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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net (loss) income $ (14,410) $ 19,285
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Provision for credit losses on loans 5,550 1,275
Reversal of credit losses on unfunded loan commitments (233) (342)
Noncash contribution expense to employee stock ownership plan 986 967
Noncash director compensation expense 513 398
Stock-based compensation expense 736 584
Amortization of core deposit intangible 738 1,020
Amortization of investment security premiums, net of accretion of discounts 3,050 5,529
Accretion of discounts on acquired loans, net (228) (461)
Net change in deferred loan origination costs/fees 109 (800)
Write-down of other real estate owned 0 40
Loss (gain) on sale of investment securities 32,541 (14)
Depreciation and amortization 1,125 1,705
Earnings on bank-owned life insurance policies (1,282) (1,438)
Net changes in interest receivable and other assets (10,199) 196
Net changes in interest payable and other liabilities (1,345) 6,928
Total adjustments 32,061 15,587
Net cash provided by operating activities 17,651 34,872
Cash Flows from Investing Activities:    
Purchase of available-for-sale securities (133,485) 0
Proceeds from sale of available-for-sale securities 292,621 79,840
Proceeds from paydowns/maturities of held-to-maturity securities 36,820 37,046
Proceeds from paydowns/maturities of available-for-sale securities 26,409 50,749
Proceeds from sale of Visa Inc. Class B restricted common stock 0 2,807
Decrease in loans receivable, net 19,508 6,634
Purchase of loans (35,874) 0
Purchase of bank-owned life insurance policies (1,211) 0
Proceeds from bank-owned life insurance policies 0 766
Purchase of premises and equipment (356) (1,737)
Proceeds from sale of premises and equipment 21 0
Proceeds from sale of other real estate owned 0 420
Cash paid for low income housing tax credit investment (1) (39)
Net cash provided by investing activities 204,452 176,486
Cash Flows from Financing Activities:    
Net increase in deposits 19,174 (129,664)
(Repayment of) proceeds from short-term borrowings, net (26,000) 8,000
Repayment of finance lease obligations (113) (112)
Proceeds from stock options exercised 0 230
Restricted stock surrendered for tax withholdings upon vesting (64) (70)
Cash dividends paid on common stock (12,177) (12,070)
Stock repurchased (4,234) 0
Proceeds from stock issued under employee and director stock purchase plans 30 36
Net cash used in financing activities (23,384) (133,650)
Net increase (decrease) in cash, cash equivalents and restricted cash 198,719 77,708
Cash, cash equivalents and restricted cash at beginning of period 30,453 45,424
Cash, cash equivalents and restricted cash at end of period 229,172 123,132
Supplemental disclosure of cash flow information:    
Interest paid on deposits and borrowings 35,417 23,036
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 4,032 (8,507)
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 1,149 1,325
Stock issued to employee stock ownership plan 986 967
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.