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 (Loss) $ (372) $ 12,220
Adjustments to reconcile net income to net cash from operating activities:    
(Reversal of) provision for credit losses 13,813 0
Depreciation 1,529 1,272
Amortization 7,518 4,810
Accretion (6,413) 0
Compensation expense on employee stock purchase plan, stock options, and restricted stock units 382 576
Net change in market value of equity securities (346) 36
Gains on sales of loans (799) (979)
Loans originated for sale (25,905) (29,067)
Proceeds from loan sales 26,033 28,400
Earnings on bank-owned life insurance (930) (604)
Earnings on death benefit from bank-owned life insurance (303) (196)
(Gains)/losses on sales of other real estate owned (46) 0
Write downs of OREO 34  
Deferred federal income tax (benefit)/expense (554) 231
Net change in:    
Other assets (411) 794
Other liabilities (10,744) 13,557
Net cash (used in) provided by operating activities 2,486 31,050
Cash flows from investing activities:    
Sales of securities available for sale 78,856 0
Maturities, prepayments and calls of securities available for sale 15,417 17,962
Maturities, prepayments and calls of securities held to maturity 9,325 15,086
Purchases of securities available for sale (13,560) (768)
Purchases of equity securities (90) (33)
Purchases of securities held to maturity (2,610) (700)
Purchase of Federal Home Loan Bank stock 0 (1)
Purchase of Federal Reserve Bank stock (7,239) 0
Loan originations and payments, net 11,571 (27,232)
Proceeds from bank owned life insurance death benefits claim 940 490
Additions to premises and equipment (2,910) (794)
Proceeds from sales of other real estate owned 621 0
Proceeds from derivative contracts settlements 3,636 0
Issuance costs (8) 0
Cash received from merger with Fentura Financial, Inc. 173,082 0
Net cash provided by (used in) investing activities 267,031 4,010
Cash flows from financing activities:    
Net change in deposits (53,360) 4,624
Net change in short term borrowings (146,501) 10,073
Issuance of common stock 432 115
Repurchase of shares from Fentura Financial, Inc. ESOP (1,837) 0
Share based compensation withholding obligation (327) (220)
Cash dividends (8,395) (4,083)
Net cash provided by (used in) financing activities (209,988) 10,509
Net change in cash and cash equivalents 59,529 45,569
Beginning cash and cash equivalents 96,751 55,433
Ending cash and cash equivalents 156,280 101,002
Supplemental disclosures of cash flow information:    
Cash paid for interest 29,084 24,686
Cash paid for income taxes 2,840 2,750
Noncash disclosures:    
Loans transferred to other real estate 843 150
Acquisition of assets from merger, net of cash 1,578,547 0
Acquisition of liabilities from merger 1,625,421 0
Issuance of common stock as consideration for merger $ 192,770 $ 0