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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES:    
Net income $ 8,496,000 $ 5,368,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 500,000 1,500,000
Net amortization of purchase premiums and discounts on securities 62,000 59,000
Depreciation and amortization 469,000 317,000
PPP deferred fees and costs 1,937,000 0
Deferred income tax benefit (191,000) (347,000)
Net security gains (43,000) (301,000)
Stock compensation expense 374,000 365,000
Valuation writedowns on OREO 0 200,000
Gain on sale of mortgage loans, net (2,001,000) (622,000)
Gain on sale of SBA loans held for sale, net (245,000) (473,000)
Origination of mortgage loans sold (101,869,000) (38,562,000)
Origination of SBA loans held for sale (1,312,000) (2,595,000)
Proceeds from sale of mortgage loans, net 103,870,000 39,184,000
Proceeds from sale of SBA loans held for sale, net 2,416,000 5,850,000
BOLI income (129,000) (173,000)
Net change in other assets and liabilities (685,000) 1,714,000
Net cash provided by operating activities 11,649,000 11,484,000
INVESTING ACTIVITIES    
Purchases of FHLB stock, at cost (16,450,000) (22,275,000)
Maturities and principal payments on debt securities available for sale 6,305,000 2,198,000
Proceeds from sales of debt securities available for sale 7,048,000 6,029,000
Proceeds from sales of equity securities 0 111,000
Proceeds from redemption of FHLB stock 17,775,000 27,405,000
Net increase in SBA PPP loans (52,492,000) 0
Net decrease (increase) in loans 8,364,000 (17,277,000)
Proceeds from BOLI 107,000 117,000
Purchases of premises and equipment (224,000) (166,000)
Net cash used in investing activities (29,567,000) (3,858,000)
FINANCING ACTIVITIES    
Net increase in deposits 70,434,000 128,504,000
Proceeds from new borrowings 130,000,000 109,000,000
Repayments of borrowings (160,000,000) (223,000,000)
Proceeds from exercise of stock options 80,113 34,265
Fair market value of shares withheld to cover employee tax liability (177,000) (172,000)
Dividends on common stock (804,000) (841,000)
Purchase of treasury stock (1,349,000) (172,000)
Net cash provided by financing activities 38,184,000 13,353,000
Increase in cash and cash equivalents 20,266,000 20,979,000
Cash and cash equivalents, beginning of period 219,311,000 158,016,000
Cash and cash equivalents, end of period 239,577,000 178,995,000
SUPPLEMENTAL DISCLOSURES    
Interest paid 2,550,000 4,559,000
Income taxes paid 3,320,000 1,782,000
Noncash investing activities:    
Transfer of SBA loans held for sale to held to maturity 0 1,024,000
Capitalization of servicing rights $ 19,000 $ 486,000