v3.25.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net Income $ 6,010 $ 5,481
Items not requiring (providing) cash    
Depreciation and amortization 1,090 1,076
Provision for credit losses 984
Expense of share-based compensation plan 341 384
Amortization of premiums and discounts on securities 209 247
Amortization of intangible assets 119 33
Amortization of originated mortgage servicing rights 762 608
Recovery of mortgage servicing rights (170) (219)
Proceeds from sale of loans held for sale 113,593 92,459
Originations of loans held for sale (118,267) (96,656)
Gain from sale of loans (2,512) (2,173)
Changes in    
Interest receivable (391) (161)
Other assets 3,139 (674)
Interest payable & other liabilities (1,829) (531)
Net cash provided by (used in) operating activities 3,078 (126)
Investing Activities    
Purchases of available-for-sale securities (100)
Purchases of interest bearing time deposits (1,082)
Proceeds from maturities of interest bearing time deposits 200
Proceeds from maturities of available-for-sale securities 11,526 9,111
Proceeds from sales of available-for-sale securities 30,123
Net change in loans (29,742) (5,219)
Purchase of premises, equipment (1,451) (558)
Purchase of bank owned life insurance (800)
Purchase of Federal Reserve and Federal Home Loan Bank Stock (126) (275)
Proceeds from sale of Federal Home Loan Bank Stock 2,350
Proceeds from sale of foreclosed assets 10 1
Acquisition, net of cash acquired (paid) (3,014)
Net cash provided by investing activities 7,226 3,728
Financing Activities    
Net increase in demand deposits, money market, interest checking & savings accounts 32,197 41,910
Net increase in time deposits 11,932 3,073
Net increase in securities sold under agreements to repurchase 5,055 1,791
Proceeds from Federal Home Loan Bank advances 128,000
Repayment of Federal Home Loan Bank advances (1,000) (176,600)
Stock repurchase plan (3,030) (895)
Cash dividends on common shares (1,923) (1,863)
Net cash provided by (used in) financing activities 43,231 (4,584)
Increase (decrease) in cash and cash equivalents 53,535 (982)
Cash and cash equivalents, beginning of period 25,928 22,965
Cash and cash equivalents, end of period 79,463 21,983
Supplemental cash flow information    
Interest paid 12,339 11,614
Income taxes paid
Supplemental non-cash disclosure    
Transfer of loans to foreclosed assets 294
In conjunction with the Marblehead acquisition, liabilities assumed were:    
Fair value of assets acquired 59,161
Cash paid in acquisition (5,009)
Liabilities assumed $ 54,152