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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES:    
Net income $ 9,108,000 $ 8,496,000
Adjustments to reconcile net income to net cash provided by operating activities:    
(Credit) provision for loan losses (178,000) 500,000
Net amortization of purchase premiums and discounts on securities 11,000 62,000
Depreciation and amortization 447,000 469,000
PPP deferred fees and costs (686,000) 1,937,000
Deferred income tax benefit (63,000) (191,000)
Net security gains 0 (43,000)
Stock compensation expense 394,000 374,000
Gain on sale of mortgage loans, net (521,000) (2,001,000)
Gain on sale of SBA loans held for sale, net (852,000) (245,000)
Origination of mortgage loans sold (27,006,000) (101,869,000)
Origination of SBA loans held for sale (20,108,000) (1,312,000)
Proceeds from sale of mortgage loans, net 27,527,000 103,870,000
Proceeds from sale of SBA loans held for sale, net 7,609,000 2,416,000
BOLI income (163,000) (129,000)
Net change in other assets and liabilities 12,114,000 (685,000)
Net cash provided by operating activities 7,633,000 11,649,000
INVESTING ACTIVITIES    
Purchases of securities held to maturity (18,666,000) 0
Purchase of equity securities 0 0
Purchases of securities available for sale (24,245,000) 0
Purchases of FHLB stock, at cost 0 (16,450,000)
Maturities and principal payments on securities held to maturity 2,584,000 6,305,000
Maturities and principal payments on debt securities available for sale 1,756,000 7,048,000
Proceeds from sales of debt securities available for sale 0 0
Proceeds from sales of equity securities 0 0
Proceeds from redemption of FHLB stock 9,000 17,775,000
Net decrease (increase) in SBA PPP loans 18,521,000 (52,492,000)
Net (increase) decrease in loans (56,461,000) 8,364,000
Proceeds from BOLI 119,000 107,000
Proceeds from sale of premises and equipment 0 0
Purchases of premises and equipment (41,000) (224,000)
Net cash used in investing activities (76,424,000) (29,567,000)
FINANCING ACTIVITIES    
Net increase in deposits 12,288,000 70,434,000
Proceeds from new borrowings 0 130,000,000
Repayments of borrowings 0 (160,000,000)
Proceeds from exercise of stock options 639,214 80,113
Fair market value of shares withheld to cover employee tax liability (220,000) (177,000)
Dividends on common stock (1,008,000) (803,000)
Purchase of treasury stock 0 (1,350,000)
Net cash provided by financing activities 11,699,000 38,184,000
(Decrease) increase in cash and cash equivalents (57,092,000) 20,266,000
Cash and cash equivalents, beginning of period 244,818,000 219,311,000
Cash and cash equivalents, end of period 187,726,000 239,577,000
SUPPLEMENTAL DISCLOSURES    
Interest paid 1,213,000 2,550,000
Income taxes paid 2,145,000 3,320,000
Noncash investing activities:    
Establishment of lease liability and right-of-use asset 582,000 0
Transfer of SBA loans held for sale to held to maturity 0 0
Capitalization of servicing rights $ 131,000 $ 19,000