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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income $ 30,607 $ 738
Adjustments to reconcile net income to net cash provided by operating activities:    
Net accretion of acquisition accounting estimates (11,528) (6,672)
Provision for credit losses 3,958 30,056
Depreciation and amortization 12,040 6,847
Net amortization of securities (622) 724
Amortization of debt issuance costs 91 92
Bargain purchase gain 0 (8,816)
Gain on mortgage banking activities (2,897) (2,602)
Proceeds from sale of mortgage loans held for sale 117,230 80,846
Originations of loans held for sale (131,851) (89,485)
Stock-based compensation expense 1,252 853
Deferred income tax expense (benefit) 7,776 (934)
Losses on sales and calls of securities 0 2,166
Loss on sales of repossessed assets 375 0
(Gain) loss on valuation adjustments on mortgage servicing rights (253) 5
Loss on disposal of fixed assets 10 0
Valuation adjustments on premises transferred to held for sale 2 271
Gain on sales and valuation adjustments on other real estate owned 0 (3)
Fair value adjustments on loans held for investments, at fair value (246) 492
Fair value adjustment on equity securities (124) 177
Bank owned life insurance income (2,037) (1,305)
Net changes in:    
Accrued interest receivable (775) 2,810
Other assets (3,021) (10,145)
Accrued interest payable (1,084) 1,192
Other liabilities (4,435) (20,662)
Net cash provided by (used in) operating activities 14,468 (13,355)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and principal payments of investment securities available for sale 64,896 12,304
Proceeds from the sale of acquired AFS securities 0 434,215
Proceeds from maturities and principal payments of investment securities held to maturity 39,653 35,023
Proceeds from life insurance death benefits 150 0
Purchases of investment securities available for sale (83,990) 0
Purchases of investment securities available for sale (11,449) 0
Proceeds from the sale of loans held for investment 0 8,611
Purchases of equity securities (123) (41)
Purchase of restricted securities (35,682) (26,076)
Net change in loans (84,580) (297,999)
Purchases of premises and equipment (3,969) (3,654)
Proceeds from sales of other real estate owned 0 21
Proceeds from sales of repossessed assets 1,807 0
Redemption of restricted securities 33,329 28,224
Purchases of bank owned life insurance (138) (187)
Proceeds from disposal of premises held for sale 0 721
Cash acquired in the acquisition of TCFC, net of cash paid 0 25,372
Net cash (used in) provided by investing activities (80,096) 216,534
Net changes in:    
Noninterest-bearing deposits 313,356 (239,293)
Interest-bearing deposits (474,828) 206,804
Short-term borrowings 0 (109,000)
Long-term borrowings 50,000 0
Common stock dividends paid (12,013) (8,752)
Issuance of common stock 321 272
Net cash used in financing activities (123,164) (149,969)
Net (decrease) increase in cash and cash equivalents (188,792) 53,210
Cash and cash equivalents at beginning of period 372,413 55,499
Cash and cash equivalents at end of period 183,621 108,709
Supplemental cash flows information:    
Interest paid 91,619 47,243
Income taxes paid 0 7,894
Recognition (remeasurement) of lease liabilities arising from right-of-use assets 25 45
Transfers from loans to repossessed assets 2,488 0
Unrealized gains (losses) on available for sale securities 2,708 (1,498)
Transfer of premises to held for sale (included in other assets) $ 1,387 $ 750