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 $ 7,595 $ 8,631
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 886 966
Amortization of premium and accretion of discount on securities, net (24) 89
Amortization of restricted stock 1,631 1,849
Amortization of intangible assets 272 272
Amortization of subordinated debt costs 323 72
Provision for credit losses 4,471 627
Deferred tax expense/(benefit) 1,925 (3,942)
Stock-based compensation and employee stock purchase plan expense 39 32
Fair value adjustment for equity security (195) 111
Loans originated for sale [1] (7,316) (5,681)
Proceeds from sales of loans held for sale [1] 7,589 6,867
Gain on loans held for sale [1] (365) (456)
(Increase)/decrease in cash surrender value of life insurance, net (129) 1
Increase in accrued interest receivable (2,070) (1,996)
Decrease in other assets 1,154 1,993
(Decrease)/increase in accrued expenses and other liabilities (23,660) 9,674
NET CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (7,874) 19,109
INVESTING ACTIVITIES:    
Principal repayments, maturities and calls of securities available for sale 166,933 155,547
Principal repayments, maturities and calls of securities held to maturity 1,331 1,237
Redemptions of FHLB and FRB stock 1,412 37,549
Purchase of securities available for sale (198,965) (162,634)
Purchase of FHLB and FRB stock (1,350) (24,584)
Net (increase)/decrease in loans, net of participations sold (237,973) 72,676
Purchase of premises and equipment (3,602) (1,107)
NET CASH (USED IN)/PROVIDED BY INVESTING ACTIVITIES (272,214) 78,684
FINANCING ACTIVITIES:    
Net increase in deposits 157,534 202,598
Net decrease in short-term borrowings   (284,324)
Dividends paid on common stock (880) (887)
Restricted stock repurchased on vesting to pay taxes (1,241) (870)
Repayment of subordinated debt (35,000)  
Modification of restricted stock units distributed in cash   (4,998)
Issuance of shares for employee stock purchase plan 225 277
Shares repurchased   (2,422)
NET CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES 120,638 (90,626)
Net (decrease)/increase in cash and cash equivalents (159,450) 7,167
Cash and cash equivalents at beginning of period 391,367 187,671
Cash and cash equivalents at end of period 231,917 194,838
Cash paid during the period for:    
Interest 40,543 35,725
Income tax, net 698 1,251
Right-of-use asset obtained in exchange for operating lease liabilities $ 365 $ 719
[1] Includes mortgage loans originated with the intent to sell, which are carried at fair value. In addition, this includes the guaranteed portion of Small Business Administration (“SBA”) loans, which are carried at the lower of cost or fair value.