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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities:    
Net income $ 10,933 $ 8,573
Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:    
Gain on sale of securities, net (98) (23)
Depreciation and amortization of premises and equipment 1,542 1,444
Amortization of software 551 496
Intangible asset amortization 24 30
Amortization of investment security premium, net of discount accretion (63) 25
Unrealized loss (gain) on marketable equity securities 722 (652)
Deferred tax (benefit) expense (562) 735
Stock-based compensation 480 351
Deferred loan fees and amortization, net of costs 9,921 (169)
Provision for loan losses 2,464 1,050
Benefit for purchased receivables (1) (92)
Additions to home mortgage servicing rights carried at fair value (1,659) (1,639)
Change in fair value of home mortgage servicing rights carried at fair value 2,858 1,624
Change in fair value of commercial servicing rights carried at fair value 79 98
Gain on sale of loans (15,965) (7,830)
Proceeds from the sale of loans held for sale 499,134 242,409
Origination of loans held for sale (549,310) (261,400)
Gain on sale of other real estate owned (75) (316)
Net changes in assets and liabilities:    
(Increase) decrease in accrued interest receivable (3,877) 25
(Increase) in other assets (4,309) (3,162)
Decrease in other liabilities 631 668
Net Cash (Used) by Operating Activities (46,580) (17,755)
Investment in securities:    
Purchases of investment securities available for sale (51,074) (15,373)
Purchases of marketable equity securities (1,038) 0
Purchases of FHLB stock (5,801) (806)
Proceeds from sales/calls/maturities of securities available for sale 125,451 39,729
Proceeds from sales of marketable equity securities 503 0
Proceeds from redemption of FHLB stock 5,511 838
Decrease in purchased receivables, net 12,825 1,384
Increase in loans, net (400,812) (31,090)
Proceeds from sale of other real estate owned 75 1,085
Purchases of software (89) (294)
Purchases of premises and equipment (2,175) (1,509)
Net Cash (Used) Provided by Investing Activities (316,624) (6,036)
Financing Activities:    
Increase in deposits 365,008 60,090
Increase in securities sold under repurchase agreements 0 (33,414)
Increase (decrease) in borrowings 2,863 (83)
Repurchase of common stock (6,310) (5,403)
Proceeds from the issuance of common stock (6) 0
Cash dividends paid (4,363) (4,106)
Net Cash Provided by Financing Activities 357,192 17,084
Net Change in Cash and Cash Equivalents (6,012) (6,707)
Cash and Cash Equivalents at Beginning of Period 95,424 77,538
Cash and Cash Equivalents at End of Period 89,412 70,831
Supplemental Information:    
Income taxes paid 3 0
Interest paid 3,112 2,483
Noncash commitments to invest in Low Income Housing Tax Credit Partnerships 0 7,282
Transfer of loans to other real estate owned 162 0
Non-cash lease liability arising from obtaining right of use assets 0 528
Cash dividends declared but not paid $ 48 $ 41