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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities    
Net income $ 18,786 $ 22,423
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:    
Depreciation 1,749 1,695
Provision for loan losses 4,657 (1,786)
Net (gain) loss on sale of investment securities available for sale (10) 52
Forfeiture of common stock (52) (254)
Share-based compensation 12 1
Compensation expensed through issuance of common stock 162 253
Provision for deferred income taxes (996) 454
Net gain on sale of other real estate owned and other repossessed assets 0 (11)
Increase in accrued interest receivable (155) (1,333)
Amortization of premium on investment securities, net 372 194
Decrease (increase) in other assets 1,705 (303)
Amortization of operating lease right-of-use assets 102 177
Decrease in accrued interest payable and other liabilities (4,180) (1,140)
Loans originated for sale (237,416) (63,382)
Proceeds on sales of loans 207,850 53,602
Net gain on sales of loans (2,556) (863)
Net cash and cash equivalents (used in) provided by operating activities (9,970) 9,779
Cash Flows from Investing Activities    
Proceeds from maturities of investment securities available for sale 48,980 48,028
Proceeds from sales of investment securities available for sale 313 4,881
Purchases of investment securities available for sale (52,843) (35,771)
Loans made to customers, net of collections (114,621) (11,095)
Proceeds on sale of other real estate owned and other repossessed assets 0 62
Purchases of property and equipment (919) (802)
Net changes from tax credit real estate investment 732 515
Net cash and cash equivalents (used in) provided by investing activities (118,358) 5,818
Cash Flows from Financing Activities    
Net increase in deposits 262,885 198,077
Issuance of common stock, net of costs 5,844 5,026
Purchase of treasury stock (5,416) (4,647)
Proceeds from the issuance of common stock through the employee stock purchase plan 200 223
Dividends paid (8,325) (7,657)
Net cash and cash equivalents provided by financing activities 255,188 191,022
Increase in cash and cash equivalents 126,860 206,619
Cash and cash equivalents:    
Beginning of period 241,965 43,305
End of period 368,825 249,924
Cash payments for:    
Interest paid to depositors 12,058 13,275
Interest paid on other obligations 2,730 3,166
Income Taxes Paid 4,275 4,909
Noncash activities:    
(Decrease)/increase in maximum cash obligation related to ESOP shares (6,497) 1,355
Transfers to other real estate owned 0 51
Right-of-use assets obtained in exchange for operating lease obligations $ 0 $ 3,581