XML 16 R7.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:    
Net income $ 13,991 $ 21,531
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (reversal of) credit losses on loans 850 (485)
Reversal of credit losses on unfunded loan commitments (342) (318)
Noncash contribution expense to employee stock ownership plan 847 829
Noncash director compensation expense 150 193
Stock-based compensation expense 354 385
Amortization of core deposit intangible 685 754
Amortization of investment security premiums, net of accretion of discounts 3,781 4,963
(Accretion of discounts) amortization of premiums on acquired loans, net (415) 281
Net change in deferred loan origination costs/fees (588) (2,322)
Write-down of other real estate owned 40 0
Depreciation and amortization 1,282 845
Earnings on bank-owned life insurance policies (1,067) (711)
Net changes in interest receivable and other assets (1,354) (443)
Net changes in interest payable and other liabilities 3,284 (5,894)
Total adjustments 7,507 (1,923)
Net cash provided by operating activities 21,498 19,608
Cash Flows from Investing Activities:    
Purchase of held-to-maturity securities 0 (208,784)
Purchase of available-for-sale securities 0 (243,459)
Proceeds from paydowns/maturities of held-to-maturity securities 25,377 16,827
Proceeds from paydowns/maturities of available-for-sale securities 33,595 76,276
(Increase) decrease in loans receivable, net (9,271) 93,875
Proceeds from bank-owned life insurance policies 766 350
Purchase of premises and equipment (1,823) (354)
Cash paid for low income housing tax credit investment (39) (30)
Net cash provided by (used in) investing activities 48,605 (265,299)
Cash Flows from Financing Activities:    
Net (decrease) increase in deposits (248,136) 22,120
Proceeds from short-term Federal Home Loan Bank borrowings, net 180,200 0
Repayment of finance lease obligations (75) (63)
Proceeds from stock options exercised 230 820
Restricted stock surrendered for tax withholdings upon vesting (70) (40)
Cash dividends paid on common stock (8,040) (7,662)
Stock repurchased, including commissions 0 (1,250)
Proceeds from stock issued under employee and director stock purchase plans 21 30
Net cash (used in) provided by financing activities (75,870) 13,955
Net decrease in cash, cash equivalents and restricted cash (5,767) (231,736)
Cash, cash equivalents and restricted cash at beginning of period 45,424 347,641
Cash, cash equivalents and restricted cash at end of period 39,657 115,905
Supplemental disclosure of cash flow information:    
Cash paid in interest 14,151 1,175
Cash paid in income taxes 0 8,450
Supplemental disclosure of noncash investing and financing activities:    
Change in net unrealized gains or losses on available-for-sale securities 5,285 (65,278)
Securities transferred from available-for-sale to held-to-maturity, at fair value 0 357,482
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 914 616
Purchase of investment securities not yet settled 0 40,278
Stock issued to employee stock ownership plan 847 829
Restricted cash [1] $ 0 $ 930
[1] Restricted 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.