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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 8,212 $ 6,870
Adjustments to reconcile net income to net cash from operating activities    
Provision for credit losses 2,108 1,043
Depreciation, amortization and accretion 3,358 4,289
Compensation expense related to stock options and restricted stock awards 654 451
Change in cash surrender value of BOLI (221) (217)
Gain on sale of loans held for sale (1,476) (3,857)
Origination of loans held for sale (73,050) (211,575)
Proceeds from sale of loans held for sale 78,316 302,553
Impairment (recovery) of servicing rights 2 (1)
Changes in operating assets and liabilities    
Accrued interest receivable (662) (842)
Other assets (470) (476)
Other liabilities 1,700 (296)
Net cash from operating activities 18,471 97,942
Activity in securities available-for-sale:    
Maturities, prepayments, and calls 2,497 3,333
Purchases   (16,762)
Maturities of certificates of deposit at other financial institutions   2,365
Portfolio loan originations and principal collections, net (55,269) (73,340)
Net cash from acquisitions 336,157  
Purchase of portfolio loans (829) (2,806)
Purchase of premises and equipment (954) (160)
Proceeds from bank owned life insurance death benefits   419
Change in FHLB stock, net 6,748 112
Net cash from (used by) investing activities 288,350 (86,839)
CASH FLOWS USED BY FINANCING ACTIVITIES    
Net (decrease) increase in deposits (109,439) 4,021
Proceeds from borrowings 382,500 38,000
Repayments of borrowings (561,500) (45,000)
Dividends paid on common stock (1,935) (1,634)
Proceeds from stock options exercised, net 42 70
Common stock repurchased for employee taxes paid on restricted stock awards (16)  
Issuance of common stock - employee stock purchase plan 271  
Common stock repurchased - repurchase plan   (3,445)
Net cash used by financing activities (290,077) (7,988)
NET INCREASE IN CASH AND CASH EQUIVALENTS 16,744 3,115
CASH AND CASH EQUIVALENTS, beginning of period 41,437 26,491
CASH AND CASH EQUIVALENTS, end of period 58,181 29,606
Cash paid during the period for:    
Interest on deposits and borrowings 7,064 1,921
SUPPLEMENTARY DISCLOSURES OF NONCASH OPERATING, INVESTING AND FINANCING ACTIVITIES    
Change in unrealized gain (loss) on available-for-sale investment securities 6,136 (20,973)
Change in unrealized (loss) gain on fair value and cash flow hedges (2,424) 2,928
Retention in gross mortgage servicing rights from loan sales 405 2,550
Right-of-use assets in exchange for lease liabilities 1,574 $ 938
Assets acquired 87,512  
Liabilities assumed $ 424,949