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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES:    
Net income $ 10,287,000 $ 9,108,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision (benefit) for credit losses 108,000 (178,000)
Net amortization of purchase premiums and discounts on securities 36,000 11,000
Depreciation and amortization (738,000) 447,000
PPP deferred fees and costs (68,000) (686,000)
Deferred income tax (benefit) expense 91,000 (63,000)
Net realized security gains (222,000) 0
Stock compensation expense 417,000 394,000
Valuation writedowns on OREO 113,000 0
Gain on sale of mortgage loans, net (244,000) (521,000)
Gain on sale of SBA loans held for sale, net (309,000) (852,000)
BOLI income (80,000) (163,000)
Net change in other assets and liabilities 4,359,000 12,114,000
Net cash provided by operating activities 13,750,000 19,611,000
INVESTING ACTIVITIES    
Purchases of securities held to maturity 0 (18,666,000)
Purchases of equity securities (126,000) 0
Purchases of securities available for sale 0 (24,245,000)
Proceeds from redemption of FHLB stock, at cost 376,000 9,000
Maturities and principal payments on securities held to maturity 0 2,584,000
Maturities, calls and principal payments on securities available for sale 1,639,000 1,756,000
Proceeds from sales of equity securities 1,269,000 0
Net decrease in SBA PPP loans 3,431,000 18,521,000
Net increase in loans (26,339,000) (68,439,000)
Proceeds from BOLI 0 119,000
Purchases of premises and equipment (195,000) (41,000)
Net cash used in investing activities (19,945,000) (88,402,000)
FINANCING ACTIVITIES    
Net increase in deposits 36,393,000 12,288,000
Repayments of borrowings (9,000,000) 0
Proceeds from exercise of stock options 753,894 639,214
Fair market value of shares withheld to cover employee tax liability (224,000) (220,000)
Dividends on common stock (1,215,000) (1,008,000)
Purchase of treasury stock (8,219,000) 0
Net cash provided by financing activities 18,489,000 11,699,000
Increase (decrease) in cash and cash equivalents 12,294,000 (57,092,000)
Cash and cash equivalents, beginning of year 114,793,000 244,818,000
Cash and cash equivalents, end of period 127,087,000 187,726,000
SUPPLEMENTAL DISCLOSURES    
Interest paid 9,202,000 1,213,000
Income taxes paid 3,557,000 2,145,000
Noncash investing activities:    
Establishment of lease liability and right-of-use asset 0 582,000
Capitalization of servicing rights 159,000 131,000
Transfer of loans to OREO $ 288,000 $ 0