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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net income $ 656 $ 23,601
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 364 430
Right of use asset amortization 924 1,033
Provision for (recovery of) credit losses (2,471)  
Share-based compensation expense 464 402
Net (accretion)/amortization of securities (197) 68
Fair value adjustment on equity securities (112) 498
Amortization of debt issuance costs 63 296
Net gains on premises and equipment (16) 1
Losses on available-for-sale securities 17,316  
Deferred tax expense 603 670
Net increase in cash surrender value of life insurance (224) (73)
Gain on sale of government guaranteed loans (50)  
Changes in assets and liabilities:    
(Increase) Decrease in accrued interest receivable (170) 199
Increase in other assets (3,305) (732)
Increase (decrease) in accrued interest payable 1,575 (200)
(Decrease) in other liabilities (2,855) (1,030)
Net cash provided by operating activities 12,565 25,163
Cash Flows from Investing Activities    
Net (increase) in loans (31,178) (58,645)
Proceeds from sale of government guaranteed loans originally classified as held for investment 586  
Purchase of available-for-sale securities   (206,889)
Purchase of held-to-maturity securities   (1,003)
Proceeds from sale of available-for-sale securities 156,011 0
Proceeds from maturities, calls and principal repayments of available-for-sale securities 30,353 41,151
Proceeds from maturities, calls and principal repayments of held-to-maturity securities 2,921 5,712
Net (purchases) redemptions of restricted securities (582) 530
Net purchases of equity securities (216) (542)
Proceeds from bank owned life insurance contracts 21,394  
Proceeds from sale of premises and equipment 82  
Purchases of bank premises and equipment (475) (142)
Net cash provided by (used in) investing activities 178,896 (219,828)
Cash Flows from Financing Activities    
Net (decrease) increase in deposits (86,116) 181,788
Net repayment of Federal Home Loan Bank advances   (18,000)
Proceeds from Federal Reserve Bank borrowings 54,000  
Issuance of subordinated debt   24,579
Repayment of subordinated debt   (25,000)
Cash dividends paid (3,108) (2,799)
Repayment of federal funds purchased (25,500)  
Issuance of common stock for share options exercised 320 3,054
Net cash (used in) provided by financing activities (60,404) 163,622
Net increase in cash and cash equivalents 131,057 (31,043)
Cash and cash equivalents, beginning of period 61,599 105,799
Cash and cash equivalents, end of period 192,656 74,756
Supplemental Disclosures of Cash Flow Information    
Interest 34,076 7,497
Income taxes 4,110 4,387
Supplemental Disclosures of Noncash Transactions    
Unrealized gain (loss) on securities available-for-sale 14,936 (38,480)
Right of use asset obtained in exchange for new operating lease liability $ 505 $ 56