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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES:    
Net income $ 28,501,000 $ 26,373,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 2,526,000 500,000
Net amortization of purchase premiums and discounts on securities 26,000 180,000
Depreciation and amortization 2,112,000 1,125,000
PPP deferred fees and costs (1,376,000) 368,000
Deferred income tax benefit (2,064,000) (2,300,000)
Net realized security gains 0 (47,000)
Stock compensation expense 1,239,000 1,189,000
Gain on sale of mortgage loans, net (1,231,000) (4,953,000)
Gain on sale of SBA loans held for sale, net (852,000) (741,000)
Origination of mortgage loans sold (64,096,000) (245,933,000)
Origination of SBA loans held for sale (20,108,000) (15,221,000)
Proceeds from sale of mortgage loans, net 65,327,000 250,886,000
Proceeds from sale of SBA loans held for sale, net 7,609,000 6,466,000
BOLI income (494,000) (399,000)
Net change in other assets and liabilities (18,830,000) 2,681,000
Net cash (used in) provided by operating activities (1,711,000) 20,174,000
INVESTING ACTIVITIES    
Purchases of securities held to maturity (26,748,000) (10,248,000)
Purchase of equity securities (1,539,000) (2,500,000)
Purchases of securities available for sale (45,249,000) (12,251,000)
Net changes in FHLB Stock (10,848,000) 6,191,000
Maturities and principal payments on securities held to maturity 5,185,000 5,094,000
Maturities and principal payments on debt securities available for sale 3,901,000 11,434,000
Proceeds from sales of debt securities available for sale 0 7,048,000
Proceeds from sales of equity securities 0 53,000
Net decrease in SBA PPP loans 41,123,000 35,998,000
Net increase in loans (321,382,000) (64,936,000)
Proceeds from BOLI 468,000 326,000
Proceeds from sale of premises and equipment 0 20,000
Purchases of premises and equipment (240,000) (1,105,000)
Net cash used in investing activities (355,329,000) (24,876,000)
FINANCING ACTIVITIES    
Net increase in deposits 37,716,000 148,226,000
Net changes from borrowings 240,000,000 (140,000,000)
Proceeds from exercise of stock options 1,394,809 444,988
Fair market value of shares withheld to cover employee tax liability (266,000) (195,000)
Dividends on common stock (3,243,000) (2,608,000)
Purchase of treasury stock 0 (4,105,000)
Net cash provided by financing activities 275,602,000 1,763,000
Decrease in cash and cash equivalents (81,438,000) (2,939,000)
Cash and cash equivalents, beginning of period 244,818,000 219,311,000
Cash and cash equivalents, end of period 163,380,000 216,372,000
SUPPLEMENTAL DISCLOSURES    
Interest paid 4,851,000 6,409,000
Income taxes paid 9,357,000 10,290,000
Noncash investing activities:    
Establishment of lease liability and right-of-use asset 582,000 1,803,000
Capitalization of servicing rights $ 131,000 $ 125,000