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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,662,000 $ 4,430,000
Adjustments to reconcile net income to net cash used in operating activities:    
Loan loss provision 1,897,000 1,301,000
Impairment of servicing rights 1,216,000 0
Depreciation 1,190,000 861,000
Net amortization of investment securities premiums and discounts 523,000 537,000
Amortization of mortgage servicing rights 1,622,000 635,000
Amortization of right-of-use assets 228,000 235,000
Amortization of core deposit intangible and tax credits 330,000 507,000
Compensation expense related to restricted stock awards 148,000 0
ESOP compensation expense for allocated shares 153,000 143,000
Deferred income tax (benefit) provision (472,000) 229,000
Net gain on sale of loans (13,331,000) (5,959,000)
Originations of loans held-for-sale (387,022,000) (189,404,000)
Proceeds from sales of loans held-for-sale 368,250,000 178,612,000
Net gain on sale of available-for-sale securities (1,068,000) (49,000)
Net (gain) loss on sale of real estate owned and other repossessed assets (1,000) 18,000
Net gain on sale/disposal of premises and equipment (4,000) 0
Net appreciation in cash surrender value of life insurance (320,000) (317,000)
Net change in:    
Accrued interest and dividends receivable (490,000) (168,000)
Other assets (5,931,000) (892,000)
Accrued expenses and other liabilities 6,079,000 2,462,000
Net cash used in operating activities (17,341,000) (6,819,000)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales 18,149,000 53,257,000
Maturities, principal payments and calls 17,682,000 6,986,000
Purchases (35,484,000) (37,133,000)
FHLB stock redeemed (purchased) 841,000 (109,000)
FRB stock purchased 0 (493,000)
Net cash received from acquisitions 5,044,000 6,901,000
Loan origination and principal collection, net (20,637,000) (47,780,000)
Proceeds from sale of real estate and other repossessed assets acquired in settlement of loans 7,000 352,000
Purchases of premises and equipment, net (13,489,000) (4,125,000)
Net cash used in investing activities (27,887,000) (22,144,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in deposits 59,879,000 29,071,000
Net advances from FRB borrowings 23,786,000 0
Net short-term payments on FHLB and other borrowings (4,500,000) (1,625,000)
Long-term advances from FHLB and other borrowings 10,000,000 28,000,000
Payments on long-term FHLB and other borrowings (29,350,000) (21,849,000)
Proceeds from issuance of subordinated debentures 15,000,000 0
Payments for debt issuance costs (300,000) 0
Purchase of treasury stock (21,000) (1,210,000)
Dividends paid (1,296,000) (1,189,000)
Net cash provided by financing activities 73,198,000 31,198,000
NET INCREASE IN CASH AND CASH EQUIVALENTS 27,970,000 2,235,000
CASH AND CASH EQUIVALENTS, beginning of period 24,918,000 11,201,000
CASH AND CASH EQUIVALENTS, end of period 52,888,000 13,436,000
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for interest 3,701,000 3,352,000
Cash paid during the period for income taxes 500,000 170,000
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Increase in fair value of securities available-for-sale 3,743,000 3,402,000
Mortgage servicing rights recognized 2,433,000 1,201,000
Right-of-use assets obtained in exchange for lease liabilities 0 2,374,000
Loans transferred to real estate and other assets acquired in foreclosure 37,000 131,000
Stock issued in connection with acquisitions $ 8,467,000 $ 16,435,000