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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
OPERATING ACTIVITIES:      
Net income $ 13,441 $ 13,178  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 839 784  
Amortization of premium and accretion of discount on securities, net 947 1,578  
Amortization of restricted stock 2,475 1,615  
Amortization of intangible assets 431 368  
Amortization of subordinated debt costs 71 43  
Provision for credit losses [1] 2,375 225  
Swap valuation allowance 673    
Deferred tax benefit (3,575) (841)  
Stock-based compensation and employee stock purchase plan expense 35 30  
Fair value adjustment for equity security 682 265  
Loss on securities available for sale 6,609    
Loans originated for sale [2] (34,779) (53,886)  
Proceeds from sales of loans held for sale [2] 43,006 64,900  
Gain on loans held for sale [2] (3,091) (2,474)  
Gain on loans held for sale at lower of cost or fair value   (282)  
Gain on life insurance death benefit   (302)  
Increase in cash surrender value of life insurance, net (142) (153)  
Increase in accrued interest receivable (1,301) (1,421)  
Decrease in other assets 2,810 4,956  
(Decrease)/increase in accrued expenses and other liabilities (587) 1,722  
NET CASH PROVIDED BY OPERATING ACTIVITIES 30,919 30,305  
INVESTING ACTIVITIES:      
Principal repayments, maturities and calls of securities available for sale 102,224 52,781  
Principal repayments, maturities and calls of securities held to maturity 1,829    
Redemptions of FHLB and FRB stock 16,771 10  
Purchase of securities available for sale (74,590) (324,589)  
Purchase of FHLB and FRB stock (22,391)    
Proceeds from sales of loans held for sale at lower of cost or fair value   7,221  
Net increase in loans, net of participations sold (316,167) (51,268)  
Purchase of premises and equipment (568) (2,248)  
Proceeds from life insurance death benefit   582  
NET CASH USED IN INVESTING ACTIVITIES (292,892) (317,511)  
FINANCING ACTIVITIES:      
Net increase in deposits 121,267 126,429  
Net increase in overnight borrowings 122,085    
Repayments of Paycheck Protection Program Liquidity Facility   (8,906)  
Dividends paid on common stock (920) (949)  
Exercise of stock options, net of stock swaps 120 10  
Restricted stock repurchased on vesting to pay taxes (2,504) (2,002)  
Issuance of shares for employee stock purchase plan 255 218  
Shares repurchased (11,174) (4,379)  
NET CASH PROVIDED BY FINANCING ACTIVITIES 229,129 110,421  
Net decrease in cash and cash equivalents (32,844) (176,785)  
Cash and cash equivalents at beginning of period 146,804 653,322 $ 653,322
Cash and cash equivalents at end of period 113,960 476,537 $ 146,804
Cash paid during the period for:      
Interest 3,099 4,413  
Income tax, net 199 200  
Transfer of loans to loans held for sale   $ 45,776  
Security sales due from broker $ 120,245    
[1]

Commencing on January 1, 2022, the allowance calculation is based on the current expected credit loss methodology.  Prior to January 1, 2022, the calculation was based on the incurred loss methodology.
[2] Includes mortgage loans originated with the intent to sell which are carried at fair value.  In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans which are carried at the lower of cost or fair value