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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 11,530 $ (207)
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (credit to) credit losses 40 (200)
Depreciation 1,012 516
Amortization of intangible assets 2,411 120
Accretion of discounts, net (6,043) (321)
Origination of loans to be sold (967) (3,745)
Proceeds from loan sales 1,029 4,041
Gain on sale of loans (62) (296)
Share-based and deferred compensation 825 422
Bank-owned life insurance income (769) (310)
(Gain) loss on sale of debt securities, available for sale (4) 2,370
Change in accrued interest receivable and other assets 723 (217)
Change in accrued interest payable and other liabilities (4,017) (1,833)
Other, net (87)  
Net cash used in operating activities 5,621 340
Investment securities available for sale:    
Proceeds from sales 1,691 1,847
Proceeds from calls and maturities 1,295  
Proceeds from principal repayments 5,548 3,759
Purchases (34,916) (9,756)
Investment securities held to maturity    
Proceeds from principal repayments 915 1,337
Purchases   (11,289)
Proceeds from redemptions of certificates of deposit with other banks   5,125
Purchase of restricted investment in bank stocks (10,131) (5,853)
Redemption of restricted investment in bank stocks 9,168 3,686
Increase in loans, net (59,541) (40,544)
Purchase of bank-owned life insurance   (5,000)
Cash paid to buy-out minority interest (483)  
Proceeds from disposal of premises and equipment 1,135  
Purchase of premises and equipment (507) (65)
Net cash used in investing activities (85,826) (56,753)
FINANCING ACTIVITIES    
Increase in deposits, net 157,153 88,070
Change in short-term borrowings, net (10,000) (21,039)
Proceeds from long-term borrowings 40,000 75,000
Issuance of shares from exercise of stock options 11  
Dividends paid (5,547) (2,435)
Net proceeds from issuance of common stock 55 9,980
Net cash provided by financing activities 181,672 149,576
Increase in cash and cash equivalents 101,467 93,163
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 80,190 30,011
CASH AND CASH EQUIVALENTS AT END OF PERIOD 181,657 123,174
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 28,636 $ 11,296
Reclassification of New Jersey branch loans from portfolio loans to assets held-for-sale, net (2,863)  
Reclassification of New Jersey branch assets to assets held-for-sale 114  
Reclassification of New Jersey branch deposits to liabilities held-for-sale, net (2,861)  
Reclassification of New Jersey branch liabilities to liabilities held-for-sale $ (76)