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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 10,388 $ 19,950
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation of premises and equipment 1,118 1,152
Net amortization of premiums on securities 656 641
Net accretion of discounts on loans (2,301) (3,083)
Net accretion of deferred loan costs (fees) (1,988) (327)
Amortization of servicing assets 1,385 1,875
Provision for loan losses 11,077 207
Deferred tax benefit (3,005) (967)
Stock-based compensation 592 503
Gain on sale of loans (3,044) (4,551)
Originations of loans held-for-sale (100,507) (75,023)
Proceeds from sales of and principal collected on loans held-for-sale 75,389 84,943
Change in accrued interest receivable and other assets (4,911) 840
Change in accrued interest payable and other liabilities (3,944) (326)
Net cash provided by (used in) operating activities (19,095) 25,834
Cash flows from investing activities    
Purchase of securities available-for-sale (36,640) (6,247)
Proceeds from maturities, calls, and paydowns of securities available-for-sale 26,245 21,365
Purchase of securities held-to-maturity 0 (2,150)
Proceeds from maturities and paydowns of securities held-to-maturity 1,309 2,192
Proceeds from sale of loans held-for-sale previously classified as held-for-investment 664 826
Net change in loans held-for-investment (129,337) (50,280)
Purchase of loans held-for-investment 0 (893)
Purchase of Federal Home Loan Bank stock (102) (912)
Proceeds from sale of other real estate owned 2,490 321
Purchases of premises and equipment (1,714) (575)
Net cash used in investing activities (137,085) (36,353)
Cash flows from financing activities    
Net change in deposits 167,800 (11,491)
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 636 459
Repurchase of common stock (6,487) (6,104)
Cash dividends paid on common stock (4,615) (2,706)
Net cash provided by (used in) financing activities 267,334 (29,842)
Net increase (decrease) in cash and cash equivalents 111,154 (40,361)
Cash and cash equivalents at beginning of period 146,228 162,273
Cash and cash equivalents at end of period 257,382 121,912
Supplemental disclosures of cash flow information:    
Interest paid 14,849 19,018
Income taxes paid 6,621 9,410
Supplemental disclosures of non-cash investment activities:    
Loans transferred to loans held-for-sale 1,355 824
Loans transferred to other real estate owned 2,544 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 $ 105 $ 1,616