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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES    
Net income $ 25,910 $ 16,113
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation on premises and equipment 1,530 1,563
Core deposit intangible amortization 389 438
Amortization of premiums of debt securities 260 823
Gain on sale of loans (831) (1,349)
Loss on sale and disposal of fixed assets 0 768
Loss on early debt extinguishment 0 347
Loans originated for sale (9,240) (28,470)
Proceeds from loans originated for sale 11,887 21,366
Provision for credit losses 915 5,956
Deferred income tax expense (benefit) 418 (2,550)
Impairment charges of right-of-use assets 134 136
Stock-based compensation 4,518 3,682
Increase in cash surrender value of bank owned life insurance (946) (869)
Income from bank owned life insurance 0 (621)
Loss on sale of debt securities 974 994
Accretion of net discounts and deferred loan fees (1,972) (3,793)
Net decrease in other items (844) (1,182)
Net cash provided by operating activities 33,102 13,352
INVESTING ACTIVITIES    
Proceeds from bank owned life insurance death benefits 0 1,366
Proceeds from sale of debt securities available for sale 37,731 22,455
Proceeds from maturities and paydowns of debt securities available for sale 10,618 11,184
Proceeds from maturities and paydowns of debt securities held to maturity 0 74
Purchases of debt securities available for sale (63,639) (101,092)
Purchases of debt securities held to maturity 0 (54,267)
Net purchase of stock investments (4,051) (5,010)
Net fundings of loans (59,334) (390,686)
Proceeds from sale of loans held for investment 50 450
Proceeds from sales of premises and equipment 0 3,911
Purchases of premises and equipment (302) (1,081)
Net cash used in investing activities (78,927) (512,696)
FINANCING ACTIVITIES    
Net increase (decrease) in deposits 11,620 (41,244)
Proceeds of Federal Home Loan Bank advances 92,000 50,000
Repayment of Federal Home Loan Bank advances (57,000) 0
Repayment of other borrowings 0 (3,093)
Proceeds from exercise of stock options 127 1,009
Repurchase of common shares (889) (574)
Net cash provided by financing activities 45,858 6,098
Net change in cash and cash equivalents 33 (493,246)
Cash and cash equivalents at beginning of year 86,760 580,006
Cash and cash equivalents at end of year 86,793 86,760
Supplemental Disclosures of Cash Flow Information:    
Interest paid 29,027 5,552
Taxes paid 12,373 7,954
Lease liability arising from obtaining right-of-use assets 3,193 4,349
Net assets acquired in business combination:    
Fair value of net assets acquired 0 (1,019)
Goodwill adjustments $ 0 $ 1,019