v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net income $ 25,102 $ 17,219
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:    
Depreciation and amortization of premises and equipment 1,780 1,815
Amortization of investment security premium, net of discount accretion 55 228
Unrealized (gain) loss on marketable equity securities (28) (254)
Stock-based compensation 559 427
Deferred loan fees and amortization, net of costs 671 (238)
Provision for credit losses 567 29
Additions to home mortgage servicing rights carried at fair value (2,740) (1,619)
Change in fair value of home mortgage servicing rights carried at fair value 1,673 106
Change in fair value of commercial servicing rights carried at fair value 193 145
Change in fair value of loans held for sale (60) 0
Gain on sale of loans (6,671) (5,168)
Proceeds from the sale of loans held for sale 336,860 187,879
Origination of loans held for sale (358,179) (236,663)
Gain on sale of other real estate owned 0 (392)
Net changes in assets and liabilities:    
(Increase) in accrued interest receivable (1,072) (1,092)
Decrease in other assets 12,297 1,915
Increase (decrease) in other liabilities 1,117 (8,381)
Net Cash Provided (Used) by Operating Activities 12,124 (44,044)
Investment in securities:    
Purchases of investment securities available for sale (24,691) (9,977)
Purchases of marketable equity securities 0 (1,964)
Purchases of FHLB stock (21,588) (11,775)
Proceeds from sales/calls/maturities of securities available for sale 80,433 65,823
Proceeds from calls of marketable equity securities 0 2,989
Proceeds from redemption of FHLB stock 18,576 9,826
(Increase) decrease in purchased receivables, net (35,081) 11,120
Increase in loans, net (112,738) (109,573)
Proceeds from the sale of loans 0 23,469
Proceeds from sale of other real estate owned 0 392
Sallyport Commercial Finance, LLC acquisition, net of cash received 144 0
Purchases of premises and equipment (524) (1,934)
Net Cash (Used) Provided by Investing Activities (95,469) (21,604)
Financing Activities:    
Increase (decrease) in deposits 128,981 (21,249)
Increase in borrowings 39,981 30,286
Repurchase of common stock 0 (788)
Proceeds from the issuance of common stock (1) 0
Cash dividends paid (7,069) (6,709)
Net Cash Provided (Used) by Financing Activities 161,892 1,540
Net Change in Cash and Cash Equivalents 78,547 (64,108)
Cash and Cash Equivalents at Beginning of Period 62,736 118,530
Cash and Cash Equivalents at End of Period 141,283 54,422
Supplemental Information:    
Income taxes paid 5,020 1,488
Interest paid 21,590 18,722
Noncash commitments to invest in Low Income Housing Tax Credit Partnerships 13,407 0
Non-cash lease liability arising from obtaining right of use assets 0 288
Cash dividends declared but not paid $ 89 $ 72