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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 42,465,000 $ 64,327,000 $ 56,906,000
Adjustments to reconcile net income to net cash from Operating activities:      
Depreciation and amortization of premises and equipment 2,018,000 2,022,000 1,943,000
Net accretion of discount for securities, loans, deposits, and other (5,396,000) (432,000) (191,000)
Unrealized (gain)/loss on equity securities (24,000) 0 360,000
Amortization of investment in affordable housing tax credits 1,127,000 1,053,000 1,037,000
Amortization of intangible assets 2,568,000 3,853,000 6,347,000
Reversal of an impairment allowance on mortgage servicing rights 0 0 (417,000)
Amortization of right-of-use asset 5,042,000 5,145,000 5,245,000
Change in operating lease liabilities (4,730,000) (4,897,000) (5,058,000)
Provision for credit losses 3,362,000 4,935,000 3,959,000
Stock-based compensation, net 750,000 848,000 1,086,000
Deferred tax expense/(benefit) 216,000 (2,249,000) (1,093,000)
Gain on sale of loans (374,000) (1,895,000) (9,991,000)
Gain on sale of OREO (134,000) 0 0
Gain on sale of fixed assets (32,000) (757,000) 0
Increase in cash surrender value of BOLI (1,409,000) (1,322,000) (1,067,000)
Loans originated and purchased for sale, net (15,058,000) (39,152,000) (161,972,000)
Proceeds from loans sold 18,743,000 60,170,000 305,337,000
Other items 2,158,000 2,163,000 (256,000)
Net cash provided by operating activities 51,292,000 93,812,000 202,175,000
Investing activities      
Purchases (694,210,000) (402,656,000) (603,836,000)
Maturities, repayments and calls 640,993,000 485,796,000 442,056,000
Securities held to maturity:      
Maturities, repayments and calls 500,000 500,000 900,000
Redemption of Federal Home Loan Bank stock 0 0 641,000
Purchase of Federal Home Loan Bank stock and other equity securities, net (479,000) (2,608,000) (5,839,000)
Net increase of investment in qualified affordable housing projects (279,000) (227,000) (763,000)
Net decrease/(increase) in loans 296,693,000 (411,316,000) (315,551,000)
Proceeds from sales of OREO 711,000 0 0
Purchase of bank owned life insurance 0 0 (19,800,000)
Net cash received in connection with acquisition 0 71,352,000 0
Proceeds from sale of fixed assets 32,000 1,053,000 0
Purchases of premises and equipment (652,000) (2,065,000) (1,989,000)
Net cash provided by/(used in) investing activities 243,309,000 (260,171,000) (504,181,000)
Financing activities      
Net (decrease)/increase in demand deposits and savings accounts (241,730,000) (886,712,000) 870,803,000
Net increase/(decrease) in time deposits 438,625,000 397,329,000 (120,178,000)
Advances from Federal Home Loan Bank 80,000,000 570,000,000 0
Repayment of Federal Home Loan Bank borrowings (150,000,000) (500,000,000) 0
Cash dividends paid (12,163,000) (10,736,000) (9,947,000)
Redemption of subordinated notes (55,000,000) 0 (50,000,000)
Issuance of subordinated notes, net of issuance costs 0 0 118,111,000
Common stock repurchased, net of repurchased costs (6,803,000) (19,822,000) (10,540,000)
Exercise of stock options 295,000 5,476,000 3,475,000
Net cash provided by/(used in) financing activities 53,224,000 (444,465,000) 801,724,000
Net increase/(decrease) in cash and cash equivalents 347,825,000 (610,824,000) 499,718,000
Cash and cash equivalents at beginning of period 83,548,000 694,372,000 194,654,000
Cash and cash equivalents at end of period 431,373,000 83,548,000 694,372,000
Cash paid during the period:      
Interest paid 93,721,000 29,734,000 22,507,000
Taxes paid 21,389,000 24,019,000 25,786,000
Non-cash investing and financing activities:      
Transfer from loans to other real estate owned 0 142,000 0
Loans transfer to held for sale, net 5,254,000 13,166,000 89,368,000
Additions to servicing assets 234,000 771,000 2,361,000
Recognition of operating lease right-of-use assets (9,398,000) (8,138,000) (27,699,000)
Recognition of operating lease liabilities 9,398,000 8,138,000 27,699,000
Acquisition:      
Assets acquired, net of cash received 0 8,183,000 0
Liabilities assumed 0 81,790,000 0
Cash receipts 0 (71,040,000) 0
Goodwill $ 0 $ 2,255,000 $ 0