v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 5,266 $ 2,522
Adjustments to reconcile net income to cash provided by operating activities:    
Provision for credit losses 750 (175)
Depreciation and other amortization 1,169 1,214
Accretion and amortization of securities discounts and premium, net 101 131
Net change in operating leases 24 39
Stock-based compensation expense 537 555
Gain on sale of loans held for sale (1,269) (1,014)
Loans originated and held for sale (46,715) (36,524)
Proceeds from sale of loans held for sale 41,025 32,890
Increase in cash surrender value of bank owned life insurance (403) (377)
Decrease in deferred tax asset 1
Decrease (increase) in other assets 2,280 (3,690)
Increase in other liabilities 4,816 1,505
Net cash provided by (used for) operating activities 7,582 (2,924)
Investing activities    
Increase in loans, net (52,404) (41,380)
Purchase of property and equipment (141) (280)
Purchase of investment securities:    
Available for sale (5,191)
Other investments (437) (4,302)
Payments and maturities, calls and repayments of investment securities:    
Available for sale 2,578 13,190
Other investments 5,742
Net cash used for investing activities (50,404) (32,221)
Financing activities    
Increase in deposits, net 185,121 81,117
Decrease in Federal Home Loan Bank advances and other borrowings, net (35,000)
Proceeds from the exercise of stock options 210 167
Restricted shares withheld for taxes (315)  
Net cash provided by financing activities 185,016 46,284
Net increase in cash and cash equivalents 142,194 11,139
Cash and cash equivalents at beginning of the period 162,863 156,170
Cash and cash equivalents at end of the period 305,057 167,309
Supplemental information    
Interest 26,623 27,617
Schedule of non-cash transactions    
Unrealized gain (loss) on securities, net of income taxes 1,456 (455)
Foreclosure of other real estate $ 275