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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Jun. 30, 2021
Mar. 31, 2021
Operating Activities:        
Net income $ 7,226 $ 8,114 $ 8,345 $ 12,181
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:        
Depreciation and amortization of premises and equipment 798     789
Amortization of software 293     284
Intangible asset amortization 6     9
Amortization of investment security premium, net of discount accretion 174     73
Unrealized loss on marketable equity securities 422     84
Deferred tax (benefit) expense 0     958
Stock-based compensation 187     280
Deferred loan fees and amortization, net of costs (2,162)     6,042
(Benefit) for credit losses (150)     (1,488)
Additions to home mortgage servicing rights carried at fair value (987)     (1,448)
Change in fair value of home mortgage servicing rights carried at fair value (711)     1,009
Change in fair value of commercial servicing rights carried at fair value 134     23
Gain on sale of loans (3,921)     (11,795)
Proceeds from the sale of loans held for sale 171,166     342,808
Origination of loans held for sale (143,575)     (300,963)
Gain on sale of other real estate owned 0     (31)
Keyman life insurance proceeds (2,002)     0
Net changes in assets and liabilities:        
(Increase) in accrued interest receivable (319)     (264)
Decrease in other assets 1,149     2,718
(Decrease) in other liabilities (7,883)     (6,686)
Net Cash Provided (Used) by Operating Activities 19,845     44,583
Investment in securities:        
Purchases of investment securities available for sale (78,139)     (104,220)
Purchases of marketable equity securities 0     (505)
Purchases of FHLB stock (726)     (569)
Purchases of investment securities held to maturity (4,750)     (10,000)
Proceeds from sales/calls/maturities of securities available for sale 0     46,442
Proceeds from redemption of FHLB stock 5     4
(Increase) decrease in purchased receivables, net (1,565)     2,104
Decrease in loans, net 38,399      
(Increase) in loans, net       (111,146)
Proceeds from sale of other real estate owned 0     31
Proceeds from keyman life insurance 2,002     0
Purchases of software 0     (9)
Purchases of premises and equipment (1,050)     (858)
Net Cash (Used) by Investing Activities (45,824)     (178,726)
Financing Activities:        
(Decrease) increase in deposits (78,565)     226,336
(Decrease) in borrowings (104)     (68)
Repurchase of common stock (5,923)     (2,212)
Proceeds from the issuance of common stock 0     5
Cash dividends paid (2,448)     (2,293)
Net Cash (Used) Provided by Financing Activities (87,040)     221,768
Net Change in Cash and Cash Equivalents (113,019)     87,625
Cash and Cash Equivalents at Beginning of Period 645,827   $ 203,590 115,965
Cash and Cash Equivalents at End of Period 532,808 $ 645,827   203,590
Supplemental Information:        
Interest paid 726     1,105
Transfer of loans to other real estate owned 0     274
Non-cash lease liability arising from obtaining right of use assets 0     79
Cash dividends declared but not paid 23     20
Cumulative effect adjustment to retained earnings $ 0     $ 2,400