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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 31,905 $ 31,129
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 3,000 3,025
Depreciation and amortization of premises and equipment 622 529
Stock compensation expense 2,862 2,379
Gain on equity investment   (4,013)
Net amortization (accretion):    
Securities 272 331
Loans (437) (1,054)
Right of use asset 422 428
Software 1,422 944
Changes in other assets and liabilities:    
Accrued interest receivable (582) (2,040)
Other assets (11,244) (9,897)
Operating lease liability (535) (452)
Accrued expenses and other liabilities 2,820 4,569
Net cash provided by operating activities 30,527 25,878
Cash flows from investing activities:    
Net change in loans (89,773) (165,009)
Net change in securities purchased under agreements to resell   49,567
Purchases of securities available-for-sale (102,701) (17,879)
Purchases of securities held-to-maturity   (5,978)
Principal repayments on securities available-for-sale 17,175 9,370
Principal repayments on securities held-to-maturity 6,130 5,500
(Purchases) redemption of securities, restricted (106) (118)
Proceeds from sale of equity investment 1,467 5,973
Purchase of equity investment (3,524)  
Purchases of premises and equipment (630) (328)
Development of capitalized software (1,741) (1,884)
Net cash used in investing activities (173,703) (120,786)
Cash flows from financing activities:    
Net increase in deposits 129,096 54,357
Decrease in borrowings (1) (1)
Exercise of stock options, net of repurchases 361 103
Tax withholding payments for vested equity awards (299) (153)
Cash dividends paid to common stockholders (3,527) (2,588)
Purchase of common stock   (286)
Net cash provided by financing activities 125,630 51,432
(Decrease) Increase in cash and cash equivalents (17,546) (43,476)
Cash and cash equivalents at beginning of the period 165,209 164,122
Cash and cash equivalents at end of the period 147,663 120,646
Cash paid during the period for:    
Interest 9,554 5,181
Taxes 13,352 13,865
Noncash transactions:    
Dividends declared but not paid 205 280
Exchange of noncash instruments $ (300) 1,750
Cumulative change in accounting principle   $ (568)