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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 33,310 $ 28,840 $ 13,127
Adjustments to reconcile net income to net cash and cash equivalents provided by (used in) operating activities:      
Provision for loan losses 2,976 522 5,961
Depreciation and amortization of premises and equipment 1,367 1,314 1,301
Amortization of net premiums on securities 629 882 587
Amortization of servicing assets 4,385 3,536 1,737
Accretion of loan discounts (4,868) (4,847) (1,978)
Amortization of low income housing partnerships 697 522 262
Stock-based compensation 1,179 558 1,102
Deferred income taxes 1,081 (2,312) (2,326)
Gain on sale of loans (12,285) (11,313) (6,092)
Gain on sales of other assets 0 0 (213)
Earnings on company owned life insurance (479) (255) (261)
Net change in fair value of equity investment with readily determinable fair value 431 108 (79)
Origination of loans held for sale (137,642) (177,042) (111,015)
Proceeds from sales of loans held for sale 196,531 122,520 92,448
Net change in:      
Accrued interest receivable (2,396) 242 (1,462)
Other assets 269 5,793 2,531
Accrued interest payable 2,213 (463) (1,665)
Other liabilities (3,664) 3,117 1,184
Net cash provided by (used in) operating activities 83,734 (28,278) (4,851)
Cash flows from investing activities      
Net change in loans receivable (138,998) (123,069) (109,470)
Proceeds from matured, called, or paid-down securities available for sale 32,191 35,941 30,321
Purchase of company owned life insurance (10,000) 0 0
Purchase of loans (225,133) (97,631) 0
Purchase of securities available for sale (115,819) (98,368) (65,226)
Purchase of equity investments (53) 0  
Purchase of Federal Home Loan Bank stock (1,477) (963) (685)
Purchase of premises and equipment, net (1,412) (1,125) (619)
Investment in low income housing partnerships (1,076) (829) (1,389)
Net cash used in investing activities (461,777) (286,044) (147,068)
Cash flows from financing activities      
Net change in deposits 351,705 333,976 179,379
Cash received from stock option exercises 608 89 380
Proceeds from Federal Home Loan Bank advances 0 0 10,000
Repayment of Federal Home Loan Bank advances 0 (5,000) (5,000)
Repurchase of common stock 0 (28) (8,104)
Cash dividend paid on common stock (6,676) (5,132) (4,262)
Payments related to tax-withholding for vested restricted stock awards (81) (434) (107)
Net cash provided by financing activities 345,556 323,471 172,286
Net change in cash and cash equivalents (32,487) 9,149 20,367
Cash and cash equivalents at beginning of period 115,459 106,310 85,943
Cash and cash equivalents at end of period 82,972 115,459 106,310
Supplemental cash flow information:      
Income taxes 14,493 10,778 6,125
Interest 9,088 3,595 9,957
Supplemental non-cash disclosure:      
Initial recognition of right-of-use assets 1,961 3,708 0
New commitments to low income housing partnership investments $ 5,000 $ 3,500 $ 3,477