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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES:    
Net income $ 18,559,000 $ 16,914,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 1,009,000 500,000
Net amortization of purchase premiums and discounts on securities 44,000 123,000
Depreciation and amortization 1,412,000 583,000
PPP deferred fees and costs (1,120,000) 1,707,000
Deferred income tax benefit (1,118,000) (585,000)
Net security gains 0 (43,000)
Stock compensation expense 833,000 784,000
Gain on sale of mortgage loans, net (952,000) (3,467,000)
Gain on sale of SBA loans held for sale, net (852,000) (741,000)
Origination of mortgage loans sold (49,356,000) (183,843,000)
Origination of SBA loans held for sale (20,108,000) (7,178,000)
Proceeds from sale of mortgage loans, net 50,308,000 187,310,000
Proceeds from sale of SBA loans held for sale, net 7,609,000 6,466,000
BOLI income (324,000) (261,000)
Net change in other assets and liabilities 5,896,000 1,446,000
Net cash provided by operating activities 11,840,000 19,715,000
INVESTING ACTIVITIES    
Purchases of securities held to maturity (26,748,000) (5,836,000)
Purchase of equity securities (1,539,000) 0
Purchases of securities available for sale (44,904,000) (3,500,000)
Purchases of FHLB stock, at cost (10,407,000) (29,741,000)
Maturities and principal payments on securities held to maturity 4,244,000 3,836,000
Maturities and principal payments on debt securities available for sale 2,752,000 9,406,000
Proceeds from sales of debt securities available for sale 0 7,048,000
Proceeds from redemption of FHLB stock 4,734,000 31,275,000
Net decrease (increase) in SBA PPP loans 33,356,000 (15,962,000)
Net increase in loans (172,173,000) (11,037,000)
Proceeds from BOLI 468,000 215,000
Proceeds from sale of premises and equipment 0 20,000
Purchases of premises and equipment (97,000) (411,000)
Net cash used in investing activities (210,314,000) (14,687,000)
FINANCING ACTIVITIES    
Net (increase) decrease in deposits (60,913,000) 36,357,000
Proceeds from new borrowings 125,000,000 125,000,000
Repayments of borrowings 0 (160,000,000)
Proceeds from exercise of stock options 953,537 267,626
Fair market value of shares withheld to cover employee tax liability (220,000) (177,000)
Dividends on common stock (2,122,000) (1,709,000)
Purchase of treasury stock 0 (2,226,000)
Net cash provided by (used in) financing activities 62,699,000 (2,487,000)
(Decrease) increase in cash and cash equivalents (135,775,000) 2,541,000
Cash and cash equivalents, beginning of period 244,818,000 219,311,000
Cash and cash equivalents, end of period 109,043,000 221,852,000
SUPPLEMENTAL DISCLOSURES    
Interest paid 2,531,000 4,806,000
Income taxes paid 4,687,000 6,780,000
Noncash investing activities:    
Establishment of lease liability and right-of-use asset 582,000 0
Capitalization of servicing rights $ 131,000 $ 125,000