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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES:    
Net income $ 16,914,000 $ 10,539,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 500,000 4,000,000
Net amortization of purchase premiums and discounts on securities 123,000 115,000
Depreciation and amortization 583,000 791,000
PPP deferred fees and costs 1,707,000 4,419,000
Deferred income tax benefit (585,000) (1,343,000)
Net security gains (43,000) (306,000)
Stock compensation expense 784,000 707,000
Valuation write-downs on OREO 0 200,000
Gain on sale of mortgage loans, net (3,467,000) (1,861,000)
Gain on sale of SBA loans held for sale, net (741,000) (565,000)
Origination of mortgage loans sold (183,843,000) (105,855,000)
Origination of SBA loans held for sale (7,178,000) (3,150,000)
Proceeds from sale of mortgage loans, net 187,310,000 107,716,000
Proceeds from sale of SBA loans held for sale, net 6,466,000 7,095,000
BOLI income (261,000) (327,000)
Net change in other assets and liabilities 1,446,000 (2,746,000)
Net cash provided by operating activities 19,715,000 19,429,000
INVESTING ACTIVITIES    
Purchases of securities held to maturity (5,836,000) 0
Purchases of securities available for sale (3,500,000) (2,717,000)
Purchases of FHLB stock, at cost (29,741,000) (39,430,000)
Maturities and principal payments on securities held to maturity 3,836,000 0
Maturities and principal payments on debt securities available for sale 9,406,000 8,471,000
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 31,275,000 41,985,000
Proceeds from sale of OREO 0 812,000
Net increase in SBA PPP loans (15,962,000) (140,516,000)
Net increase in loans (11,037,000) (34,351,000)
Proceeds from BOLI 215,000 215,000
Proceeds from sale of premises and equipment 20,000 0
Purchases of premises and equipment (411,000) (278,000)
Net cash used in investing activities (14,687,000) (159,669,000)
FINANCING ACTIVITIES    
Net increase in deposits 36,357,000 233,343,000
Proceeds from new borrowings 125,000,000 183,000,000
Repayments of borrowings (160,000,000) (243,000,000)
Proceeds from exercise of stock options 267,626 395,518
Fair market value of shares withheld to cover employee tax liability (177,000) (172,000)
Dividends on common stock (1,709,000) (1,669,000)
Purchase of treasury stock (2,226,000) (2,991,000)
Net cash provided by financing activities (2,487,000) 168,907,000
Increase in cash and cash equivalents 2,541,000 28,667,000
Cash and cash equivalents, beginning of period 219,311,000 158,016,000
Cash and cash equivalents, end of period 221,852,000 186,683,000
SUPPLEMENTAL DISCLOSURES    
Interest paid 4,806,000 8,321,000
Income taxes paid 6,780,000 3,632,000
Noncash investing activities:    
Transfer of SBA loans held for sale to held to maturity 0 1,204,000
Capitalization of servicing rights $ 125,000 $ 578,000