Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 42,171
|
$ 31,456
|
$ 34,200
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Provision for credit losses |
1,770
|
12,499
|
1,180
|
| Depreciation and amortization |
7,809
|
6,784
|
6,142
|
| Stock-based compensation expense |
2,060
|
1,905
|
1,872
|
| Income on bank-owned life insurance, net |
(821)
|
(587)
|
(638)
|
| Net gains on sales of debt securities |
(128)
|
(227)
|
(146)
|
| Net (gains) losses on equity securities |
(246)
|
49
|
(367)
|
| Mortgage loans originated for sale |
(29,123)
|
(59,570)
|
(25,562)
|
| Proceeds from mortgage loans sold |
30,327
|
61,209
|
26,131
|
| Net gains on sales of loans |
(833)
|
(1,409)
|
(469)
|
| Net gains on sales of OREO |
(1,126)
|
0
|
(34)
|
| Loss on termination of swaps |
1,847
|
0
|
0
|
| Changes in: |
|
|
|
| Net decrease (increase) in other assets |
9,324
|
(16,997)
|
136
|
| Net (decrease) increase in other liabilities |
(798)
|
5,223
|
1,174
|
| Net cash provided by operating activities |
62,233
|
40,335
|
43,619
|
| Cash flows from investing activities: |
|
|
|
| Proceeds from sales of debt securities |
3,059
|
5,907
|
13,623
|
| Purchase of debt securities |
(491,213)
|
(145,319)
|
(126,872)
|
| Proceeds from maturities, calls and pay-downs of debt securities |
87,347
|
77,534
|
48,805
|
| Net (purchases) sales of equity securities |
(793)
|
(328)
|
1,348
|
| Net (purchases) sales of FHLB capital stock |
(259)
|
2,579
|
873
|
| Net increase (decrease) in loans |
146,812
|
(509,949)
|
(179,623)
|
| Additions to premises and equipment, net |
(4,187)
|
(6,679)
|
(12,498)
|
| Proceeds from OREO sales |
3,526
|
0
|
289
|
| Purchase of bank-owned life insurance |
(30,770)
|
0
|
0
|
| Net cash used in investing activities |
(286,478)
|
(576,255)
|
(254,055)
|
| Cash flows from financing activities: |
|
|
|
| Net increase in deposits |
428,976
|
764,533
|
221,948
|
| Net increase (decrease) in borrowed funds |
705
|
(91,399)
|
(4,319)
|
| Repayment of subordinated debt |
(15,600)
|
0
|
0
|
| Loss on extinguishment of subordinated debt |
713
|
0
|
0
|
| Proceeds from the issuance of subordinated debt |
0
|
60,000
|
0
|
| Cash dividends paid, net of dividend reinvestment plan |
(7,627)
|
(7,105)
|
(6,371)
|
| Proceeds from issuance of common stock |
59
|
91
|
69
|
| Net settlement for employee taxes on restricted stock and options |
(346)
|
(233)
|
(402)
|
| Net proceeds from stock option exercises |
159
|
21
|
185
|
| Net cash provided by financing activities |
407,039
|
725,908
|
211,110
|
| Net increase in cash and cash equivalents |
182,794
|
189,988
|
674
|
| Cash and cash equivalents at beginning of year |
253,782
|
63,794
|
63,120
|
| Cash and cash equivalents at end of year |
$ 436,576
|
$ 253,782
|
$ 63,794
|