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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:      
Net income $ 30,242,000 $ 34,241,000 $ 32,622,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses on loans 4,594,000 900,000 0
Provision for credit losses on unfunded loan commitments 1,570,000 129,000 0
Noncash contribution expense to employee stock ownership plan 1,289,000 1,245,000 1,173,000
Noncash director compensation expense 301,000 301,000 227,000
Stock-based compensation expense 1,203,000 1,512,000 1,664,000
Amortization of core deposit intangible 853,000 887,000 921,000
Amortization of investment security premiums, net of accretion of discounts 1,354,000 1,633,000 2,695,000
Accretion of discount on acquired loans (165,000) (353,000) (807,000)
Accretion of discount on subordinated debentures 69,000 68,000 1,025,000
Net change in deferred loan origination costs/fees 5,040,000 (348,000) 183,000
Gain on sale of investment securities (915,000) (55,000) (876,000)
Depreciation and amortization 2,149,000 2,228,000 2,143,000
Earnings on bank-owned life insurance policies (973,000) (1,196,000) (913,000)
Net changes in:      
Interest receivable and other assets (5,135,000) (329,000) 1,148,000
Interest payable and other liabilities (631,000) 70,000 902,000
Total adjustments 10,603,000 6,692,000 9,485,000
Net cash provided by operating activities 40,845,000 40,933,000 42,107,000
Cash Flows from Investing Activities:      
Purchase of held-to-maturity securities 0 (3,549,000) (1,988,000)
Purchase of available-for-sale securities (97,544,000) (110,934,000) (235,873,000)
Proceeds from sale of available-for-sale securities 33,756,000 66,081,000 16,972,000
Proceeds from paydowns/maturities of held-to-maturity securities 28,144,000 23,005,000 22,891,000
Proceeds from paydowns/maturities of available-for-sale securities 114,991,000 86,044,000 57,662,000
Proceeds from sale of Visa Inc. Class B restricted common stock 0 0 956,000
Loans originated and principal collected, net (249,337,000) (77,827,000) (84,598,000)
Purchase of bank-owned life insurance policies (941,000) (2,997,000) 0
Cash receipts from bank-owned life insurance policies 0 1,533,000 0
Purchase of premises and equipment (981,000) (542,000) (907,000)
Purchase of Federal Home Loan Bank stock (176,000) (616,000) 0
Cash paid for low income housing tax credit investment (1,355,000) (952,000) (418,000)
Net cash used in investing activities (173,443,000) (20,754,000) (225,303,000)
Cash Flows from Financing Activities:      
Net increase in deposits 167,760,000 161,649,000 26,170,000
Proceeds from stock options exercised 1,304,000 669,000 537,000
Payment of tax withholdings for vesting of restricted stock (73,000) (220,000) (45,000)
Federal Home Loan Bank (repayment) 0 (7,000,000)  
Federal Home Loan Bank (repayment) borrowings     7,000,000
Repayment of subordinated debenture including execution costs 0 0 (4,137,000)
Repayment of finance lease obligations (172,000) (168,000) 0
Cash dividends paid on common stock (12,506,000) (10,958,000) (8,860,000)
Stock repurchased, net of commissions (6,898,000) (15,062,000) (6,869,000)
Proceeds from stock issued under employee and director stock purchase plans 115,000 78,000 76,000
Net cash provided by financing activities 149,530,000 128,988,000 13,872,000
Net increase (decrease) in cash, cash equivalents and restricted cash 16,932,000 149,167,000 (169,324,000)
Cash, cash equivalents and restricted cash at beginning of period 183,388,000 34,221,000 203,545,000
Cash, cash equivalents and restricted cash at end of period 200,320,000 183,388,000 34,221,000
Supplemental disclosure of cash flow information:      
Cash paid in interest 2,948,000 4,659,000 2,599,000
Cash paid in income taxes 13,065,000 12,738,000 8,380,000
Supplemental disclosure of noncash investing and financing activities:      
Change in net unrealized gain or loss on available-for-sale securities 11,891,000 11,839,000 (1,707,000)
Stock issued to employee stock ownership plan 1,289,000 1,245,000 1,173,000
Cumulative effect of change in accounting principle ASU 2016-13 (1,216,000) 0 0
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 524,000 445,000 516,000
Repurchase of stock not yet settled 413,000 103,000 143,000
Stock issued in payment of director fees 217,000 231,000 204,000
Securities transferred from available-for-sale to held-to-maturity 0 0 27,422,000
Subscription in low income housing tax credit investment 0 0 3,000,000
Restricted cash [1] $ 0 $ 4,806,000 $ 5,971,000
[1]
1Restricted 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.
The accompanying notes are an integral part of these consolidated financial statements.