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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 $ 5,161 $ 15,210
Adjustments to reconcile net income to cash provided by operating activities:    
Provision for credit losses 2,735 2,880
Depreciation and other amortization 2,397 1,341
Accretion and amortization of securities discounts and premium, net 259 399
Loss on sale of fixed assets 394
Gain on sale of securities (12)
Net change in operating leases 133 172
Compensation expense related to stock options and restricted stock grants 956 987
Gain on sale of loans held for sale (1,636) (1,446)
Loans originated and held for sale (70,422) (145,513)
Proceeds from sale of loans held for sale 60,194 142,185
Increase in cash surrender value of bank owned life insurance (670) (630)
Decrease in deferred tax asset (21) (3,446)
(Increase) decrease in other assets (4,076) 452
Increase (decrease) in other liabilities (359) 1,400
Net cash (used for) provided by operating activities (5,349) 14,373
Investing activities    
Increase in loans, net (264,737) (355,594)
Purchase of property and equipment $ (767) (8,989)
Purchase of investment securities:  
Available for sale (10,094)
Other investments (42,518) (11,078)
Payments and maturities, calls and repayments of investment securities:    
Available for sale 2,427 19,095
Other investments 40,801 10,034
Proceeds from sale of fixed assets 95
Net cash used for investing activities (264,794) (356,531)
Financing activities    
Increase in deposits, net 299,154 306,332
Increase in Federal Home Loan Bank advances and other borrowings, net 5,000 50,000
Proceeds from the exercise of stock options 185 707
Net cash provided by financing activities 304,339 357,039
Net increase in cash and cash equivalents 34,196 14,881
Cash and cash equivalents at beginning of the period 170,874 167,209
Cash and cash equivalents at end of the period 205,070 182,090
Cash paid for    
Interest 38,612 3,745
Income taxes 541 5,950
Schedule of non-cash transactions    
Unrealized gain (loss) on securities, net of income taxes $ 700 $ (9,393)