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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:    
Net income $ 22,788 $ 16,111
Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:    
Gain on sale of securities, net (98) (23)
Loss on disposal of premises and equipment 22 0
Depreciation and amortization of premises and equipment 2,337 2,231
Amortization of software 821 753
Intangible asset amortization 36 45
Amortization of investment security premium, net of discount accretion (24) 26
Unrealized loss (gain) on marketable equity securities 347 (782)
Deferred tax (benefit) expense (477) 758
Stock-based compensation 717 544
Deferred loan fees and amortization, net of costs 9,399 137
Provision (benefit) for loan losses 3,031 (1,025)
Benefit for purchased receivables (7) (103)
Additions to home mortgage servicing rights carried at fair value (3,032) (2,672)
Change in fair value of home mortgage servicing rights carried at fair value 4,363 2,287
Change in fair value of commercial servicing rights carried at fair value 180 118
Gain on sale of loans (30,701) (14,598)
Proceeds from the sale of loans held for sale 883,899 470,561
Origination of loans held for sale (913,469) (503,195)
Gain on sale of other real estate owned (176) (380)
Net changes in assets and liabilities:    
(Increase) decrease in accrued interest receivable (3,512) 19
(Increase) in other assets (6,443) 3,257
Decrease in other liabilities 2,980 3,590
Net Cash (Used) by Operating Activities (27,019) (22,341)
Investment in securities:    
Purchases of investment securities available for sale (89,173) (63,904)
Purchases of marketable equity securities (1,439) 0
Purchases of FHLB stock (5,884) (879)
Proceeds from sales/calls/maturities of securities available for sale 150,544 81,059
Proceeds from sales of marketable equity securities 502 0
Proceeds from redemption of FHLB stock 5,514 840
Decrease in purchased receivables, net 10,860 836
Increase in loans, net (459,346) (51,545)
Proceeds from sale of other real estate owned 419 1,149
Purchases of software (96) (374)
Purchases of premises and equipment (2,552) (1,697)
Net Cash (Used) by Investing Activities (390,651) (34,515)
Financing Activities:    
Increase in deposits 433,782 122,941
Decrease in securities sold under repurchase agreements 0 (34,278)
Increase in borrowings 4,846 1,692
Repurchase of common stock (8,676) (12,569)
Proceeds from the issuance of common stock 8 0
Cash dividends paid (6,585) (6,280)
Net Cash Provided by Financing Activities 423,375 71,506
Net Change in Cash and Cash Equivalents 5,705 14,650
Cash and Cash Equivalents at Beginning of Period 95,424 77,538
Cash and Cash Equivalents at End of Period 101,129 92,188
Supplemental Information:    
Income taxes paid 1,940 275
Interest paid 4,580 3,889
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 370 528
Cash dividends declared but not paid $ 73 $ 66