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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 13,569,000 $ 20,432,000
Adjustments to reconcile net income to net cash from operating activities    
Provision for credit losses 2,914,000 1,500,000
Depreciation, amortization and accretion 7,681,000 8,815,000
Compensation expense related to stock options and restricted stock awards 932,000 593,000
ESOP compensation expense for allocated shares 0 897,000
Change in cash surrender value of BOLI (433,000) (429,000)
Gain on sale of loans held for sale (5,923,000) (17,971,000)
Gain on sale of portfolio loans 0 (106,000)
Origination of loans held for sale (389,458,000) (738,564,000)
Proceeds from sale of loans held for sale 501,367,000 806,668,000
Recovery of servicing rights (1,000) (2,046,000)
Loss on sale of OREO 0 9,000
Changes in operating assets and liabilities    
Accrued interest receivable (959,000) (293,000)
Other assets 1,197,000 (3,834,000)
Other liabilities (1,916,000) (2,256,000)
Net cash from operating activities 128,970,000 73,415,000
Activity in securities available-for-sale:    
Maturities, prepayments, and calls 11,016,000 11,537,000
Purchases (21,002,000) (69,423,000)
Activity in securities held-to-maturity:    
Purchases (1,000,000) 0
Maturities of certificates of deposit at other financial institutions 5,582,000 496,000
Portfolio loan originations and principal collections, net (235,136,000) (116,050,000)
Proceeds from sale of portfolio loans 0 2,699,000
Purchase of portfolio loans (2,806,000) 0
Proceeds from sale of OREO, net 0 81,000
Purchase of premises and equipment (401,000) (1,595,000)
Proceeds from bank owned life insurance death benefits 419,000 0
Change in FHLB stock, net (1,517,000) 2,374,000
Net cash used by investing activities (244,845,000) (169,881,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 100,315,000 184,462,000
Proceeds from borrowings 324,500,000 0
Repayments of borrowings (289,000,000) (123,281,000)
Dividends paid on common stock (4,006,000) (2,231,000)
Net proceeds from issuance of subordinated notes 0 49,333,000
Repayment of subordinated notes 0 (10,000,000)
Proceeds (disbursements) from stock options exercised, net 130,000 (1,024,000)
Common stock repurchased (13,896,000) (5,815,000)
Net cash from financing activities 118,043,000 91,444,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,168,000 (5,022,000)
CASH AND CASH EQUIVALENTS, beginning of period 26,491,000 91,576,000
CASH AND CASH EQUIVALENTS, end of period 28,659,000 86,554,000
SUPPLEMENTARY DISCLOSURES OF CASH FLOW INFORMATION    
Interest on deposits and borrowings 2,962,000 4,682,000
Income taxes 1,530,000 6,206,000
SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES    
Change in unrealized loss on available - for sale investment securities (32,479,000) (2,509,000)
Change in unrealized gain on fair value and cash flow hedges 4,590,000 1,109,000
Retention in gross mortgage servicing rights from loan sales 4,010,000 5,600,000
OREO received in settlement of loans 145,000 0
Right-of-use assets in exchange for lease liabilities $ 938,000 $ 979,000