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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 13,625 $ 16,632
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
(Reversal of) provision for credit losses (338) 1,337
Depreciation and amortization of premises and equipment 673 671
Amortization of net premiums on securities 131 414
Amortization of servicing assets 2,074 2,161
Accretion of net discounts on loans (1,304) (2,584)
Amortization of low income housing partnerships 723 374
Stock-based compensation 638 602
Deferred income taxes 1,092 (859)
Gain on sale of loans (4,668) (7,111)
Earnings on company owned life insurance (300) (183)
Net change in fair value of equity investment with readily determinable fair value (1) 293
Origination of loans held for sale (40,139) (68,245)
Proceeds from sales of loans held for sale 87,173 90,928
Net change in:    
Accrued interest receivable (523) 532
Other assets (6,780) 2,473
Accrued interest payable 6,583 53
Other liabilities (4,907) (2,885)
Net cash provided by operating activities 53,752 34,603
Cash flows from investing activities    
Net change in loans receivable (17,685) (32,483)
Proceeds from matured, called, or paid-down securities available for sale 12,614 18,853
Purchase of company owned life insurance 0 (10,000)
Purchase of loans (18,501) (138,007)
Purchase of available-for-sale debt securities (5,647) (57,518)
Purchase of equity investments (39) 0
Purchase of Federal Home Loan Bank stock (4,044) (1,477)
Purchase of premises and equipment, net (1,366) (808)
Investment in low income housing partnerships (1,563) (374)
Net cash used in investing activities (36,231) (221,814)
Cash flows from financing activities    
Net change in deposits (26,132) 207,557
Cash received from stock option exercises 720 0
Proceeds from Federal Home Loan Bank advances 75,000 0
Repurchase of common stock (2,582) 0
Cash dividend paid on common stock (3,654) (3,029)
Payments related to tax-withholding for vested restricted stock awards (84) (79)
Net cash provided by financing activities 43,268 204,449
Net change in cash and cash equivalents 60,789 17,238
Cash and cash equivalents at beginning of period 82,972 115,459
Cash and cash equivalents at end of period 143,761 132,697
Supplemental cash flow information:    
Income taxes 7,305 7,947
Interest 16,969 1,670
Supplemental non-cash disclosure:    
Initial recognition of right-of-use assets $ 1,369 $ 0