v3.25.2
Consolidated Statements of Cash Flows – (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 15,976 $ 4,881
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of premiums and discounts on investment securities 67 87
Provision for credit losses 52 11,866
Credit for deferred income taxes (48) (1,853)
Change in fair value of marketable equity securities (36) 21
Depreciation and amortization 1,977 1,871
Amortization of debt issuance costs 123 123
Increase in cash surrender value of bank-owned life insurance (696) (662)
Gains and fees from sales of loans (1,522) (366)
Stock-based compensation 924 1,696
Loss on sale of other real estate owned, net 103 0
Gain on sale of other real estate owned, net (1,284) 0
Net change in:    
Deferred loan fees 63 (948)
Accrued interest receivable (206) 188
Other assets (3,997) (66)
Accrued expenses and other liabilities (1,100) (660)
Net cash provided by operating activities 10,396 16,178
Cash flows from investing activities    
Proceeds from principal repayments on available for sale securities 2,293 2,288
Proceeds from principal repayments on held to maturity securities 119 81
Net proceeds from sales and calls of available for sale securities 13,000 0
Purchases of marketable equity securities (34) (30)
Purchases of available for sale securities (10,006) 0
Purchases of held to maturity securities 0 (12,642)
Net decrease in loans 24,671 52,722
Proceeds from sales of loans 13,938 3,480
Purchases of premises and equipment, net (475) (452)
Reduction of Federal Home Loan Bank stock 603 41
Proceeds from the sale of other real estate owned 8,195 0
Net cash provided by investing activities 52,304 45,488
Cash flows from financing activities    
Net change in time certificates of deposit (94,637) (20,754)
Net change in other deposits 66,348 (53,628)
Net change in FHLB advances (15,000) 0
Dividends paid on common stock (3,137) (3,155)
Repurchase of common stock (1,334) (1,906)
Net cash used in financing activities (47,760) (79,443)
Net increase (decrease) in cash and cash equivalents 14,940 (17,777)
Cash and cash equivalents:    
Beginning of year 307,524 269,157
End of period 322,464 251,380
Cash paid for:    
Interest 51,126 54,003
Income taxes 3,080 3,574
Noncash investing and financing activities:    
Net change in unrealized gains or losses on available for sale securities 1,857 182
Net change in unrealized gains or losses on interest rate swaps (1,411) (583)
Transfer of loans from held-for-investment to held-for-sale $ 12,416 $ 3,115