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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net Income (Loss) $ 5,765,000 $ 9,484,000
Adjustments to reconcile net income to net cash and cash equivalents (used in) provided by operating activities:    
Depreciation and amortization 4,547,000 3,515,000
Net amortization (accretion) of premiums and discounts (635,000) 312,000
Provision for credit losses 9,488,000 521,000
Origination of loans held for sale (301,161,000) (26,998,000)
Proceeds from sale of loans held for sale 270,852,000 31,273,000
Net gains on mortgage banking (9,513,000) (593,000)
Net gains on sale of loans (660,000) 0
Loss on bank premises and equipment and assets held for sale 0 620,000
Earnings on bank-owned life insurance (784,000) (753,000)
Gain on bank-owned life insurance death benefit (30,000) 0
Stock-based compensation expense 181,000 843,000
Gain on other real estate owned 0 (59,000)
Credit enhancement income (6,038,000) 0
Benefit for deferred income taxes (2,040,000) 0
Net increase in other assets (8,830,000) (3,008,000)
Net increase (decrease) in other liabilities 4,345,000 (2,631,000)
Net cash and cash equivalents (used in) provided by operating activities (34,513,000) 12,526,000
Investing activities:    
Purchases of securities held-to-maturity 0 0
Purchases of securities available-for-sale (5,000,000) (27,573,000)
Proceeds from paydowns, maturities and calls of securities available-for-sale 17,373,000 16,896,000
Proceeds from paydowns, maturities and calls of securities held-to-maturity 1,124,000 7,907,000
Net decrease of FRB and FHLB stock 13,732,000 2,581,000
Net increase in loans (231,405,000) (287,754,000)
Proceeds from bank-owned life insurance death benefit 873,000 138,000
Proceeds from sales of other real estate owned, net of improvements 0 181,000
Purchases of bank premises and equipment (1,405,000) (536,000)
Business acquisition, net of cash acquired 0 (4,554,000)
Net cash and cash equivalents used in investing activities (204,708,000) (292,714,000)
Financing activities:    
Net (decrease) increase in deposits 594,618,000 (80,411,000)
Cash dividends paid on common stock (4,937,000) (4,922,000)
Proceeds from exercised stock options 85,000 279,000
Repurchase of restricted stock (12,000) (8,000)
Repayment of short-term FHLB advances, net of proceeds 0 (75,000,000)
Repayment of short term borrowings (325,000,000) (19,254,000)
Increase (decrease) in securities sold under agreements to repurchase (2,524,000) 58,000
Net cash and cash equivalents provided by (used in) financing activities 262,230,000 (179,258,000)
Net change in cash and cash equivalents 23,009,000 (459,446,000)
Cash and cash equivalents at beginning of period 77,859,000 530,167,000
Cash and cash equivalents at end of period 100,868,000 70,721,000
Cash payments for:    
Interest 41,182,000 7,698,000
Income taxes 3,908,000 1,556,000
Supplemental schedule of noncash investing and financing activities:    
Initial recognition of operating lease right-of-use assets $ 5,372,000 $ 0