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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net Income $ 32,155 $ 32,373
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 4,642 2,474
Provision for credit losses 7,061 1,510
Accretion of discounts on loans (1,371) 0
Accretion of discounts and amortization of premiums on securities 1,732 2,192
Equity based compensation 2,503 2,235
Gain on disposal of fixed assets (67) 0
Loss on sale of foreclosed assets and related impairments 80 0
Gain on sale of loans (1,392) 0
Origination of loans held for sale (23,550) 0
Proceeds from Sale, Loan, Held-for-Sale 23,368 0
Deferred income taxes (79) 2,557
Net increase in bank owned life insurance (829) (795)
Net realized (gains) losses on available-for-sale securities (63) 38
Dividends on FHLB stock (625) 0
Change in:    
Interest receivable (3,796) (1,886)
Other assets 3,057 3,780
Other liabilities 3,373 (21,268)
Net cash provided by operating activities 46,199 23,210
Investing Activities    
Net change in loans (426,834) (274,206)
Purchases of available-for-sale securities (121,251) (73,399)
Proceeds from maturities of available-for-sale securities 11,605 22,513
Proceeds from sale of available-for-sale securities 54,572 0
Proceeds from the sale of foreclosed assets 1,050 237
Purchase of premises and equipment (5,251) (1,135)
Proceeds from the sale of premises and equipment and related insurance claims 67 13
Purchase of restricted equity securities (11,953) (4,208)
Proceeds from sale of restricted equity securities 12,062 1,544
Net cash used in investing activities (485,933) (328,641)
Financing Activities    
Net decrease in demand deposits, savings, NOW and money market accounts (444,129) (47,861)
Net increase in time deposits 892,782 108,684
Net increase in fed funds purchased and repurchase agreements (20,000) 6
Proceeds from Federal Home Loan Bank advances 22,414 50,000
Repayment of Federal Home Loan Bank advances (70,201) (130,000)
Net proceeds of Federal Home Loan Bank line of credit 94,696 140,000
Proceeds from issuance of preferred shares, net of issuance cost 7,750 0
Issuance of common shares, net of issuance cost 2 170
Proceeds from employee stock purchase plan 167 364
Repurchase of common stock 0 (20,154)
Acquisition of common stock for tax withholding obligations (867) (833)
Settlement of warrants (418) 0
Dividends paid on preferred stock (103) 0
Net decrease in employee receivables 0 6
Net cash provided by financing activities 482,093 100,382
Increase (Decrease) in Cash and Cash Equivalents 42,359 (205,049)
Cash and Cash Equivalents, Beginning of Period 300,138 482,727
Cash and Cash Equivalents, End of Period 342,497 277,678
Supplemental Cash Flows Information    
Interest paid 83,157 10,862
Income taxes paid $ 7,754 $ 3,880