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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,279 $ 2,240
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (3,756) (8,873)
Sale of loans originated for sale 3,571 8,949
Depreciation and amortization, net of accretion 1,712 1,078
Stock based compensation expense 172 307
Cash payments for lease liabilities (176) 0
Loss on sale of securities, net 531 0
Gain on sale of loans held-for-sale, net (144) (206)
Gain on sale of real estate (11,867) 0
Gain on cash value of bank owned life insurance (193) (179)
Gain on derivatives (8) (57)
Provision for credit losses 0 488
Change in:    
Interest receivable 462 (296)
Interest payable (2,353) 77
Other assets 2,731 2,712
Accrued expenses and other liabilities 14 (2,289)
Total adjustments (9,304) 1,711
Net cash provided by (used in) operating activities (25) 3,951
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 3,367 3,675
Proceeds from sales of securities available-for-sale 14,697 0
Net change in loans receivable 4,159 (6,433)
Purchase of premises and equipment (711) (217)
Proceeds from sale of premises and equipment 17,730 0
Net cash provided by (used in) investing activities 39,242 (2,975)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (65,943) 31,093
Proceeds from borrowed funds 90,000 100,000
Repayment of borrowed funds (80,000) (120,000)
Net surrender value of restricted stock awards 0 (157)
Change in repurchase agreements 3,013 12,920
Dividends paid (515) (1,333)
Net cash provided by (used in) financing activities (53,445) 22,523
Net change in cash and cash equivalents (14,228) 23,499
Cash and cash equivalents at beginning of period 86,008 31,282
Cash and cash equivalents at end of period 71,780 54,781
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 12,559 5,405
Income taxes 0 150
Noncash activities:    
Dividends declared not paid 515 1,334
Right-of-use asset obtained in exchange for lease liability $ 16,140 $ 0

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