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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities:      
Net income $ (8,409) $ 19,895 $ 46,586
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (reversal of) credit losses on loans 5,550 2,575 (63)
Reversal of credit losses on unfunded loan commitments (233) (342) (318)
Noncash contribution expense to employee stock ownership plan 1,149 1,315 1,233
Noncash director compensation expense 513 398 355
Stock-based compensation expense 630 522 963
Amortization of core deposit intangible 975 1,350 1,489
Amortization of investment security premiums, net of accretion of discounts 2,536 6,897 9,056
(Accretion of discounts) amortization of premiums on acquired loans, net (236) (573) 153
Net change in deferred loan origination costs/fees 120 (836) (2,716)
Write-down of other real estate owned 0 40 345
Net losses on sale of investment securities 32,541 5,893 63
Depreciation and amortization 1,466 2,098 1,840
Earnings on bank-owned life insurance policies (1,714) (1,802) (1,229)
Net changes in:      
Net changes in interest receivable and other assets (6,695) (4,149) 2,228
Net changes in interest payable and other liabilities 172 2,378 (4,708)
Total adjustments 36,774 15,764 8,691
Net cash provided by operating activities 28,365 35,659 55,277
Cash Flows from Investing Activities:      
Proceeds from sale of premises and equipment 21 0 0
Purchase of held-to-maturity securities 0 0 (319,937)
Purchase of available-for-sale securities (163,769) 0 (243,459)
Proceeds from sale of available-for-sale securities 292,621 205,795 10,664
Proceeds from paydowns/maturities of held-to-maturity securities 46,551 47,170 47,098
Proceeds from paydowns/maturities of available-for-sale securities 31,210 59,316 130,178
Proceeds from sale of Visa Inc. Class B restricted common stock 0 2,807 0
Decrease in loans receivable, net 26,150 16,945 164,019
Purchased Loans (35,874) 0 0
Proceeds from sale of loan 0 3,263 0
Purchase of bank-owned life insurance policies (1,211) 0 (4,714)
Proceeds from bank-owned life insurance policies 0 766 350
Purchase of premises and equipment (520) (1,749) (2,266)
Proceeds from sale of other real estate owned 0 420 0
Cash paid for low income housing tax credit investment (5) (42) (30)
Net cash provided by (used in) investing activities 195,174 334,691 (218,097)
Cash Flows from Financing Activities:      
Decrease in deposits (70,060) (283,273) (235,202)
(Repayment of) proceeds from short-term borrowings, net (26,000) (86,000) 112,000
Repayment of finance lease obligations (152) (148) (131)
Proceeds from stock options exercised 0 230 821
Restricted stock surrendered for tax withholdings upon vesting (64) (70) (40)
Cash dividends paid on common stock (16,197) (16,106) (15,673)
Stock repurchased, including commissions (4,253) 0 (1,250)
Proceeds from stock issued under employee and director stock purchase plans 38 46 78
Net cash (used in) provided by financing activities (116,688) (385,321) (139,397)
Net (decrease) increase in cash, cash equivalents and restricted cash 106,851 (14,971) (302,217)
Cash, cash equivalents and restricted cash at beginning of period 30,453 45,424 347,641
Cash, cash equivalents and restricted cash at end of period 137,304 30,453 45,424
Supplemental disclosure of cash flow information:      
Interest paid on deposits and borrowings 46,359 34,038 2,560
Income taxes paid, net of refunds 2,245 8,428 13,730
Supplemental disclosure of noncash investing and financing activities:      
Change in net unrealized gains or losses on available-for-sale securities (2,848) 20,358 (88,620)
Purchase of available-for-sale security on account and unsettled 0 0 0
Cumulative effect of change in accounting principle ASU 2016-13 0 0 0
Securities transferred from available-for-sale to held-to-maturity, at fair value 0 0 357,482
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 1,504 1,743 1,580
Transfer of loan to loans held-for-sale 0 3,263 0
Restricted cash [1] $ 0 $ 330 $ 0
[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.