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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 26,665,000 $ 42,465,000 $ 64,327,000
Adjustments to reconcile net income to net cash from Operating activities:      
Depreciation and amortization of premises and equipment 1,898,000 2,018,000 2,022,000
Net accretion of discount for securities, loans, deposits, and other (4,244,000) (5,396,000) (432,000)
Unrealized gain on equity securities (41,000) (24,000) 0
Amortization of investment in affordable housing tax credits 1,336,000 1,127,000 1,053,000
Amortization of intangible assets 2,342,000 2,568,000 3,853,000
Amortization of right-of-use asset 5,011,000 5,042,000 5,145,000
Change in operating lease liabilities (4,742,000) (4,730,000) (4,897,000)
Provision for credit losses 9,857,000 3,362,000 4,935,000
Stock-based compensation, net 1,360,000 750,000 848,000
Deferred tax (benefit)/expense (2,918,000) 216,000 (2,249,000)
Gain on sale of loans (1,586,000) (374,000) (1,895,000)
Gain on OREO (1,016,000) (133,000) 0
Gain on sale of fixed assets 0 (32,000) (757,000)
Increase in cash surrender value of BOLI (1,577,000) (1,409,000) (1,322,000)
Loans originated and purchased for sale, net (35,568,000) (15,058,000) (39,152,000)
Proceeds from loans sold 63,268,000 18,743,000 60,170,000
Other items (1,550,000) 2,157,000 2,163,000
Net cash provided by operating activities 58,495,000 51,292,000 93,812,000
Investing activities      
Purchases (415,396,000) (694,210,000) (402,656,000)
Maturities, repayments and calls 316,151,000 640,993,000 485,796,000
Securities held to maturity:      
Maturities, repayments and calls 0 500,000 500,000
Purchase of Federal Home Loan Bank stock and other equity securities, net 489,000 (479,000) (2,608,000)
Net increase of investment in qualified affordable housing projects (2,525,000) (279,000) (227,000)
Net (increase)/decrease in loans (61,254,000) 296,693,000 (411,316,000)
Proceeds from sales of OREO 2,936,000 711,000 0
Net cash received in connection with acquisition 0 0 71,352,000
Proceeds from sale of fixed assets 0 32,000 1,053,000
Purchases of premises and equipment (788,000) (652,000) (2,065,000)
Net cash (used in)/provided by investing activities (160,387,000) 243,309,000 (260,171,000)
Financing activities      
Net increase/(decrease) in demand deposits and savings accounts 53,696,000 (241,730,000) (886,712,000)
Net (decrease)/increase in time deposits (144,769,000) 438,625,000 397,329,000
Advances from Federal Home Loan Bank 50,000,000 80,000,000 570,000,000
Repayment of Federal Home Loan Bank borrowings 0 (150,000,000) (500,000,000)
Cash dividends paid (11,720,000) (12,163,000) (10,736,000)
Restricted stock units vesting (108,000) 0 0
Redemption of subordinated notes 0 (55,000,000) 0
Common stock repurchased, net of repurchased costs (20,676,000) (6,803,000) (19,822,000)
Exercise of stock options 1,841,000 295,000 5,476,000
Net cash (used in)/provided by financing activities (71,736,000) 53,224,000 (444,465,000)
Net (decrease)/increase in cash and cash equivalents (173,628,000) 347,825,000 (610,824,000)
Cash and cash equivalents at beginning of period 431,373,000 83,548,000 694,372,000
Cash and cash equivalents at end of period 257,745,000 431,373,000 83,548,000
Cash paid during the period:      
Interest paid 120,917,000 93,721,000 29,734,000
Taxes paid 6,225,000 21,389,000 24,019,000
Non-cash investing and financing activities:      
Transfer from loans to other real estate owned 1,920,000 0 142,000
Loans transferred to held for sale, net 35,453,000 5,254,000 13,166,000
Additions to servicing assets 433,000 234,000 771,000
Recognition of operating lease right-of-use assets (3,256,000) (9,398,000) (8,138,000)
Recognition of operating lease liabilities 3,256,000 9,398,000 8,138,000
Acquisition:      
Assets acquired, net of cash received 0 0 8,183,000
Liabilities assumed 0 0 81,790,000
Cash receipts 0 0 (71,040,000)
Goodwill $ 0 $ 0 $ 2,255,000