XML 17 R7.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:        
Net income $ 7,406 $ 8,235 $ 14,634 $ 15,714
Adjustments to reconcile net income to net cash provided by operating activities:        
Provision for loan losses 2,000 0 4,200 0
Provision for losses on off-balance sheet commitments 260 0 362 129
Noncash contribution expense to employee stock ownership plan     648 625
Noncash director compensation expense     150 151
Stock-based compensation expense     785 1,004
Amortization of core deposit intangible 213 221 426 443
Amortization of investment security premiums (discounts), net     344 924
Amortization of acquired loan (discounts) premiums, net     (55) (154)
Accretion of discount on subordinated debenture     35 34
Net change in deferred loan origination costs/fees     7,829 (146)
Gain on sale of investment securities (115) (61) (915) (55)
Depreciation and amortization 526 572 1,052 1,128
Earnings on bank-owned life insurance policies (234) (235) (509) (175)
Net change in operating assets and liabilities:        
Interest receivable and other assets     (2,174) (583)
Interest payable and other liabilities     2,816 (2,131)
Total adjustments     14,994 1,194
Net cash provided by operating activities     29,628 16,908
Cash Flows from Investing Activities:        
Purchase of available-for-sale securities     (56,912) (11,282)
Proceeds from sale of available-for-sale securities 6,314 61,852 33,756 66,081
Proceeds from paydowns/maturities of held-to-maturity securities     11,530 8,157
Proceeds from paydowns/maturities of available-for-sale securities     36,951 41,905
Loans originated and principal collected, net     (273,169) 234
Purchase of bank-owned life insurance policies     (941) (1,892)
Purchase of premises and equipment     (242) (244)
Cash paid for low income housing tax credit investment     (1,251) (38)
Net cash (used in) provided by investing activities     (250,278) 102,921
Cash Flows from Financing Activities:        
Net increase (decrease) in deposits     443,377 (72,800)
Proceeds from stock options exercised     1,277 470
Payment of tax withholdings for stock options exercised and vesting of restricted stock     (73) (220)
Proceeds from stock issued under employee and director stock purchase plans     51 37
Stock repurchased, net of commissions     (3,333) (10,455)
Repayment of Federal Home Loan Bank borrowings     0 (7,000)
Repayment of finance lease obligations     (90) (83)
Cash dividends paid on common stock     (6,248) (5,242)
Net cash provided by (used in) financing activities     434,961 (95,293)
Net increase in cash, cash equivalents and restricted cash     214,311 24,536
Cash, cash equivalents and restricted cash at beginning of period     183,388 34,221
Cash, cash equivalents and restricted cash at end of period 397,699 58,757 397,699 58,757
Supplemental disclosure of cash flow information:        
Cash paid in interest     1,871 2,191
Cash paid in income taxes     0 6,925
Supplemental disclosure of noncash investing and financing activities:        
Change in net unrealized gain or loss on available-for-sale securities     11,306 12,921
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 135 104 245 205
Stock issued to employee stock ownership plan     648 625
Stock issued in payment of director fees     117 114
Repurchase of stock not yet settled     0 132
Restricted cash [1] $ 0 $ 9,709 $ 0 $ 9,709
[1] Restricted cash includes reserve requirements held with the Federal Reserve Bank of San Francisco. In response to the COVID-19 pandemic, the Federal Reserve reduced the reserve requirement ratios to zero percent effective March 26, 2020.