v3.25.2
Condensed 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 $ 26,126 $ 19,907
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 637 1,060
Provision for credit losses 1,007 2,660
Stock-based compensation expense 2,533 2,070
Amortization of intangible assets 605 842
Origination of mortgage loans held for sale 0 1,318
Proceeds from sale of mortgage loans held for sale 0 1,344
Bank owned life insurance income (2,198) (1,851)
Deferred Income Tax Expense (Benefit) 895 873
Gain on sale of mortgage loans held for sale, net 0 (26)
Loss on sale of investment securities available for sale, net 10,741 11,894
Other 1,421 (17,765)
Net cash provided by operating activities 41,767 19,690
Cash flows from investing activities:    
Loan originations and purchases, net of payments (28,359) 194,853
Maturities and repayments of investment securities available for sale 64,534 56,579
Maturities and repayments of investment securities held to maturity 13,068 11,662
Purchase of investment securities available for sale (84,669) (33,132)
Purchase of premises and equipment (2,770) (1,716)
Purchase of bank owned life insurance (39) (39)
Proceeds from bank owned life insurance death benefit 502 590
Purchases of Federal Home Loan Bank stock (13,795) (58,829)
Proceeds from surrender of bank owned life insurance 5,091 0
Proceeds from sales of investment securities available for sale 141,682 170,893
Proceeds from redemption of Federal Home Loan Bank stock 19,226 40,712
Proceeds from sales of premises and equipment 52 50
Capital contributions to tax credit partnerships (34,213) (12,075)
Net cash provided (used) by investing activities 137,028 (20,158)
Cash flows from financing activities:    
Net increase (decrease) in deposits 99,800 (84,220)
Proceeds from borrowings 306,500 1,319,710
Repayment of borrowings 426,300 1,319,710
Common stock cash dividends paid (16,350) (16,004)
Repurchase of common stock (5,449) (10,524)
Net cash (used) provided by financing activities (41,799) (110,748)
Net (decrease) increase in cash and cash equivalents 136,996 (111,216)
Cash and cash equivalents at beginning of period 117,100 224,973
Cash and cash equivalents at end of period 254,096 113,757
Supplemental disclosures of cash flow information:    
Cash paid for interest 47,540 58,231
Cash paid for income taxes, net of refunds 800 225
Supplemental non-cash disclosures of cash flow information:    
Investment in LIHTC partnership and related funding commitment 142 103
Right of use assets obtained in exchange for new operating lease liabilities 2,653 2,323
Transfer of bank owned life insurance to prepaid expenses and other assets due to death benefit accrued 0 535
Transfers of premises and equipment classified as held for sale to prepaid expenses and other assets from premises and equipment, net 93 0
Transfer of Bank Owned Life Insurance to Prepaid Expenses and Other Assets Due to Surrender $ 8,463 $ 0