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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 7,534 $ 8,152
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
(Reversal of) provision for credit losses (338) 341
Depreciation and amortization of premises and equipment 371 390
Amortization of net premiums on securities 72 216
Amortization of servicing assets 961 1,171
Accretion of loan discounts (984) (1,442)
Amortization of low income housing partnerships 361 187
Stock-based compensation 324 215
Deferred income taxes 1,074 80
Gain on sale of loans (2,570) (3,238)
Earnings on company owned life insurance (149) (63)
Net change in fair value of equity investment with readily determinable fair value (54) 173
Origination of loans held for sale (9,666) (28,900)
Proceeds from sales of loans held for sale 47,937 35,323
Net change in:    
Accrued interest receivable (122) 108
Other assets 443 216
Accrued interest payable 2,980 (10)
Other liabilities (3,531) (319)
Net cash provided by operating activities 44,643 12,600
Cash flows from investing activities    
Net change in loans receivable (640) (32,631)
Proceeds from matured, called, or paid-down securities available for sale 5,721 9,392
Purchase of loans (12,142) (81,552)
Purchase of available-for-sale debt securities (5,647) (28,983)
Purchase of equity investments (20) 0
Purchase of premises and equipment, net (618) (545)
Investment in low income housing partnerships (113) (187)
Net cash used in investing activities (13,459) (134,506)
Cash flows from financing activities    
Net change in deposits 19,047 137,937
Cash received from stock option exercises 720 0
Proceeds from Federal Home Loan Bank advances 50,000 0
Repurchase of common stock (571) 0
Cash dividend paid on common stock (1,832) (1,514)
Payments related to tax-withholding for vested restricted stock awards (11) 0
Net cash provided by financing activities 67,353 136,423
Net change in cash and cash equivalents 98,537 14,517
Cash and cash equivalents at beginning of period 82,972 115,459
Cash and cash equivalents at end of period 181,509 129,976
Supplemental cash flow information:    
Interest 7,722 664
Supplemental non-cash disclosure:    
Initial recognition of right-of-use assets $ 849 $ 0