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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 5,043 $ 5,324
Adjustments reconciling net income to net cash provided by operating activities:    
Provision for credit losses [1] 900 50
Depreciation, amortization, and accretion 2,233 3,115
Equity method investment (loss) income (88) 292
Share-based compensation expense 454 282
Net change in servicing asset (219) (359)
Gain on sales of securities, available-for-sale 0 (24)
Gain on sales of SBA loans (1,057) (1,726)
Donation of other real estate owned 0 35
(Gain) loss on sales of premises & equipment 18 (31)
Originations of loans held for sale (43,910) (89,078)
Proceeds from sales of loans held for sale 49,087 104,726
Change in bank-owned life insurance (344) (329)
Deferred tax benefit 228 (230)
Change in other assets (1,004) 1,063
Change in other liabilities 45 (1,168)
Net cash provided by operating activities 11,386 21,942
Investing Activities    
Purchases of investment securities, available-for-sale (3,518) (90,258)
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale 7,924 17,618
Proceeds from sales of investment securities, available-for-sale 0 3,061
Proceeds from maturities, calls and paydowns of securities, held-to-maturity 2,575 2,340
Change in loans, net (63,194) (16,365)
Purchase of premises and equipment (893) (692)
Proceeds from sales of premises and equipment 0 40
Redemption of other investments 702 0
Purchase of Federal Home Loan Bank Stock (1,820) (107)
Net cash used in investing activities (58,224) (84,363)
Financing Activities    
Change in noninterest-bearing customer deposits (31,242) 5,409
Change in interest-bearing customer deposits 56,374 (29,231)
Issuance of common stock, net of stock issuance cost 0 59,468
Dividends paid for common stock (1,933) (1,477)
Repayments on Federal Home Loan Bank Advances (280,000) 0
Proceeds from Federal Home Loan Bank Advances 320,000 0
Repayments on Other borrowings (15,000) (12,563)
Tax withholding related to vesting of restricted stock (73) 0
Net cash provided by financing activities 48,126 21,606
Net increase (decrease) in cash and cash equivalents 1,288 (40,815)
Cash and cash equivalents at beginning of period 80,678 197,232
Cash and cash equivalents at end of period 81,966 156,417
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 6,734 1,109
Cash paid during the period for income taxes 3 7
Noncash Investing and Financing Activities    
Goodwill adjustment 0 (4)
Carrying amount of Securities AFS transferred to HTM, net of $13.1 million, respectively, unrealized loss $ 0 $ 320,116
[1] (1) Beginning January 1, 2023, provision calculation is based on current expected loss methodology. Prior to January 1, 2023, calculation was based on incurred loss methodology.