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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Operating activities            
Net income $ 9,941 $ 10,826 $ 27,257 $ 30,702    
Adjustments to reconcile net income to net cash provided by operating activities:            
Deferred income taxes, net     (733) (2,258)    
Impairment of tax credit investments     0 (351)    
Provision for credit losses 1,817 12 5,610 (4,569)    
Depreciation, amortization and accretion, net     2,838 3,088    
Share-based compensation 643 651 2,349 1,905    
Net loss on disposal of fixed assets     73 0    
Gain on disposal of lease equipment     0 (478)    
Amortization of tax credit investments     2,882 552    
Bank-owned life insurance policy income (376) (359) (1,106) (1,057)    
Originations of loans for sale     (115,925) (94,433)    
Sale of loans originated for sale     116,160 99,499    
Gain on sale of loans originated for sale     (1,771) (2,269)    
Net loss on repossessed assets     9 27    
Loan servicing right impairment valuation     0 15    
Return on investment in limited partnerships     3,542 314    
Excess tax benefit expense from share-based compensation     185 183    
Payments on operating lease liabilities     (1,061) (1,096)    
Net increase in accrued interest receivable and other assets     (8,825) (4)    
Net increase in accrued interest payable and other liabilities     7,474 1,620    
Net cash provided by operating activities     38,958 31,390    
Investing activities            
Proceeds from maturities, redemptions, and paydowns of available-for-sale securities     16,536 32,699    
Proceeds from maturities, redemptions, and paydowns of held-to-maturity securities     3,932 6,190    
Proceeds from sale of available-for-sale securities     5,028 0    
Purchases of available-for-sale securities     (88,563) (54,098)    
Proceeds from sale of foreclosed properties     25 37    
Net increase in loans and leases     (321,570) (86,487)    
Investments in limited partnerships     (1,106) (797)    
Returns of investments in limited partnerships     7 17    
Investment in tax credit investments     (11,430) (11,146)    
Distribution from historic development entities     33 474    
Investment in Federal Home Loan Bank stock     (30,540) (35,650)    
Proceeds from the sale of Federal Home Loan Bank stock     34,824 33,285    
Purchases of leasehold improvements and equipment, net     (2,574) (1,847)    
Purchases of bank-owned life insurance policies     0 (25)    
Proceeds from (Repurchase of) Trust Preferred Securities     0 315    
Net cash used in investing activities     (395,398) (117,033)    
Financing activities            
Net increase in deposits     488,801 129,622    
Repayment of Federal Home Loan Bank advances     (1,536,255) (1,993,844)    
Proceeds from Federal Home Loan Bank advances     1,434,375 2,002,844    
Proceeds from Issuance of Subordinated Long-term Debt     15,000 20,000    
Repayment of subordinated notes and debentures     0 (9,090)    
Repayments of Other Long-term Debt     0 10,076    
Net decrease in long-term borrowed funds     (6,037) (3,064)    
Cash dividends paid     (5,687) (5,023)    
Preferred stock dividend     (656) (464)    
Proceeds from issuance of common stock under ESPP     87 104    
Proceeds from issuance of preferred stock     0 11,992 $ 12,000  
Purchase of treasury stock     (2,955) (3,503)    
Net cash provided by financing activities     386,673 139,498    
Net increase in cash and cash equivalents     30,233 53,855    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 132,915 $ 110,965 132,915 110,965 $ 102,682 $ 57,110
Cash paid during the period for:            
Interest paid on deposits and borrowings     51,092 11,083    
Income taxes paid     5,022 3,263    
Transfer of loans to repossessed assets     $ 0 $ 50