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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income $ 10,345 $ 8,737
Adjustments reconciling net income to net cash provided by operating activities:    
Provision for credit losses [1] 1,100 1,150
Depreciation, amortization, and accretion 4,512 6,766
Equity method investment (loss) income (95) 264
Share-based compensation expense 862 845
Net change in servicing asset (373) (347)
Gain on sales of securities, available-for-sale 0 (24)
Gain on sales of SBA loans (2,162) (3,589)
Gain on sales of other real estate owned (13) 0
Donation of other real estate owned 0 35
Gain on sales of premises & equipment (107) (62)
Originations of loans held for sale (134,992) (202,031)
Proceeds from sales of loans held for sale 126,629 205,244
Change in bank-owned life insurance (702) (694)
Deferred tax benefit (544) (971)
Change in other assets (279) (4,583)
Change in other liabilities 2,483 (464)
Net cash provided by operating activities 6,664 10,276
Investing Activities    
Purchases of investment securities, available-for-sale (3,914) (137,038)
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale 15,925 36,330
Proceeds from sales of investment securities, available-for-sale 0 3,061
Proceeds from maturities, calls and paydowns of securities, held-to-maturity 13,359 5,233
Change in loans, net (102,403) (115,354)
Purchase of premises and equipment (2,073) (872)
Proceeds from sales of premises and equipment 125 71
Proceeds from sales of other real estate owned 215 0
Proceeds from bank-owned life insurance 0 1,008
Redemption of other investments 800 1,356
Purchase of Federal Home Loan Bank Stock (1,395) (576)
Net cash used in investing activities (79,361) (206,781)
Financing Activities    
Change in noninterest-bearing customer deposits (28,051) 20,402
Change in interest-bearing customer deposits 164,265 (63,499)
Issuance of common stock, net of stock issuance cost 0 59,468
Dividends paid for common stock (3,863) (3,365)
Increase in federal funds purchased 0 23,766
Issuance of Subordinated Debt 0 39,097
Repayments on Federal Home Loan Bank Advances (575,000) (27,500)
Proceeds from Federal Home Loan Bank Advances 605,000 40,000
Repayments on Other borrowings (15,000) (12,563)
Repurchase of shares (406) 0
Tax withholding related to vesting of restricted stock (78) (51)
Net cash provided by financing activities 146,867 75,755
Net increase (decrease) in cash and cash equivalents 74,170 (120,750)
Cash and cash equivalents at beginning of period 80,678 197,232
Cash and cash equivalents at end of period 154,848 76,482
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 17,954 3,142
Cash paid during the period for income taxes 1,930 3,223
Noncash Investing and Financing Activities    
Goodwill adjustment 0 1,176
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.