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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:      
Net income $ 33,228 $ 30,242 $ 34,241
Adjustments to reconcile net income to net cash provided by operating activities:      
(Reversal of) provision for credit losses on loans (1,449) 4,594 900
(Reversal of) provision for credit losses on unfunded loan commitments (992) 1,570 129
Noncash contribution expense to employee stock ownership plan 1,330 1,289 1,245
Noncash director compensation expense 347 301 301
Stock-based compensation expense 972 1,203 1,512
Amortization of core deposit intangible 1,135 853 887
Amortization of investment security premiums, net of accretion of discounts 5,799 1,354 1,633
Accretion of discount on acquired loans (571) (165) (353)
Accretion of discount on subordinated debentures 1,347 69 68
Net change in deferred loan origination costs/fees (3,155) 5,040 (348)
Loss (gain) on sale of investment securities 16 (915) (55)
Depreciation and amortization 1,740 2,149 2,228
Earnings on bank-owned life insurance policies (2,194) (973) (1,196)
Net changes in:      
Interest receivable and other assets 5,554 (5,135) (329)
Interest payable and other liabilities 2,146 (631) 70
Total adjustments 12,025 10,603 6,692
Net cash provided by operating activities 45,253 40,845 40,933
Cash Flows from Investing Activities:      
Purchase of held-to-maturity securities (305,329) 0 (3,549)
Purchase of available-for-sale securities (620,236) (97,544) (110,934)
Proceeds from sale of available-for-sale securities 6,632 33,756 66,081
Proceeds from paydowns/maturities of held-to-maturity securities 71,682 28,144 23,005
Proceeds from paydowns/maturities of available-for-sale securities 110,059 114,991 86,044
Loan principal collected, net of originations 256,856 (249,337) (77,827)
Purchase of bank-owned life insurance policies (1,943) (941) (2,997)
Cash receipts from bank-owned life insurance policies 2,478 0 1,533
Purchase of premises and equipment (1,044) (981) (542)
Cash and cash equivalents acquired from American River Bankshares 140,577 0 0
Purchase of Federal Home Loan Bank stock 0 (176) (616)
Cash paid for low income housing tax credit investment (398) (1,355) (952)
Net cash used in investing activities (340,666) (173,443) (20,754)
Cash Flows from Financing Activities:      
Net increase in deposits 514,279 167,760 161,649
Proceeds from stock options exercised 463 1,304 669
Payment of tax withholdings for vesting of restricted stock (166) (73) (220)
Federal Home Loan Bank (repayment) borrowings (13,885) 0 (7,000)
Repayment of subordinated debenture including execution costs (4,126) 0 0
Repayment of finance lease obligations (86) (172) (168)
Cash dividends paid on common stock (13,107) (12,506) (10,958)
Stock repurchased, net of commissions (40,762) (6,898) (15,062)
Proceeds from stock issued under employee and director stock purchase plans 124 115 78
Net cash provided by financing activities 442,734 149,530 128,988
Net increase in cash, cash equivalents and restricted cash 147,321 16,932 149,167
Cash, cash equivalents and restricted cash at beginning of period 200,320 183,388 34,221
Cash, cash equivalents and restricted cash at end of period 347,641 200,320 183,388
Supplemental disclosure of cash flow information:      
Cash paid in interest 2,105 2,948 4,659
Cash paid in income taxes 12,350 13,065 12,738
Supplemental disclosure of noncash investing and financing activities:      
Change in net unrealized gain or loss on available-for-sale securities (21,281) 11,891 11,839
Stock issued to employee stock ownership plan 1,330 1,289 1,245
Cumulative effect of change in accounting principle ASU 2016-13 0 (1,216) 0
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 493 524 445
Repurchase of stock not yet settled 373 413 103
Stock issued in payment of director fees 217 217 231
Fair value of assets acquired, excluding cash acquired 757,844 0 0
Fair value of liabilities assumed 816,558 0 0
Restricted cash [1] $ 4,395 $ 2,700 $ 6,516
[1]
1Restricted cash includes reserve requirements held with the Federal Reserve Bank of San Francisco and other cash pledged. 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.