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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 11,228 $ 31,177
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Net accretion of acquisition accounting estimates (8,772) (1,768)
Provision for credit losses 30,953 1,925
Depreciation and amortization 10,939 5,861
Net amortization of securities 838 1,414
Amortization of debt issuance costs 122 122
Bargain purchase gain (8,816) 0
(Gain) on mortgage banking activities (3,477) (3,918)
Proceeds from sale of mortgage loans held for sale 121,734 131,286
Originations of loans held for sale (123,376) (102,144)
Stock-based compensation expense 1,174 636
Deferred income tax expense (benefit) 2,721 (1,182)
Losses on sales and calls of securities 2,166 0
Loss (Gain) on valuation adjustments on mortgage servicing rights 251 (372)
Loss on sale and valuation adjustments on premises transferred to held for sale 272 0
Losses on sales and disposals of premises and equipment 0 183
(Gain) loss on sales and valuation adjustments on other real estate owned (3) 44
Fair value adjustments on loans held for investments, at fair value (33) 0
Fair value adjustment on equity securities (54) 157
Bank owned life insurance income (1,997) (1,118)
Net changes in:    
Accrued interest receivable (724) (2,665)
Other assets (10,875) (1,450)
Accrued interest payable 2,095 297
Other liabilities (3,653) (5,838)
Net cash provided by operating activities 22,713 52,647
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and principal payments of investment securities available for sale 17,754 20,441
Proceeds from the sale of acquired AFS securities 434,215 0
Proceeds from maturities and principal payments of investment securities held to maturity 44,801 52,324
Proceeds from sale of loans held for investment 8,611 0
Purchase of securities available for sale (33,226) 0
Purchases of securities held to maturity 0 (208,133)
Purchases of equity securities (79) (18)
Purchase of restricted securities (35,350) (8,560)
Net change in loans (317,283) (426,973)
Purchases of premises and equipment (5,954) (2,415)
Proceeds from disposal of premises held for sale 0 17
Proceeds from sales of other real estate owned 21 394
Improvements to other real estate owned 0 (34)
Redemption of restricted securities 32,959 1,550
Purchases of bank owned life insurance (249) (10,165)
Proceeds from disposal of premises held for sale 721 0
Cash acquired in the acquisition of TCFC 25,372 0
Net cash provided by (used in) investing activities 172,313 (581,572)
Net changes in:    
Net change in deposits 243,236 (15,902)
Net (repayment) advances of short-term borrowings (109,000) 35,857
Repayment of long-term borrowings 0 (10,000)
Common stock dividends paid (12,733) (9,530)
Issuance of common stock 385 386
Net cash provided by financing activities 121,888 811
Net increase (decrease) in cash and cash equivalents 316,914 (528,114)
Cash and cash equivalents at beginning of period 55,499 583,613
Cash and cash equivalents at end of period 372,413 55,499
Supplemental cash flows information:    
Interest paid 74,038 12,621
Income taxes paid 7,293 11,851
Recognition (remeasurement of) lease liabilities arising from right-of-use assets 179 (456)
Transfer of loans 0 7,791
Transfers from loans to other real estate owned 0 69
Unrealized holding gains (losses) on available-for-sale-securities 2,101 (12,488)
Transfer of premises to held for sale (included in other assets) $ 750 $ 0