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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 23,918 $ 33,310 $ 28,840
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:      
Provision for credit losses 1,651 2,976 522
Depreciation and amortization of premises and equipment 1,336 1,367 1,314
Amortization of net premiums on securities 235 629 882
Amortization of servicing assets 4,418 4,385 3,536
Accretion of net discounts on loans (2,840) (4,868) (4,847)
Amortization of low income housing partnerships 1,325 697 522
Stock-based compensation 1,297 1,179 558
Deferred income taxes 626 1,081 (2,312)
Gain on sale of loans (7,843) (12,285) (11,313)
Earnings on company owned life insurance (620) (479) (255)
Net change in fair value of equity investment with readily determinable fair value (48) 431 108
Origination of loans held for sale (107,610) (137,642) (177,042)
Proceeds from sales of loans held for sale 154,593 196,531 122,520
Net change in:      
Accrued interest receivable (1,079) (2,396) 242
Other assets (7,543) 269 5,793
Accrued interest payable 9,857 2,213 (463)
Other liabilities (3,831) (3,664) 3,117
Net cash provided by operating activities 67,842 83,734 (28,278)
Cash flows from investing activities      
Net change in loans receivable (57,932) (138,998) (123,069)
Proceeds from matured, called, or paid-down securities available for sale 24,368 32,191 35,941
Purchase of company owned life insurance 0 (10,000) 0
Purchase of loans (27,604) (225,133) (97,631)
Purchase of available-for-sale debt securities (5,647) (115,819) (98,368)
Purchase of equity investments (85) (53) 0
Purchase of Federal Home Loan Bank stock (4,045) (1,477) (963)
Purchase of premises and equipment, net (2,184) (1,412) (1,125)
Investment in low income housing partnerships (2,843) (1,076) (829)
Net cash used in investing activities (75,972) (461,777) (286,044)
Cash flows from financing activities      
Net change in deposits (78,213) 351,705 333,976
Cash received from stock option exercises 888 608 89
Proceeds from Federal Home Loan Bank advances 105,000 0 0
Repayment of Federal Home Loan Bank advances 0 0 (5,000)
Repurchase of common stock (3,934) 0 (28)
Cash dividend paid on common stock (7,269) (6,676) (5,132)
Payments related to tax-withholding for vested restricted stock awards (98) (81) (434)
Net cash provided by financing activities 16,374 345,556 323,471
Net change in cash and cash equivalents 8,244 (32,487) 9,149
Cash and cash equivalents at beginning of period 82,972 115,459 106,310
Cash and cash equivalents at end of period 91,216 82,972 115,459
Supplemental cash flow information:      
Income taxes 8,393 14,493 10,778
Interest 43,121 9,088 3,595
Supplemental non-cash disclosure:      
Initial recognition of right-of-use assets 1,369 1,961 3,708
New commitments to low income housing partnership investments $ 6,000 $ 5,000 $ 3,500