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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 9,259 $ 23,623
Adjustments to reconcile net income to cash provided by operating activities:    
Provision for credit losses 2,235 3,830
Depreciation and other amortization 3,611 2,521
Accretion and amortization of securities discounts and premium, net 142 554
Loss on sale of fixed assets 394
Gain on sale of securities (12)
Net change in operating leases 188 814
Compensation expense related to stock options and restricted stock grants 1,475 1,501
Gain on sale of loans held for sale (2,793) (2,700)
Loans originated and held for sale (112,930) (191,448)
Proceeds from sale of loans held for sale 112,523 198,461
Increase in cash surrender value of bank owned life insurance (1,018) (945)
Increase in deferred tax asset (66) (5,766)
(Increase) decrease in other assets (7,892) 5
Increase in other liabilities 6,059 6,006
Net cash provided by operating activities 10,793 36,838
Investing activities    
Increase in loans, net (280,627) (538,816)
Purchase of property and equipment (1,120) (13,134)
Purchase of investment securities:    
Available for sale (58,204) (10,094)
Other investments (49,949) (15,235)
Payments and maturities, calls and repayments of investment securities:    
Available for sale 5,039 21,517
Other investments 41,182 13,806
Proceeds from sale of fixed assets 95
Net cash used for investing activities (343,679) (541,861)
Financing activities    
Increase in deposits, net 213,907 437,626
Increase in Federal Home Loan Bank advances and other borrowings, net 100,000 60,000
Proceeds from the exercise of stock options 497 794
Net cash provided by financing activities 314,404 498,420
Net decrease in cash and cash equivalents (18,482) (6,603)
Cash and cash equivalents at beginning of the period 170,874 167,209
Cash and cash equivalents at end of the period 152,392 160,606
Cash paid for    
Interest 64,390 9,155
Income taxes 586 8,270
Schedule of non-cash transactions    
Unrealized gain (loss) on securities, net of income taxes (1,845) (13,259)
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases $ 147 $ 237