v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 7,735 $ 4,685
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 564 551
Net amortization of premiums on securities 31 41
Net accretion of discounts on loans (872) (573)
Net accretion of deferred loan fees (266) (334)
Amortization of servicing assets 549 374
Provision for credit losses 1,598 1,090
Bank-owned life insurance income (247) (228)
Deferred tax benefit (431) (138)
Stock-based compensation 230 136
Gain on sale of loans (887) (1,078)
Originations of loans held-for-sale (22,458) (19,075)
Proceeds from sales of and principal collected on loans held-for-sale 17,593 22,400
Change in accrued interest receivable and other assets 754 (2,117)
Change in accrued interest payable and other liabilities (1,545) 2,512
Net cash provided by operating activities 2,348 8,246
Cash flows from investing activities    
Purchase of securities available-for-sale (2,971) 0
Proceeds from maturities and paydowns of securities available-for-sale 4,318 3,485
Net change in loans held-for-investment (97,762) (74,328)
Proceeds from sale of other real estate owned 0 2,571
Purchases of premises and equipment (749) (2,220)
Net cash used in investing activities (97,164) (70,492)
Cash flows from financing activities    
Net change in deposits 98,608 51,228
Net change in short-term Federal Home Loan Bank advances and other borrowings 15,000 0
Proceeds from long-term Federal Home Loan Bank advances 0 50,000
Repayment of long-term Federal Home Loan Bank advances 0 (39,000)
Stock options exercised 684 35
Repurchase of common stock (953) 0
Cash dividends paid on preferred stock (86) 0
Cash dividends paid on common stock (2,881) (2,568)
Net cash provided by financing activities 110,372 59,695
Net increase (decrease) in cash and cash equivalents 15,556 (2,551)
Cash and cash equivalents at beginning of period 198,792 242,342
Cash and cash equivalents at end of period 214,348 239,791
Supplemental disclosures of cash flow information:    
Interest paid 25,659 23,866
Income taxes paid 30 14
Supplemental disclosures of non-cash investment activities:    
Right of use assets obtained in exchange for lease obligations $ 1,345 $ 0