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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net income $ 19,895 $ 46,586 $ 33,228
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (reversal of) credit losses on loans 2,575 (63) (1,449)
Reversal of credit losses on unfunded loan commitments (342) (318) (992)
Noncash contribution expense to employee stock ownership plan 1,315 1,233 1,330
Noncash director compensation expense 398 355 217
Stock-based compensation expense 522 963 972
Amortization of core deposit intangible 1,350 1,489 1,135
Amortization of investment security premiums, net of accretion of discounts 6,897 9,056 5,799
(Accretion of discounts) amortization of premiums on acquired loans, net (573) 153 (571)
Accretion of discount on subordinated debenture 0 0 1,347
Net change in deferred loan origination costs/fees (836) (2,716) (3,155)
Write-down of other real estate owned 40 345 0
Losses on sale of investment securities, net of gains 5,893 63 16
Depreciation and amortization 2,098 1,840 1,740
Earnings on bank-owned life insurance policies (1,802) (1,229) (2,194)
Net changes in interest receivable and other assets (4,149) 2,228 5,554
Net changes in interest payable and other liabilities 2,378 (4,708) 2,276
Total adjustments 15,764 8,691 12,025
Net cash provided by operating activities 35,659 55,277 45,253
Cash Flows from Investing Activities:      
Purchase of held-to-maturity securities 0 (319,937) (305,329)
Purchase of available-for-sale securities 0 (243,459) (620,236)
Proceeds from sale of available-for-sale securities 205,795 10,664 6,632
Proceeds from paydowns/maturities of held-to-maturity securities 47,170 47,098 71,682
Proceeds from paydowns/maturities of available-for-sale securities 59,316 130,178 110,059
Proceeds from sale of Visa Inc. Class B restricted common stock 2,807 0 0
Decrease in loans receivable, net 16,945 164,019 256,856
Proceeds from sale of loan 3,263 0 0
Purchase of bank-owned life insurance policies 0 (4,714) (1,943)
Proceeds from bank-owned life insurance policies 766 350 2,478
Purchase of premises and equipment (1,749) (2,266) (1,044)
Proceeds from sale of other real estate owned 420 0 0
Cash and cash equivalents acquired from American River Bankshares 0 0 140,577
Cash paid for low income housing tax credit investment (42) (30) (398)
Net cash provided by (used in) investing activities 334,691 (218,097) (340,666)
Cash Flows from Financing Activities:      
Net (decrease) increase in deposits (283,273) (235,202) 514,279
(Repayment of) proceeds from short-term borrowings, net (86,000) 112,000 (13,885)
Repayment of finance lease obligations (148) (131) (86)
Repayment of subordinated debenture including execution costs 0 0 (4,126)
Proceeds from stock options exercised 230 821 463
Restricted stock surrendered for tax withholdings upon vesting (70) (40) (166)
Cash dividends paid on common stock (16,106) (15,673) (13,107)
Stock repurchased, including commissions 0 (1,250) (40,762)
Proceeds from stock issued under employee and director stock purchase plans 46 78 124
Net cash (used in) provided by financing activities (385,321) (139,397) 442,734
Net (decrease) increase in cash, cash equivalents and restricted cash (14,971) (302,217) 147,321
Cash, cash equivalents and restricted cash at beginning of period 45,424 347,641 200,320
Cash, cash equivalents and restricted cash at end of period 30,453 45,424 347,641
Supplemental disclosure of cash flow information:      
Interest paid on deposits and borrowings 34,038 2,560 2,105
Income taxes paid, net of refunds 8,428 13,730 12,350
Supplemental disclosure of noncash investing and financing activities:      
Change in net unrealized gains or losses on available-for-sale securities 20,358 (88,620) (21,281)
Securities transferred from available-for-sale to held-to-maturity, at fair value 0 357,482 0
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 1,743 1,580 493
Transfer of loan to loans held-for-sale 3,263 0 0
Repurchase of stock not yet settled 0 0 373
Acquisition: Fair value of assets acquired, excluding cash and cash equivalents 0 0 757,844
Fair value of liabilities assumed 0 0 816,558
Restricted cash [1] $ 330 $ 0 $ 1,930
[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.