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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net income $ 7,075 $ 11,203
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Depreciation 874 847
Provision for loan losses 4,649 (1,246)
Net gain on sale of investment securities available for sale (10) 0
Forfeiture of common stock (23) (34)
Share-based compensation 6 0
Compensation expensed through issuance of common stock 89 108
Provision for deferred income taxes (938) 454
Net gain on sale of other real estate owned and other repossessed assets 0 (11)
Increase in accrued interest receivable (1,249) (2,186)
Amortization of premium on investment securities, net 157 100
Decrease in other assets 2,649 426
Amortization of operating lease right-of-use assets 95 0
Decrease in accrued interest payable and other liabilities (5,918) (955)
Loans originated for sale (55,609) (29,847)
Proceeds on sales of loans 53,075 26,850
Net gain on sales of loans (658) (286)
Net cash and cash equivalents provided by operating activities 4,264 5,423
Cash Flows from Investing Activities    
Proceeds from maturities of investment securities available for sale 9,076 10,251
Proceeds from sales of investment securities available for sale 313 0
Purchases of investment securities available for sale (25,827) (12,143)
Loans made to customers, net of collections (24,771) (15,208)
Proceeds on sale of other real estate owned and other repossessed assets 0 62
Purchases of property and equipment (495) (427)
Net changes from tax credit real estate investment 335 262
Net cash and cash equivalents used in investing activities (41,369) (17,203)
Cash Flows from Financing Activities    
Net increase in deposits 70,350 175,768
Issuance of common stock, net of costs 5,844 5,026
Purchase of treasury stock (4,538) (4,291)
Proceeds from the issuance of common stock through the employee stock purchase plan 101 105
Dividends paid (8,324) (7,657)
Net cash and cash equivalents provided by financing activities 63,433 168,951
Increase in cash and cash equivalents 26,328 157,171
Cash and cash equivalents:    
Beginning of period 241,965 43,305
End of period 268,293 200,476
Cash payments for:    
Interest paid to depositors 6,614 6,260
Interest paid on other obligations 1,370 1,575
Noncash activities:    
(Decrease)/increase in maximum cash obligation related to ESOP shares (1,577) 981
Transfers to other real estate owned 0 51
Right-of-use assets obtained in exchange for operating lease obligations $ 0 $ 3,581