XML 17 R7.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities:    
Net income $ 23,514 $ 22,125
Adjustments to reconcile net income to net cash provided by operating activities:    
(Reversal of) provision for credit losses on loans (2,049) 5,450
(Reversal of) provision for credit losses on unfunded loan commitments (1,202) 610
Noncash contribution expense to employee stock ownership plan 999 967
Noncash director compensation expense 347 226
Stock-based compensation expense 951 972
Amortization of core deposit intangible 742 639
Amortization of investment security premiums, net of accretion of discounts 3,222 864
Accretion of discounts on acquired loans (201) (101)
Accretion of discount on subordinated debenture 1,347 52
Net change in deferred loan origination costs/fees (1,135) 6,132
Gain on sale of investment securities (1) (915)
Depreciation and amortization 1,279 1,591
Earnings on bank-owned life insurance policies (1,892) (741)
Net changes in Interest receivable and other assets 5,615 (5,347)
Net changes in Interest payable and other liabilities 790 (1,207)
Total adjustments 8,812 9,192
Net cash provided by operating activities 32,326 31,317
Cash Flows from Investing Activities:    
Purchase of held-to-maturity securities (133,493) 0
Purchase of available-for-sale securities (355,156) (71,744)
Proceeds from sale of available-for-sale securities 4,099 33,756
Proceeds from paydowns/maturities of held-to-maturity securities 65,497 19,880
Proceeds from paydowns/maturities of available-for-sale securities 66,981 68,102
Loans originated and principal collected, net 193,265  
Loans originated and principal collected, net   (269,376)
Purchase of bank-owned life insurance policies (1,943) (941)
Cash receipts from bank-owned life insurance policies 2,478 0
Purchase of premises and equipment (833) (769)
Cash acquired from American River Bankshares 140,577 0
Cash paid for low income housing tax credit investment (396) (1,289)
Net cash used in investing activities (18,924) (222,381)
Cash Flows from Financing Activities:    
Net increase in deposits 433,425 232,800
Proceeds from stock options exercised 423 1,277
Payment of tax withholdings for vesting of restricted stock (156) (73)
Proceeds from stock issued under employee and director stock purchase plans 106 96
Stock repurchased, net of commissions (35,451) (3,333)
Repayment of subordinated debenture including execution costs (4,126) 0
Repayment of Federal Home Loan Bank borrowings (13,885) 0
Repayment of finance lease obligations (55) (131)
Cash dividends paid on common stock (9,264) (9,376)
Net cash provided by financing activities 371,017 221,260
Net increase in cash, cash equivalents and restricted cash 384,419 30,196
Cash, cash equivalents and restricted cash at beginning of period 200,320 183,388
Cash, cash equivalents and restricted cash at end of period 584,739 213,584
Supplemental disclosure of cash flow information:    
Cash paid in interest 1,492 2,450
Cash paid in income taxes 9,000 9,765
Supplemental disclosure of noncash investing and financing activities:    
Change in net unrealized gains on available-for-sale securities (8,558) 11,605
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 385 394
Purchase of investment security not yet settled 19,972 0
Stock issued to employee stock ownership plan 999 967
Stock issued for director compensation expense 347 226
Repurchase of stock not yet settled 127 0
Fair value of assets acquired, excluding cash acquired 757,844 0
Fair value of liabilities assumed 816,558 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.