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 $ 7,286 $ 6,495
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 2,504 2,643
Provision for credit losses 8,062 5,539
Noncash operating lease cost 205 380
Net (accretion) amortization of securities (discounts) and premiums (19) (10)
Additions to servicing asset (755) 0
Gain on sale of loans, net (2,329) (771)
Originations of Strategic Program loans held-for-sale (2,575,192) (2,196,032)
Proceeds from sale of Strategic Program loans held-for-sale 2,519,908 2,177,004
Change in fair value of BFG (700) 325
Impairment (recovery) of SBA servicing asset 215 (526)
Stock-based compensation expense 1,361 570
Noncash change in credit enhancement asset (2,358) (39)
Deferred income taxes (1,462) 406
Net changes in:    
Accrued interest receivable 1,186 183
Other assets 3,248 1,849
Accrued interest payable 2,252 (18)
Operating lease liabilities (347) (508)
Other liabilities (3,019) (3,320)
Net cash used in operating activities (39,954) (5,830)
Cash flows from investing activities:    
Net increase in loans receivable (44,059) (34,044)
Purchase of lease pools (20,816) (10,676)
Purchase of bank premises and equipment, net (192) (1,253)
Purchase of assets subject to operating leases (6,163) (1,357)
Proceeds from sales of assets subject to operating leases 888 0
Proceeds from maturities and paydowns of securities held-to-maturity 1,325 1,456
Purchase of FHLB stock (90) (111)
Net cash used in investing activities (69,107) (45,985)
Cash flows from financing activities:    
Net increase in deposits 90,222 24,362
Common stock repurchased 0 (466)
Proceeds from exercise of stock options 20 16
Payment of taxes related to net share settlement of equity awards (243) 0
Repayment of PPP Liquidity Facility 0 (63)
Net cash provided by financing activities 89,999 23,849
Net change in cash and cash equivalents and restricted cash (19,062) (27,966)
Cash, cash equivalents and restricted cash, beginning of the period 109,162 116,975
Cash, cash equivalents and restricted cash, end of the period 90,100 89,009
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 3,314 1,363
Cash paid for interest 7,019 7,464
Supplemental disclosures of noncash investing and financing activities:    
Increase in BFG investment in exchange for shares of the Company’s common stock $ 0 $ 4,125