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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net income $ 8,947 $ 7,228
Adjustments to reconcile net income to net cash provided by operating activities:    
(Reversal of) provision for credit losses on loans (2,929) 2,200
(Reversal of) provision for credit losses on unfunded loan commitments (590) 102
Noncash contribution expense to employee stock ownership plan 332 324
Noncash director compensation expense 162 75
Stock-based compensation expense 615 630
Amortization of core deposit intangible 204 213
Amortization of investment security premiums, net of accretion of discounts 685 (93)
Accretion of (discounts) premiums on acquired loans (33) 11
Accretion of discount on subordinated debenture 1,347 17
Net change in deferred loan origination costs/fees 2,658 (225)
Gain on sale of investment securities 0 (800)
Depreciation and amortization 459 526
Earnings on bank-owned life insurance policies (257) (275)
Net changes in:    
Interest receivable and other assets 2,901 293
Interest payable and other liabilities (2,065) (701)
Total adjustments 3,489 2,297
Net cash provided by operating activities 12,436 9,525
Cash Flows from Investing Activities:    
Purchase of held-to-maturity securities (41,607) 0
Purchase of available-for-sale securities (151,828) (54,902)
Proceeds from sale of available-for-sale securities 0 27,442
Proceeds from paydowns/maturities of held-to-maturity securities 8,600 6,217
Proceeds from paydowns/maturities of available-for-sale securities 16,060 20,924
Loans originated and principal collected, net (36,543)  
Loans originated and principal collected, net   1,117
Purchase of bank-owned life insurance policies 0 (941)
Purchase of premises and equipment (144) (146)
Cash paid for low income housing tax credit investment (313) (1,251)
Net cash used in investing activities (205,775) (1,540)
Cash Flows from Financing Activities:    
Net increase (decrease) in deposits 151,950 (29,379)
Proceeds from stock options exercised 38 824
Payment of tax withholdings for vesting of restricted stock (156) (73)
Proceeds from stock issued under employee and director stock purchase plans 46 34
Stock repurchased, net of commissions (8,792) (3,333)
Repayment of subordinated debenture including execution costs (4,126) 0
Repayment of finance lease obligations (28) (45)
Cash dividends paid on common stock (3,094) (3,127)
Net cash provided by (used in) financing activities 135,838 (35,099)
Net decrease in cash, cash equivalents and restricted cash (57,501) (27,114)
Cash, cash equivalents and restricted cash at beginning of period 200,320 183,388
Cash, cash equivalents and restricted cash at end of period 142,819 156,274
Supplemental disclosure of cash flow information:    
Cash paid in interest 492 1,260
Cash paid in income taxes 0 0
Supplemental disclosure of noncash investing and financing activities:    
Change in net unrealized gain or loss on available-for-sale securities (9,082) 9,812
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 143 110
Purchase of investment security not yet settled 10,000 0
Stock issued to employee stock ownership plan 332 324
Stock issued in payment of director fees 117 117
Repurchase of stock not yet settled 132 0
Restricted cash [1] $ 0 $ 0
[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.