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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net (loss) income $ (18,980) $ 13,991
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Provision for credit losses on loans 5,550 850
Reversal of credit losses on unfunded loan commitments 0 (342)
Noncash contribution expense to employee stock ownership plan 425 847
Noncash director compensation expense 259 150
Stock-based compensation expense 627 354
Amortization of core deposit intangible 497 685
Amortization of investment security premiums, net of accretion of discounts 2,437 3,781
Accretion of discounts on acquired loans, net (174) (415)
Net change in deferred loan origination costs/fees 185 (588)
Write-down of other real estate owned 0 40
Loss on sale of investment securities 32,542 0
Depreciation and amortization 767 1,282
Loss on disposal of premises and equipment 21 0
Earnings on bank-owned life insurance policies (856) (1,067)
Net changes in interest receivable and other assets (14,186) (1,354)
Net changes in interest payable and other liabilities (1,339) 3,284
Total adjustments 26,755 7,507
Net cash provided by operating activities 7,775 21,498
Cash Flows from Investing Activities:    
Purchase of available-for-sale securities (18,987) 0
Proceeds from sale of available-for-sale securities 292,627 0
Proceeds from paydowns/maturities of held-to-maturity securities 20,861 25,377
Proceeds from paydowns/maturities of available-for-sale securities 19,517 33,595
Decrease in loans receivable, net (8,854) (9,271)
Purchase of bank-owned life insurance policies (1,210) 0
Proceeds from bank-owned life insurance policies 0 766
Purchase of premises and equipment (250) (1,823)
Cash paid for low income housing tax credit investment (1) (39)
Net cash provided by investing activities 303,703 48,605
Cash Flows from Financing Activities:    
Net decrease in deposits (76,298) (248,136)
(Repayment of) proceeds from short-term borrowings, net (26,000) 180,200
Repayment of finance lease obligations (76) (75)
Proceeds from stock options exercised 0 230
Restricted stock surrendered for tax withholdings upon vesting (58) (70)
Cash dividends paid on common stock (8,113) (8,040)
Proceeds from stock issued under employee and director stock purchase plans 22 21
Net cash used in financing activities (110,523) (75,870)
Net increase (decrease) in cash, cash equivalents and restricted cash 200,955 (5,767)
Cash, cash equivalents and restricted cash at beginning of period 30,453 45,424
Cash, cash equivalents and restricted cash at end of period 231,408 39,657
Supplemental disclosure of cash flow information:    
Interest paid on deposits and borrowings 23,487 14,151
Income taxes paid, net of refunds 2,100 0
Supplemental disclosure of noncash investing and financing activities:    
Change in net unrealized gains or losses on available-for-sale securities (4,009) 5,285
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 764 914
Restricted cash [1] $ 0 $ 0
[1] Restricted cash includes reserve requirements held with the Federal Reserve Bank of San Francisco and other cash pledged. The Federal Reserve reduced the reserve requirement ratios to zero percent effective March 26, 2020.