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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES:    
Net income $ 8,631 $ 18,355
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 966 879
Amortization of premium and accretion of discount on securities, net 89 169
Amortization of restricted stock 1,849 2,666
Amortization of intangible assets 272 354
Amortization of subordinated debt costs 72 72
Provision for credit losses 627 1,513
Deferred tax benefit (3,942) (2,493)
Stock-based compensation and employee stock purchase plan expense 32 48
Fair value adjustment for equity security 111 (209)
Loans originated for sale [1] (5,681) (9,856)
Proceeds from sales of loans held for sale [1] 6,867 12,568
Gain on loans held for sale [1] (456) (886)
Loss on disposal of fixed assets   6
Decrease/(increase) in cash surrender value of life insurance, net 1 (114)
(Increase)/decrease in accrued interest receivable (1,996) 6,014
Decrease in other assets 1,993 5,735
Increase in accrued expenses and other liabilities 9,674 4,176
NET CASH PROVIDED BY OPERATING ACTIVITIES 19,109 38,997
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 155,547 157,660
Principal repayments, maturities and calls of securities held to maturity 1,237 1,021
Redemptions of FHLB and FRB stock 37,549 27,887
Purchase of securities held to maturity   (2,051)
Purchase of securities available for sale (162,634) (150,658)
Purchase of FHLB and FRB stock (24,584) (27,553)
Net decrease/(increase) in loans, net of participations sold 72,676 (80,575)
Purchase of premises and equipment (1,107) (643)
Disposal of premises and equipment   (6)
NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES 78,684 (74,918)
FINANCING ACTIVITIES:    
Net increase in deposits 202,598 103,678
Net decrease in short-term borrowings (284,324) (250,730)
Proceeds from FHLB short term advances   250,000
Dividends paid on common stock (887) (883)
Exercise of stock options, net of stock swaps   4
Restricted stock repurchased on vesting to pay taxes (870) (2,377)
Modification of restricted stock units distributed in cash 4,998  
Issuance of shares for employee stock purchase plan 277 298
Shares repurchased (2,422) (2,851)
NET CASH (USED IN)/PROVIDED BY FINANCING ACTIVITIES (90,626) 97,139
Net decrease in cash and cash equivalents 7,167 61,218
Cash and cash equivalents at beginning of period 187,671 190,075
Cash and cash equivalents at end of period 194,838 251,293
Cash paid during the period for:    
Interest 35,725 21,375
Income tax, net $ 1,251 199
Security purchases due from broker   $ 8,308
[1] Includes mortgage loans originated with the intent to sell, which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans, which are carried at the lower of cost or fair value.