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Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 21,163,000 $ 18,134,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 3,460,000 2,600,000
Changes in deferred tax , net (615,000) (860,000)
Share-based compensation expense 788,000 767,000
Gain on sale of investment securities available-for-sale (280,000) (97,000)
Gain on sale of SBA loans (30,000)  
Accretion of premium on securities, net (672,000) (77,000)
Accretion of gain on terminated cash flow hedges (1,273,000) (769,000)
Accretion of SBA Paycheck Protection Program Fees   (20,000)
Amortization of subordinated debt origination costs 103,000 103,000
Depreciation, amortization and accretion (936,000) 296,000
Earnings on bank-owned life insurance (1,169,000) (1,001,000)
Net change in operating leases 134,000 324,000
Net change in derivative assets and liabilities (491,000) (203,000)
Changes in operating assets and liabilities:    
Accrued interest receivable and other assets (11,062,000) (477,000)
Accrued interest payable and other liabilities 7,610,000 (241,000)
Net cash provided by operating activities 16,730,000 18,479,000
Cash flows from investing activities:    
Net increase in interest bearing deposits in other banks (350,000)  
Net purchase of non-marketable equity securities (106,000) (6,069,000)
Investment securities available-for-sale activity:    
Purchases (1,933,850,000) (1,726,587,000)
Sales 14,502,000 3,880,000
Maturities, calls and principal paydowns 1,810,682,000 1,701,170,000
Proceeds from termination of derivative instruments 5,412,000 5,007,000
Net originations on loans held for investment (118,126,000) (224,866,000)
Net additions to bank premises and equipment (1,073,000) (1,822,000)
Purchase of bank owned life insurance   (3,000,000)
Net cash used in investing activities (222,909,000) (252,287,000)
Cash flows from financing activities:    
Net increase in deposits 52,443,000 172,134,000
Net repayment of line of credit - senior debt (2,000,000)  
Proceeds from stock warrants exercised   47,000
Forfeiture of restricted stock grants withheld to satisfy tax obligations (15,000)  
Proceeds from stock options exercised 171,000  
Dividends paid on Series A preferred stock (2,368,000) (2,368,000)
Net cash provided by financing activities 48,231,000 169,813,000
Change in cash and cash equivalents (157,948,000) (63,995,000)
Cash and cash equivalents at beginning of period 411,845,000 332,014,000
Cash and cash equivalents at end of period 253,897,000 268,019,000
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 82,290,000 52,189,000
Cash paid for income taxes 3,210,000 3,875,000
Supplemental Disclosure of Noncash Investing and Financing Activities:    
Right of use lease assets obtained in exchange for operating lease liabilities $ 798,000 $ 4,902,000