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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2020
Mar. 31, 2020
Operating Activities:        
Net income $ 12,181 $ 10,100 $ 9,900 $ 1,033
Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:        
Gain on sale of securities, net 0     (98)
Depreciation and amortization of premises and equipment 789     761
Amortization of software 284     276
Intangible asset amortization 9     12
Amortization of investment security premium, net of discount accretion 73     (15)
Unrealized loss (gain) on marketable equity securities 84     871
Deferred tax (benefit) expense 881     (1,061)
Stock-based compensation 280     242
Deferred loan fees and amortization, net of costs 6,042     (148)
(Benefit) provision for credit losses (1,488)     2,060
Provision for purchased receivables 0     5
Additions to home mortgage servicing rights carried at fair value (1,448)     (663)
Change in fair value of home mortgage servicing rights carried at fair value 1,009     930
Change in fair value of commercial servicing rights carried at fair value 23     21
Gain on sale of loans (11,795)     (4,643)
Proceeds from the sale of loans held for sale 342,808     154,443
Origination of loans held for sale (300,963)     (168,224)
Gain on sale of other real estate owned (31)     (37)
Net changes in assets and liabilities:        
(Increase) in accrued interest receivable (264)     (495)
Decrease (Increase) in other assets 2,795     (3,186)
(Increase) decrease in other liabilities (6,686)     975
Net Cash Provided (Used) by Operating Activities 44,583     (16,941)
Investment in securities:        
Purchases of investment securities available for sale (104,220)     (38,906)
Purchases of marketable equity securities (505)     (1,038)
Purchases of FHLB stock (569)     (1,943)
Purchases of investment securities held to maturity (10,000)     0
Proceeds from sales/calls/maturities of securities available for sale 46,442     44,868
Proceeds from sales of marketable equity securities 0     503
Proceeds from redemption of FHLB stock 4     769
Decrease in purchased receivables, net 2,104     698
Increase in loans, net (111,146)     (38,647)
Proceeds from sale of other real estate owned 31     37
Purchases of software (9)     0
Purchases of premises and equipment (858)     (1,632)
Net Cash (Used) by Investing Activities (178,726)     (35,291)
Financing Activities:        
Increase in deposits 226,336     23,141
Repayments of borrowings (68)      
Proceeds from borrowings       27,986
Repurchase of common stock (2,212)     (6,310)
Proceeds from the issuance of common stock 5     0
Cash dividends paid (2,293)     (2,199)
Net Cash Provided by Financing Activities 221,768     42,618
Net Change in Cash and Cash Equivalents 87,625     (9,614)
Cash and Cash Equivalents at Beginning of Period 115,965   $ 85,810 95,424
Cash and Cash Equivalents at End of Period 203,590 $ 115,965   85,810
Supplemental Information:        
Income taxes paid 0     3
Interest paid 1,105     1,605
Transfer of loans to other real estate owned 274     162
Non-cash lease liability arising from obtaining right of use assets 79     0
Cash dividends declared but not paid $ 20     $ 24