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) from continuing operations $ (1,572) $ 1,759
Net loss from discontinued operations 0 (69)
Net income (loss) (1,572) 1,690
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation of fixed assets 1,108 1,180
Net securities premium amortization 32 56
Amortization of debt issuance costs 3 3
Amortization of premium on loans purchased, net 383 301
Provision for credit losses 11,664 7,058
Accretion of discount on unguaranteed loans (1,883) (1,429)
Deferred tax expense (benefit) (189) 563
Origination of government guaranteed loans held for sale 0 (2,226)
Proceeds from sales of government guaranteed loans held for sale 146,321 218,446
Net gains on sales of government guaranteed loans (13,463) (13,684)
Change in fair value of government guaranteed loans HFI, at fair value (1,687) (6,507)
Amortization of loan servicing rights 3,675 2,881
Gain on other real estate owned (423) 0
Loss on sale of repossessed assets 9 0
Non-qualified stock purchase plan expense 9 13
Stock based compensation expense 56 173
Income from bank owned life insurance (368) (350)
Changes in:    
Accrued interest receivable (340) (870)
Other assets (3,170) (2,824)
Accrued interest payable 112 290
Other liabilities (2,820) (2,339)
Net cash provided by operating activities of continuing operations 137,457 202,494
Net cash used in operating activities of discontinued operations 0 (206)
Net cash provided by operating activities 137,457 202,288
Cash flows from investing activities:    
Purchase of investment securities available for sale (5,718) (4,458)
Principal payments on investment securities available for sale 1,446 5,120
Principal payments on investment securities held to maturity 0 1
Call of investment securities held to maturity 11,109 0
Net purchase of nonmarketable equity securities (2,025) (2,362)
Purchase of time deposits in banks (10) (11)
Maturity of time deposits in banks 1,000 2,396
Purchase of government guaranteed loans 0 (812)
Loan originations, net (202,226) (297,686)
Purchase related to other real estate owned 0 (1,229)
Purchase of premises and equipment (266) (1,394)
Proceeds on sales of other real estate owned 155 0
Proceeds on sales of repossessed assets 27 0
Net cash used in investing activities (196,508) (300,435)
Cash flows from financing activities:    
Net change in deposits 20,567 57,250
Net increase in short-term borrowings 40,000 45,000
Payments on notes payable (227) (227)
Proceeds from issuance of common stock for benefit plans, net (9) (13)
Common share buyback - redeemed stock (335) 0
Unearned ESOP shares 0 (44)
Dividends paid on common stock (663) (661)
Dividends paid on preferred stock (771) (771)
Net cash provided by financing activities 58,562 100,534
Net change in cash and cash equivalents (489) 2,387
Cash and cash equivalents, beginning of period 77,788 58,385
Cash and cash equivalents, end of period 77,299 60,772
Supplemental cash flow information    
Interest paid 19,731 21,400
Income taxes paid 5,296 8
Supplemental noncash disclosures    
Net change in unrealized holding gains (losses) on investment securities available for sale, net of tax effect 588 (132)
Transfer of government guaranteed loans HFI to loans HFS 136,073 206,228
Transfer of loans HFI to OREO 0 404
Recognition of right of use asset in exchange for new operating lease liabilities $ 0 $ 296