v3.25.2
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 16,084 $ 12,299
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,375 2,787
Depreciation and amortization 921 958
Amortization and accretion of loans and other assets (1,691) (2,243)
Amortization and accretion of investment securities 430 759
Deferred income taxes 623 425
Equity securities (gains) losses, net (21) 32
Earnings on bank owned life insurance (701) (996)
Vesting of restricted stock 243 168
Originations of loans held for sale (73,045) (74,816)
Proceeds from sales of loans held for sale 68,109 70,820
Realized gains on loans sold (1,011) (896)
Realized gains on sale of Braavo 0 (1,102)
(Increase) decrease in accrued interest receivable (296) 261
(Decrease) increase in accrued interest payable (1,952) 1,184
Other, net 7,861 6,838
Net cash provided by operating activities 16,929 16,478
Available-for-sale securities:    
Proceeds from maturity and principal repayments 33,486 27,061
Purchase of securities (35,282) (14,045)
Proceeds from sale of equity securities 0 335
Purchase of interest bearing time deposits with other banks 0 (100)
Proceeds from matured interest bearing time deposits with other banks 0 350
Proceeds from life insurance 272 1,147
Proceeds from redemption of regulatory stock 16,397 15,665
Purchase of regulatory stock (17,146) (14,135)
Net decrease (increase) in loans 73,137 (13,486)
Purchase of premises and equipment (1,080) (226)
Proceeds from sale of premises and equipment 12 0
Proceeds from sale of foreclosed assets held for sale 170 392
Proceeds from sale of Braavo assets 0 7,185
Net cash provided by investing activities 69,966 10,143
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net decrease in deposits (89,366) (48,385)
Repayments of long-term borrowings (10,000) (5,000)
Net increase in short-term borrowed funds 24,760 17,099
Purchase of treasury and restricted stock (296) (81)
Sale of stock for ESPP 32 0
Dividends paid (4,743) (4,639)
Net cash used in financing activities (79,613) (41,006)
Net increase (decrease) in cash and cash equivalents 7,282 (14,385)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 42,202 52,818
CASH AND CASH EQUIVALENTS AT END OF PERIOD 49,484 38,433
Supplemental Disclosures of Cash Flow Information:    
Interest paid 33,065 32,393
Income taxes paid 2,500 750
Loans transferred to foreclosed property 40 2,490
Right of use asset and liability 377 169
Stock Dividend $ 2,844 $ 2,047