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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 738 $ 22,769
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Net accretion of acquisition accounting estimates (6,672) (1,225)
Provision for credit losses 30,056 1,475
Depreciation and amortization 6,847 4,253
Net amortization of securities 724 1,121
Amortization of debt issuance costs 92 92
Provisional bargain purchase gain (8,816) 0
(Gain) on mortgage banking activities (2,602) (2,526)
Proceeds from sale of mortgage loans held for sale 80,846 128,595
Originations of loans held for sale (89,485) (98,020)
Stock-based compensation expense 853 477
Deferred income tax (benefit) (934) (723)
Losses on sales and calls of securities 2,166 0
Loss (Gain) on valuation adjustments on mortgage servicing rights 5 (459)
Valuation adjustments on premises transferred to held for sale 271 0
(Gain) Loss on sales and valuation adjustments on other real estate owned (3) 44
Fair value adjustments on loans held for investments, at fair value 492 0
Fair value adjustment on equity securities 177 162
Bank owned life insurance income (1,305) (702)
Net changes in:    
Accrued interest receivable 2,810 (721)
Other assets (10,145) (304)
Accrued interest payable 1,192 (217)
Other liabilities (20,663) (4,030)
Net cash (used in) provided by operating activities (13,356) 50,061
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and principal payments of investment securities available for sale 12,304 16,719
Proceeds from the sale of acquired AFS securities 434,215 0
Proceeds from maturities and principal payments of investment securities held to maturity 35,023 40,603
Proceeds from sale of loans held for investment 8,611 0
Purchases of securities held to maturity 0 (207,466)
Purchases of equity securities (41) (12)
Purchase of restricted securities (26,076) (5,735)
Net change in loans (297,999) (280,874)
Purchases of premises and equipment (3,654) (2,274)
Proceeds from sales of other real estate owned 21 394
Improvements to other real estate owned 0 (34)
Redemption of restricted securities 28,224 0
Purchases of bank owned life insurance (187) (10,131)
Proceeds from disposal of premises held for sale 721 0
Cash acquired in the acquisition of TCFC, net of cash paid 25,372 0
Net cash provided by (used in) investing activities 216,534 (448,810)
Net changes in:    
Noninterest-bearing deposits (239,293) (33,689)
Interest-bearing deposits 206,804 23,156
Short-term borrowings (109,000) (4,143)
Common stock dividends paid (8,752) (7,146)
Issuance of common stock 273 264
Net cash provided by (used in) financing activities (149,968) (21,558)
Net increase (decrease) in cash and cash equivalents 53,210 (420,307)
Cash and cash equivalents at beginning of period 55,499 583,613
Cash and cash equivalents at end of period 108,709 163,306
Supplemental cash flows information:    
Interest paid 47,243 7,705
Income taxes paid 7,894 7,070
Recognition (remeasurement of) lease liabilities arising from right-of-use assets 45 (616)
Transfers from loans to other real estate owned 0 69
Unrealized losses on securities available for sale (1,498) (13,533)
Transfer of premises to held for sale (included in other assets) $ 750 $ 0