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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 12,885 $ 12,348
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 2,728 0
Depreciation and amortization 670 648
Stock-based compensation expense 385 123
Amortization of premiums and accretion of discount on securities 19 24
Accretion of net deferred loan fees and costs (1,005) (3,139)
Gain on call/sale of securities available-for-sale 0 (2)
Income earned from small business investment company ("SBIC") Investment (191) (87)
Increase in cash surrender value of bank-owned life insurance (585) (564)
Deferred income tax (benefit) (752) 3
Amortization of core deposit intangible 262 300
Bargain purchase gain (9,696) 0
Proceeds from other real estate owned 0 125
Write down on other real estate owned 0 101
Decrease in accrued interest receivable and other assets 10,501 1,002
Decrease in accrued interest payable and other liabilities (2,416) (2,220)
NET CASH PROVIDED BY OPERATING ACTIVITIES 12,805 8,662
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of available-for-sale securities (345) (4,306)
Principal repayments of securities available-for-sale 3,198 4,208
Maturities and calls of securities available-for-sale 830 3,002
Maturities, calls and principal repayments of securities held-to-maturity 4 4
Net decrease (increase) in loans 56,082 (57,649)
Cash paid for acquisition (25,414) 0
Cash received from acquisition 23,181 0
Purchases of premises and equipment (1,069) (477)
Purchases of restricted bank stock 357 40
NET CASH PROVIDED BY (USED IN) INVESTMENT ACTIVITIES 56,824 (55,178)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in deposits 33,468 (55,095)
Repayment of overnight borrowings (10,000) 0
Cash dividends (3,779) (3,312)
Dividend reinvestment program 60 45
Purchase of treasury stock 0 (7,800)
Proceeds from exercise of stock options 272 524
Release of restricted stock units 0 209
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 20,021 (65,429)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 89,650 (111,945)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 53,351 158,716
CASH AND CASH EQUIVALENTS, END OF PERIOD 143,001 46,771
SUPPLEMENTARY CASH FLOWS INFORMATION:    
Interest paid 6,157 2,868
Income taxes paid 3,455 1,245
Reclass of paid-in capital related to holding company formation 15,095 0
Reclass of treasury stock related to holding company formation 19,452 0
Reclass of common stock related to holding company formation (34,547) 0
Net assets acquired from Noah Bank [1] 239,451 0
Net liabilities assumed from Noah Bank [1] $ 204,341 $ 0
[1] For details of assets acquired and liabilities assumed - See Note 2.