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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities    
Net income $ 9,731 $ 3,278
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income taxes, net (1,242) (26)
Impairment of Tax Credit Investments 0 113
Provision for loan and lease losses (2,068) 3,182
SBA recourse provision (130) 25
Derivative Credit Valuation Adjustment (170) 0
Depreciation, amortization and accretion, net 956 806
Share-based compensation 531 417
Net loss on sale of securities 0 (4)
Increase in bank-owned life insurance policies (350) (295)
Origination of loans held for sale 13,674 15,709
Sale of loans originated for sale 16,871 14,848
Gain on sale of SBA loans (1,078) (265)
Net loss on foreclosed properties, including impairment valuation (3) (102)
Excess tax benefit from share-based compensation (7) 18
Payments on operating leases (393) (387)
Payments received on operating leases 39 28
Net increase in accrued interest receivable and other assets 4,979 40,050
Net increase in accrued interest payable and other liabilities 2,789 35,138
Net cash provided by operating activities 6,829 1,227
Investing activities    
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities 17,222 9,458
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities 1,580 1,910
Proceeds from sale of available-for-sale securities 0 839
Purchases of available-for-sale securities (9,030) (8,286)
Proceeds from sale of foreclosed properties 0 1,148
Net increase in loans and leases (86,613) (28,719)
Returns of investments in limited partnerships 60 0
Investment in historic development entities 0 (259)
Distribution from historic development entities 49 30
Payments to Acquire Low-Income Housing Entities (1,307) 0
Investment in Federal Home Loan Bank and Federal Reserve Bank stock (3,614) (2,040)
Proceeds from the sale of Federal Home Loan Bank stock 2,250 260
Purchases of leasehold improvements and equipment, net (89) (88)
Purchases of bank-owned life insurance policies 0 8,000
Net cash used in investing activities (79,492) (33,747)
Financing activities    
Net increase (decrease) in deposits 47,202 (30,253)
Proceeds from Federal Home Loan Bank advances 290,300 260,000
Repayment of Federal Home Loan Bank advances (269,000) (166,500)
Net increase in long-term borrowed funds 7,954 14
Cash dividends paid (1,541) (1,410)
Proceeds from issuance of common stock under the Employee Stock Purchase Plan 39 0
Purchase of treasury stock (326) (1,447)
Net cash provided by financing activities 74,628 60,404
Net decrease in cash and cash equivalents 1,965 27,884
Cash and cash equivalents at the beginning of the period 56,909 67,102
Cash and cash equivalents at the end of the period 58,874 94,986
Cash paid during the period for:    
Interest paid on deposits and borrowings 4,856 7,250
Income taxes paid $ 32 $ (8)