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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - 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
Cash flows from operating activities:          
Net income     $ 21,029 $ 16,106  
Adjustments to reconcile net income to net cash provided by operating activities:          
(Reversal of) provision for credit losses $ 674 $ 1,194 (311) 3,824  
Decrease in deferred tax assets     (1,711) (1,149)  
Accretion on acquired loans     (941) (417)  
Gain on sale of loans (28) (1,278) (508) (2,714)  
Proceeds from sale of loans     9,585 41,833  
Loans originated for sale     (7,202) (35,948)  
Loss on sale of OREO     21    
Bargain purchase gain       (1,665)  
Accretion on junior subordinated debentures     60 61  
Increase in cash surrender value of life insurance policies     (505) (453)  
Amortization/accretion of premiums/discounts on investment securities, net     295 452  
Loss on equity securities 274 362 2,087 3,971  
Depreciation and amortization     1,266 1,500  
Core deposit intangible amortization 305 516 980 1,527  
Stock based compensation expense     585 789  
Decrease in deferred loan origination fees, net     (156) (1,645)  
Net change in interest receivable and other assets     2,345 (90)  
Increase in salary continuation plan, net     46 331  
Net change in interest payable and other liabilities     (4,572) (2,557)  
Net cash provided by operating activities     22,393 23,756  
Cash flows from investing activities:          
Proceeds from maturities of interest bearing deposits in banks     498 1,095  
Purchase of investment securities AFS     (6,416) (25,523)  
Purchase of equity securities       (156)  
Proceeds from maturities, repayments and calls of investment securities AFS     6,310 9,217  
Proceeds from sales of investment securities AFS       63  
Purchase of Federal Home Loan Bank stock     (634)    
Purchase of Federal Reserve Bank stock     (19) (1,003)  
Increase in loans, net     53,859 81,107  
Purchase of equipment and leasehold improvements, net     (703) (606)  
Net cash received for acquisitions       18,423  
Net cash provided by investing activities     52,895 82,617  
Cash flows from financing activities:          
Decrease in noninterest and interest bearing deposits in banks, net     (64,030) (19,205)  
Increase (decrease) in time deposits, net     137,995 (227,268)  
Repurchase of common stock     (21,674) (13,544)  
Dividends paid on common stock     (2,460) (1,362)  
Net cash provided by (used in) financing activities     49,831 (261,379)  
Increase (decrease) in cash and cash equivalents     125,119 (155,006)  
Cash and cash equivalents at beginning of period     176,815 379,687 $ 379,687
Cash and cash equivalents at end of period $ 301,934 $ 224,681 301,934 224,681 $ 176,815
Cash paid during the year for:          
Interest expense     18,827 8,295  
Cash paid during the year for:          
Income taxes paid, net     2,885 5,898  
Recognition of ROU assets     995 1,425  
Recognition of lease liability     982 1,429  
Non-cash investing and financing activities:          
Change in unrealized loss on available-for-sale securities, net of tax     (5,699) (13,675)  
Cash dividends declared on common stock not yet paid     $ (1,179) (658)  
Acquisition:          
Assets acquired, net of cash received       440,785  
Liabilities assumed       380,055  
Common stock issued       $ 64,140