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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ 6,939 $ 13,165
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 745 763
Net amortization of premiums on securities 413 406
Net accretion of discounts on loans (1,558) (2,041)
Net accretion of deferred loan costs (fees) (770) (209)
Amortization of servicing assets 996 1,213
Provision for loan losses 6,751 309
Deferred tax benefit (1,901) (689)
Stock-based compensation 392 323
Gain on sale of loans (2,223) (3,011)
Originations of loans held-for-sale (48,559) (47,532)
Proceeds from sales of and principal collected on loans held-for-sale 49,247 56,693
Change in accrued interest receivable and other assets (3,039) (12)
Change in accrued interest payable and other liabilities (2,623) (1,920)
Net cash provided by operating activities 4,810 17,458
Cash flows from investing activities    
Purchase of securities available-for-sale (24,394) (6,247)
Proceeds from maturities, calls, and paydowns of securities available-for-sale 15,184 13,179
Purchase of securities held-to-maturity 0 (2,150)
Proceeds from maturities and paydowns of securities held-to-maturity 1,309 1,149
Proceeds from sale of loans held-for-sale previously classified as held-for-investment 664 303
Net change in loans held-for-investment (103,260) (56,712)
Purchase of Federal Home Loan Bank stock (102) (912)
Purchases of premises and equipment (1,528) (513)
Net cash used in investing activities (112,127) (51,903)
Cash flows from financing activities    
Net increase in deposits 167,623 2,773
Net change in short-term Federal Home Loan Bank advances 0 15,000
Proceeds from long-term Federal Home Loan Bank advances 140,000 0
Repayment of long-term Federal Home Loan Bank advances (30,000) (10,000)
Stock options exercised 633 420
Repurchase of common stock (6,487) (974)
Cash dividends paid on common stock (3,077) (1,762)
Net cash provided by financing activities 268,692 5,457
Net increase (decrease) in cash and cash equivalents 161,375 (28,988)
Cash and cash equivalents at beginning of period 146,228 162,273
Cash and cash equivalents at end of period 307,603 133,285
Supplemental disclosures of cash flow information:    
Interest paid 10,822 13,017
Income taxes paid 4,131 7,322
Supplemental disclosures of non-cash investment activities:    
Loans transferred to loans held-for-sale 1,355 303
Loans transferred to other real estate owned 54 50
Reclassification of securities held-to-maturity to securities available-for-sale 18,777 0
Right of use assets obtained in exchange for lease obligations $ 54 $ 1,588