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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net income $ 46,586 $ 33,228 $ 30,242
Adjustments to reconcile net income to net cash provided by operating activities:      
(Reversal of) provision for credit losses on loans (63) (1,449) 4,594
(Reversal of) provision for credit losses on unfunded loan commitments (318) (992) 1,570
Noncash contribution expense to employee stock ownership plan 1,233 1,330 1,289
Noncash director compensation expense 355 217 217
Stock-based compensation expense 963 972 1,203
Amortization of core deposit intangible 1,489 1,135 853
Amortization of investment security premiums, net of accretion of discounts 9,056 5,799 1,354
Amortization of premiums (accretion of discounts) on acquired loans, net 153 (571) (165)
Accretion of discount on subordinated debenture 0 1,347 69
Net change in deferred loan origination costs/fees (2,716) (3,155) 5,040
Write-down of other real estate owned 345 0 0
Losses (gains) on sale of investment securities, net 63 16 (915)
Depreciation and amortization 1,840 1,740 2,149
Earnings on bank-owned life insurance policies (1,229) (2,194) (973)
Net changes in interest receivable and other assets 2,228 5,554 (5,135)
Net changes in interest payable and other liabilities (4,708) 2,276 (547)
Total adjustments 8,691 12,025 10,603
Net cash provided by operating activities 55,277 45,253 40,845
Cash Flows from Investing Activities:      
Purchase of held-to-maturity securities (319,937) (305,329) 0
Purchase of available-for-sale securities (243,459) (620,236) (97,544)
Proceeds from sale of available-for-sale securities 10,664 6,632 33,756
Proceeds from paydowns/maturities of held-to-maturity securities 47,098 71,682 28,144
Proceeds from paydowns/maturities of available-for-sale securities 130,178 110,059 114,991
Loan principal collected, net of originations 164,019 256,856 (249,337)
Purchase of bank-owned life insurance policies (4,714) (1,943) (941)
Cash receipts from bank-owned life insurance policies 350 2,478 0
Purchase of premises and equipment (2,266) (1,044) (981)
Cash and cash equivalents acquired from American River Bankshares 0 140,577 0
Purchase of Federal Home Loan Bank stock 0 0 (176)
Cash paid for low income housing tax credit investment (30) (398) (1,355)
Net cash used in investing activities (218,097) (340,666) (173,443)
Cash Flows from Financing Activities:      
Net (decrease) increase in deposits (235,202) 514,279 167,760
Federal Home Loan Bank borrowings (repayment) 112,000 (13,885) 0
Repayment of finance lease obligations (131) (86) (172)
Repayment of subordinated debenture including execution costs 0 (4,126) 0
Proceeds from stock options exercised 821 463 1,304
Restricted stock surrendered for tax withholdings upon vesting (40) (166) (73)
Cash dividends paid on common stock (15,673) (13,107) (12,506)
Stock repurchased, including commissions (1,250) (40,762) (6,898)
Proceeds from stock issued under employee and director stock purchase plans 78 124 115
Net cash (used in) provided by financing activities (139,397) 442,734 149,530
Net (decrease) increase in cash, cash equivalents and restricted cash (302,217) 147,321 16,932
Cash, cash equivalents and restricted cash at beginning of period 347,641 200,320 183,388
Cash, cash equivalents and restricted cash at end of period 45,424 347,641 200,320
Supplemental disclosure of cash flow information:      
Cash paid in interest 2,560 2,105 2,948
Cash paid in income taxes 14,325 12,350 13,065
Supplemental disclosure of noncash investing and financing activities:      
Change in net unrealized gain or loss on available-for-sale securities (88,620) (21,281) 11,891
Cumulative effect of change in accounting principle ASU 2016-13 0 0 (1,216)
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 1,580 493 524
Repurchase of stock not yet settled 0 373 413
Securities transferred from available-for-sale to held-to-maturity 357,482 0 0
Acquisition: Fair value of assets acquired, excluding cash and cash equivalents 0 757,844 0
Fair value of liabilities assumed 0 816,558 0
Restricted cash [1] $ 0 $ 4,395 $ 2,700
[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.