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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 5,326 $ 10,006
Adjustments to reconcile net income to net cash from operating activities:    
Net amortization of investment securities (12) 126
Stock dividends received on correspondent bank stock (318) (33)
Provision for credit losses 1,533 729 [1]
Net loss on loans held for sale 178 0
Net gain on mortgage loans (1,793) (3,227)
Origination of mortgage loans held for sale (151,189) (470,494)
Proceeds from mortgage loans 142,196 478,050
Gain on disposal of fixed assets 0 (50)
Depreciation and amortization 1,164 1,191
Net (accretion)/amortization of purchase accounting adjustments 285 (241)
Deferred income tax expense/(benefit) (330) (2,310)
Increase in cash surrender value of company-owned life insurance (181) (173)
Stock-based compensation 891 1,407
Change in fair value of equity securities 1 (267)
Change in fair value of loans accounted for under the fair value option 1,667 155
Change in fair value of loans held for sale (551) 419
Net changes in operating assets and liabilities:    
Change in accounts receivable (89) 364
Change in accrued interest receivable and other assets 233 (1,104)
Change in accrued interest payable and other liabilities (3,640) (3,070)
Net cash (used in) provided by operating activities (4,629) 11,478
Activity in available-for-sale securities:    
Maturities, prepayments, and calls 0 3,218
Purchases 0 (9,000)
Activity in held-to-maturity securities:    
Maturities, prepayments, and calls 3,701 3,124
Purchases 0 (28,439)
Purchases of correspondent bank stock (26,082) (2,978)
Redemption of correspondent bank stock 19,992 1,243
Contributions to low-income housing tax credit investments 0 (214)
Loan and note receivable originations and principal collections, net (65,652) (173,728)
Purchases of premises and equipment (1,425) (1,150)
Proceeds from loans held for sale previously classified as loans held for investment 40,602 0
Purchases of loans (1,162) (24,732)
Net cash used in investing activities (30,026) (232,656)
Cash flows from financing activities    
Net change in deposits (29,835) (35,676)
Payments to Federal Home Loan Bank borrowings (881,776) 0
Proceeds from Federal Home Loan Bank borrowings 977,645 70,000
Payments to Federal Reserve borrowings (221,689) (21,406)
Proceeds from Federal Reserve borrowings 291,534 0
Payments on subordinated notes 0 (6,575)
Proceeds from the exercise of stock options 115 146
Cash paid for withholding taxes on share-based awards (283) (688)
Net cash provided by financing activities 135,711 5,801
Net change in cash and cash equivalents 101,056 (215,377)
Cash and cash equivalents, beginning of year 196,512 386,983
Cash and cash equivalents, end of period 297,568 171,606
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 32,413 2,925
Income tax payment 2,170 4,118
Cash paid for lease liabilities 1,592 1,542
Supplemental noncash disclosures:    
Transfer of loans held for investment to loans held for sale 39,221 0
CECL adoption 5,319 0
RSI dissolution 751 0
Change in unrealized loss on available-for-sale securities 0 (2,591)
Lease right-of-use-asset obtained in exchange for lease liabilities 1,704 0
Transfer of securities from available-for-sale to held-to-maturity 0 58,727
Security purchase settled in subsequent period 0 (3,000)
Transfers from loans to other real estate owned $ 0 $ 378
[1] Provision for credit loss amounts for periods prior to the ASC 326 adoption date of January 1, 2023 are reported in accordance with previously applicable GAAP.