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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net income $ 14,672 $ 11,155
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 730 571
Accretion and amortization of investment securities premiums and discounts, net 1,591 3,545
Valuation adjustment on mortgage servicing rights 0 (276)
Increase (decrease) in deferred loan origination fees and costs, net 759 (2,259)
Amortization of core deposit intangible 603 0
Provision for credit losses 3,100 900
Stock-based compensation 516 500
Losses on sales/calls of available-for-sale securities 64 152
Amortization of operating lease right-of-use asset 806 835
Gains on sales of loans held-for-sale (93) (145)
Proceeds from sales of loans held-for-sale 5,277 10,206
Originations of loans held-for-sale (5,553) (8,998)
Gain on bargain purchase (1,405) 0
Changes in assets and liabilities:    
Decrease (increase) in interest receivable and other assets 4,128 (2,167)
Decrease in interest payable and other liabilities (196) (995)
Net cash provided by operating activities 24,999 13,024
Cash Flows From Investing Activities    
Proceeds from calls or maturities of available-for-sale securities 30,766 11,090
Proceeds from sales of available-for-sale securities 16,987 6,349
Principal repayments on available-for-sale securities 54,864 77,635
Purchases of available-for-sale securities (57,391) (143,445)
Proceeds from maturities of certificates of deposit 3,687 4,416
Proceeds from sales of certificates of deposit 0 493
Purchases of certificates of deposit (3,435) (2,728)
Net increase in loans (66,781) (117,173)
Purchases of Federal Home Loan Bank stock and other equity securities, at cost (1,078) (2,343)
Purchases of premises and equipment (1,045) (37)
Cash and cash equivalents acquired in acquisition 103,425 0
Net cash provided by (used in) investing activities 79,999 (165,743)
Cash Flows From Financing Activities    
Net (decrease) increase in deposits (95,160) 71,303
Cash dividends paid in lieu of fractional shares (7) (8)
Repurchases of common stock (143) (102)
Net cash (used in) provided by financing activities (95,310) 71,193
Net increase (decrease) in Cash and Cash Equivalents 9,688 (81,526)
Cash and Cash Equivalents, beginning of period 187,417 345,929
Cash and Cash Equivalents, end of period 197,105 264,403
Cash paid during the period for:    
Interest 3,699 644
Income taxes 0 3,810
Supplemental disclosures of non-cash investing and financing activities:    
Stock dividend distributed 5,652 6,992
Unrealized holding losses on available for sale securities, net of taxes (2,676) (49,096)
Market value of shares tendered in-lieu of cash to pay for exercise of options 361 65
Recognition of right-of-use assets obtained in exchange for operating lease liabilities 245 869
Non-cash assets acquired (liabilities assumed) in acquisition:    
Total assets acquired 12,612 0
Total liabilities assumed $ (115,916) $ 0