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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 18,625 $ 1,033
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (credit to) credit losses 125 (549)
Depreciation 1,472 779
Amortization of intangible assets 3,615 179
Accretion of discounts, net (8,796) (447)
Origination of loans to be sold (6,722) (3,745)
Proceeds from loan sales 6,922 4,041
Gain on sale of loans (200) (296)
Share-based and deferred compensation 1,338 627
Bank-owned life insurance income (1,199) (488)
(Gain) loss on sale of debt securities, available for sale (4) 2,370
Change in accrued interest receivable and other assets 3,062 328
Change in accrued interest payable and other liabilities 1,458 (495)
Other, net (113)  
Net cash used in operating activities 19,583 3,337
Investment securities available for sale:    
Proceeds from sales 1,691 1,847
Proceeds from calls and maturities 8,375  
Proceeds from principal repayments 8,920 5,645
Purchases (50,379) (9,756)
Investment securities held to maturity    
Proceeds from principal repayments 2,137 2,379
Purchases   (11,289)
Proceeds from redemptions of certificates of deposit with other banks   5,374
Purchase of restricted investment in bank stocks (13,131) (6,862)
Redemption of restricted investment in bank stocks 12,192 7,132
Increase in loans, net (65,137) (49,565)
Purchase of bank-owned life insurance (1,600) (5,000)
Cash paid to buy-out minority interest (483)  
Proceeds from disposal of premises and equipment 2,310  
Purchase of premises and equipment (1,389) (664)
Net cash used in investing activities (96,494) (60,759)
FINANCING ACTIVITIES    
Increase in deposits, net 166,164 95,000
Change in short-term borrowings, net (10,000) (5,938)
Proceeds from long-term borrowings 40,000 0
Issuance of shares from exercise of stock options 11 0
Dividends paid (8,321) (3,652)
Net proceeds from issuance of common stock 99 9,980
Net cash provided by financing activities 187,953 95,390
Increase in cash and cash equivalents 111,042 37,968
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 80,190 30,011
CASH AND CASH EQUIVALENTS AT END OF PERIOD 191,232 67,979
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 43,056 $ 17,331
Reclassification of New Jersey branch loans from portfolio loans to assets held-for-sale, net 10,839  
Reclassification of New Jersey branch assets to assets held-for-sale 197  
Reclassification of New Jersey branch deposits to liabilities held-for-sale, net (5,549)  
Reclassification of New Jersey branch liabilities to liabilities held-for-sale $ (159)