v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 38,020 $ 27,619
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 4,925 4,400
Depreciation and amortization 1,136 906
Amortization of deferred loan fees and costs 158 331
Amortization of premiums and discounts on securities 375 425
Amortization of subordinated note issuance costs 73 73
Amortization of low income housing tax credits 1,203 681
Stock compensation expense 878 624
Earnings on BOLI (490) (381)
Deferred tax provision 12 712
Purchase of transferable tax credits (2,528) 0
Loans originated for sale 0 (1,384)
Gain on sale of loans 0 (244)
Gross proceeds from sale of loans 0 3,531
Losses (earnings) on equity investments 294 (399)
Net changes in:    
Interest receivable and other assets 594 (955)
Interest payable and other liabilities (1,347) (2,131)
Operating lease liability (697) (546)
Net cash provided by operating activities 42,606 33,262
Cash flows from investing activities:    
Maturities, prepayments, and calls of securities available-for-sale 3,569 4,135
Capital call for equity investments (3,410) (1,285)
Proceeds received from equity investments 60 0
Capital call for low income housing tax credits (812) (5,381)
Net change in time deposits in banks 100 3,272
Loan originations, net of repayments (446,534) (226,659)
Purchase of premises and equipment, net (609) (344)
Purchase of BOLI (4,359) (3,710)
Other real estate sale proceeds 0 87
Net cash used in investing activities (451,995) (229,885)
Cash flows from financing activities:    
Net change in deposits 598,299 336,628
Cash dividends paid (10,687) (8,538)
Net cash provided by financing activities 587,612 328,090
Net change in cash and cash equivalents 178,223 131,467
Cash and cash equivalents at beginning of period 506,851 352,343
Cash and cash equivalents at end of period 685,074 483,810
Supplemental disclosure of cash flow information:    
Interest paid 50,290 45,966
Income taxes paid:    
US Federal [1] 0  
US State and Local    
Total [1] 6,802 13,165
Supplemental disclosure of noncash items:    
Transfer from loans held for sale to loans held for investment 0 1,035
Unrealized (loss) gain on securities (227) 1,220
Operating lease liabilities exchanged for ROUA 88  
Operating lease liabilities exchanged for ROUA   1,433
ROUA acquired (88) (1,433)
Net change in commitment for low income housing tax credits 0 $ (10,000)
California    
US State and Local    
US State and Local [1] 5,550  
Other states    
US State and Local    
US State and Local [1] $ 1,252  
[1] Income taxes are presented by significant jurisdictions beginning in 2026 as required by ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures (“ASU 2023-09”). This standard has been applied on a prospective basis.