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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 20,483 $ 19,323
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 2,546 200
Depreciation and amortization 1,070 1,121
Stock-based compensation expense 532 123
Amortization of premiums and accretion of discount on securities 257 33
Accretion of net deferred loan fees and costs (1,937) (4,407)
Loss (gain) on call/sale of securities available-for-sale 6 (2)
Income earned from small business investment company ("SBIC") investment (307) (115)
Increase in cash surrender value of bank-owned life insurance (916) (851)
Deferred income tax (benefit) (671) (11)
Amortization of core deposit intangible 378 435
Bargain purchase gain (9,696) 0
Gain on sale of other real estate owned (203) 0
Write down on other real estate owned 0 101
Decrease in accrued interest receivable and other assets 2,747 1,728
Increase (decrease) in accrued interest payable and other liabilities 5,860 (1,443)
NET CASH PROVIDED BY OPERATING ACTIVITIES 20,149 16,235
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of available-for-sale securities (7,319) (5,154)
Principal repayments of securities available-for-sale 4,173 5,514
Maturities and calls of securities available-for-sale 1,071 3,659
Maturities, calls and principal repayments of securities held-to-maturity 6 5
Net decrease (increase) in loans 59,696 (38,784)
Cash paid for acquisition (25,414) 0
Cash received from acquisition 23,181 0
Purchases of premises and equipment (1,420) (541)
Purchases of bank-owned life insurance (4,950) 0
Sales of restricted bank stock 357 40
Proceeds from other real estate owned 236 125
NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES 49,617 (35,136)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in deposits 98,536 (79,129)
Repayment of overnight borrowings (10,000) 0
Cash dividends (5,583) (4,896)
Dividend reinvestment program 82 71
Purchase of treasury stock 0 (9,158)
Proceeds from exercise of stock options 779 1,053
Release of restricted stock units 0 209
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 83,814 (91,850)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 153,580 (110,751)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 53,351 158,716
CASH AND CASH EQUIVALENTS, END OF PERIOD 206,931 47,965
SUPPLEMENTARY CASH FLOWS INFORMATION:    
Interest paid 12,404 4,187
Income taxes paid 3,455 3,255
Reclass of paid-in capital related to holding company formation 15,095 0
Reclass of treasury stock related to holding company formation 19,452 0
Reclass of common stock related to holding company formation (34,547) 0
Net assets acquired from Noah Bank [1] 239,451 0
Net liabilities assumed from Noah Bank [1] $ 204,341 $ 0
[1] For details of assets acquired and liabilities assumed—See Note 2.