v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 17,160 $ 13,407
Proceeds from sales of loans held for sale 28,761 37,509
Originations of loans held for sale (27,636) (41,578)
Items not requiring (providing) cash:    
Depreciation 1,969 2,111
Amortization 186 426
Compensation expense for stock option grants 456 433
Provision for credit losses on loans 0 500
Provision (credit) for unfunded commitments (348) 130
Net gain on loan sales (601) (677)
Net loss on sale of premises and equipment 2 15
Net (gain) loss on sale/write-down of other real estate owned and repossessions 5 4
Accretion of deferred income, premiums, discounts and other (3,018) (3,278)
Loss on derivative interest rate products 24 13
Deferred income taxes (161) (840)
Changes in:    
Interest receivable (1,074) (433)
Prepaid expenses and other assets 2,594 (18,468)
Accrued expenses and other liabilities (4,896) (17,605)
Income taxes refundable/payable 1,577 1,394
Net cash provided by (used in) operating activities 15,000 (26,937)
CASH FLOWS FROM INVESTING ACTIVITIES    
Net change in loans (399) 9,957
Purchase of loans   (6,251)
Purchase of premises and equipment (1,932) (809)
Proceeds from sale of premises and equipment   4
Proceeds from sale of other real estate owned and repossessions 36 25
Proceeds from maturities and calls of available-for-sale securities 1,509  
Principal reductions on mortgage-backed securities 8,238 7,296
Investment in tax credit partnerships (639) (6,100)
Redemption of Federal Home Loan Bank stock and change in other interest-earning assets 2,579 9,426
Net cash provided by investing activities 9,392 13,548
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in certificates of deposit 109,231 (8,714)
Net increase in checking and savings deposits 43,266 60,430
Net increase (decrease) in short-term borrowings 36,538 (249,328)
Proceeds from borrowing under Federal Reserve Bank Term Funding Program   180,000
Repayment of borrowing under Federal Reserve Bank Term Funding Program (180,000)  
Advances from borrowers for taxes and insurance 2,179 1,413
Repurchase of the Company's common stock (10,214) (5,835)
Dividends paid (4,692) (4,722)
Stock options exercised 725 259
Net cash used in financing activities (2,967) (26,497)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 21,425 (39,886)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 195,756 211,333
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 217,181 $ 171,447