4,387)
|
| Accounts payable, accrued expenses and other liabilities |
(25,234)
|
38,089
|
| Change in global payments balances |
(6,983)
|
16,227
|
| Change in accrued interest payable |
34
|
(517)
|
| Receivable from global payments, net |
(12,605)
|
(15,678)
|
| Prepaid expenses and other assets |
8,113
|
(734)
|
| Net cash provided by (used in) operating activities |
37,277
|
87,270
|
| Cash flows from investing activities |
|
|
| Loan originations, purchases and payments, net |
(618,323)
|
(476,419)
|
| Proceeds from loans sold |
16,622
|
11,476
|
| Redemptions of other investments |
7
|
10,980
|
| Purchases of other investments |
(407)
|
(1,140)
|
| Purchase of securities available-for-sale |
(484,793)
|
(234,366)
|
| Purchase of securities held-for-investment |
(383,619)
|
|
| Proceeds from sales and calls of securities available-for-sale |
43,241
|
141,422
|
| Proceeds from paydowns and maturities of securities available-for-sale |
124,118
|
64,973
|
| Proceeds from paydowns of securities held-to-maturity |
4,152
|
932
|
| Purchase of derivative contract |
|
(2,980)
|
| Purchase of premises and equipment, net |
(3,995)
|
(3,913)
|
| Net cash provided by (used in) investing activities |
(1,302,997)
|
(489,035)
|
| Cash flows from financing activities |
|
|
| Proceeds from issuance of common stock, net |
162,687
|
|
| Proceeds from FHLB advances |
150
|
|
| Repayments of FHLB advances |
(150)
|
(144,000)
|
| Redemption of common stock for tax withholdings for restricted stock vesting |
(3,385)
|
(881)
|
| Proceeds from (repayments of) secured borrowings |
(4,503)
|
(6,008)
|
| Net increase in deposits |
2,605,966
|
1,027,739
|
| Net cash provided by (used in) financing activities |
2,760,765
|
876,850
|
| Increase (decrease) in cash and cash equivalents |
1,495,045
|
475,085
|
| Cash and cash equivalents at the beginning of the period |
864,305
|
389,220
|
| Cash and cash equivalents at the end of the period |
2,359,350
|
864,305
|
| Cash paid for: |
|
|
| Interest |
16,249
|
18,693
|
| Income Taxes |
24,165
|
19,085
|
| Non-cash item: |
|
|
| Transfer of loans held for investment to held for sale |
$ 17,492
|
$ 1,716
|