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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES:    
Net income $ 26,373,000 $ 16,299,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 500,000 6,000,000
Net amortization of purchase premiums and discounts on securities 180,000 183,000
Depreciation and amortization 1,125,000 1,295,000
PPP deferred fees and costs 368,000 3,888,000
Deferred income tax benefit (2,300,000) (2,292,000)
Net security gains (47,000) (322,000)
Stock compensation expense 1,189,000 1,059,000
Valuation writedowns on OREO 0 200,000
Gain on sale of mortgage loans, net (4,953,000) (3,590,000)
Gain on sale of SBA loans held for sale, net (741,000) (1,099,000)
Origination of mortgage loans sold (245,933,000) (191,667,000)
Origination of SBA loans held for sale (15,221,000) (4,154,000)
Proceeds from sale of mortgage loans, net 250,886,000 195,257,000
Proceeds from sale of SBA loans held for sale, net 6,466,000 13,517,000
BOLI income (399,000) (474,000)
Gain on sale of premises and equipment 4,000 0
Net change in other assets and liabilities 2,677,000 (1,287,000)
Net cash provided by operating activities 20,174,000 32,813,000
INVESTING ACTIVITIES    
Purchases of securities held to maturity (10,248,000) 0
Purchase of equity securities (2,500,000) 0
Purchases of securities available for sale (12,251,000) (2,717,000)
Purchases of FHLB stock, at cost (38,314,000) (58,780,000)
Maturities and principal payments on securities held to maturity 5,094,000 0
Maturities and principal payments on debt securities available for sale 11,434,000 11,239,000
Proceeds from sales of debt securities available for sale 7,048,000 6,635,000
Proceeds from sales of equity securities 53,000 111,000
Proceeds from redemption of FHLB stock 44,505,000 60,570,000
Proceeds from sale of OREO 0 812,000
Net decrease (increase) in SBA PPP loans 35,998,000 (142,845,000)
Net increase in loans (64,936,000) (57,259,000)
Proceeds from BOLI 326,000 315,000
Proceeds from sale of premises and equipment 20,000 0
Purchases of premises and equipment (1,105,000) (435,000)
Net cash used in investing activities (24,876,000) (182,354,000)
FINANCING ACTIVITIES    
Net increase in deposits 148,226,000 243,326,000
Proceeds from new borrowings 20,000,000 200,000,000
Repayments of borrowings (160,000,000) (243,000,000)
Proceeds from exercise of stock options 444,988 395,518
Fair market value of shares withheld to cover employee tax liability (195,000) (182,000)
Dividends on common stock (2,608,000) (2,485,000)
Purchase of treasury stock (4,105,000) (5,135,000)
Net cash provided by financing activities 1,763,000 192,920,000
(Decrease) increase in cash and cash equivalents (2,939,000) 43,379,000
Cash and cash equivalents, beginning of period 219,311,000 158,016,000
Cash and cash equivalents, end of period 216,372,000 201,395,000
SUPPLEMENTAL DISCLOSURES    
Interest paid 6,409,000 11,702,000
Income taxes paid 10,290,000 6,762,000
Noncash investing activities:    
Establishment of lease liability and right-of-use asset 1,803,000 28,000
Transfer of SBA loans held for sale to held to maturity 0 1,193,000
Capitalization of servicing rights $ 125,000 $ 575,000